Moving away from mom and dad to attend college can be exciting, but it can also be a young person's first time having to shoulder the financial responsibility of paying for car insurance. Since most college students are living on limited budgets, finding affordable insurance can be beneficial.
Here are three ways you might be able to score cheap car insurance while you are attending college.
1. Take advantage of your parents' driving records.
Since your parents have been operating vehicles much longer than you and have (hopefully) established good driving records, opting to bundle your car insurance with theirs could be a simple way to reduce your monthly premiums.
Adding your vehicle to a bundle policy with your parents' vehicles allows you to enjoy the discounts associated with good driving, freeing up more of your money for other financial obligations. You will probably need to work out a payment plan with your parents since the insurance company will likely charge a single premium for all vehicles insured under the bundled policy.
Ask your parents' insurance agent for more information on bundling for increased savings on your car insurance while you are away at college.
2. Get good grades.
Devoting time to your studies can do more than just help you earn a degree, it can be a great way to save money on your auto insurance. Some insurance companies view policyholders who get good grades as being more responsible, and make the assumption that these good students are less likely to engage in reckless driving behaviors that could cause an accident.
If you want to reduce your monthly auto insurance premiums while you are attending college, strive to maintain at least a 3.0 grade point average to ensure you will qualify for a good student discount.
3. Create your own insurance bundle.
Bundling two or more insurance policies can make each policy more affordable. If you want to reduce your monthly auto insurance premiums, consider bundling your car's insurance policy with renters insurance.
Statistics show that bundling auto and renters insurance into a single policy saves an average of 4.9%. You will be able to provide protection for your belongings while renting an apartment during your college career and reduce your auto insurance rates by creating an insurance bundle of your own.
Finding ways to reduce your auto insurance can help you better manage your tight college budget. Consider staying on your parents' insurance policy, getting good grades, and bundling your renters and auto insurance to reduce monthly premiums in the future.