College students are spending enough money; why pay more than you need to for car insurance too? You can save on car insurance by keeping good grades, being in a fraternity or sorority, and staying accident-free.
The team at Malhotra & Assoc. Insurance is here to assist you with all of your car insurance questions. Contact us for an individualized look at your potential savings.
Maintain Good Grades
Car insurance providers offer many discounts. One of the most reliable discounts college students can find on their car insurance is savings for good grades. Most car insurance providers provide a discount for good grades. This is usually called the “good student” discount rate.
Discounts are given to students based on their GPA because this is the easiest numerical value that lets insurers be objective when approving you for the discount. A 3.0 GPA should qualify you for car insurance savings with most insurance providers.
Good grades show that you are responsible, consistent, and high-achieving. All of those things are indicators that present you as a lower risk to your car insurance provider, which is why they can pass the savings on to you.
To ask for a good grades discount, give your insurance agent a copy of your transcript (an unofficial copy will do). Work to maintain high grades to keep receiving those savings so you can spend your money on things like textbooks.
Join a Fraternity or Sorority
Becoming a part of an organization may help you secure discounts. If you are affiliated with a fraternity or sorority on campus, you might be able to receive a discount.
To join a fraternity or sorority, you will likely need to go through the organization’s rush process. This will involve meeting the members of the organization and letting them get to know you. Once you are a member of the organization, you will have to meet specific requirements such as service hours to remain an active member.
Your organization may be able to help you in other ways beyond car insurance. Many fraternities and sororities award scholarships to their members based on their service and character. Apply for these scholarships for additional savings.
One of the most important ways to lower your premiums is to be a safe driver. Staying accident-free makes you a lower-risk driver to insure, which is why many insurance companies will reward you with lower car insurance rates. Even if you have had an accident in the past, you should try your best to avoid future accidents and improve your driving record.
Other things that show up and impact your driving record include speeding tickets, red light tickets, parking citations, failing to keep your vehicle registration up-to-date, and more. Be an overall good driver to reap the benefits.
If you go to school far away from home and don’t have access to a vehicle, you may qualify for a discount because you will be driving less frequently.
The Costs of Car Insurance
When you purchase car insurance, you can expect to pay monthly premiums. These keep your policy in force. If you get in an accident, back into something, cause property damage, or experience another covered event, you will first have to pay your deductible before the car insurance kicks in. If you are involved in a serious accident, you may have to pay expenses that exceed your coverage limit. Getting into an accident raises your premiums.
Do you have more questions about the costs of car insurance for a college student? Reach out to our team at Malhotra & Assoc. Insurance for the answers to all of your questions.
Disclaimer: This blog post is meant for general informational purposes only and may not reflect your specific policy