Sunday, February 15, 2009

College Students Saving Money on Car Insurance

Posted by: Madeleine Brooks

From my own experience, I do not own a car but plan to do so in the fall of my senior year. My parents keep talking to me about how they will have to put me on their insurance and how expensive it will be to do so. Therefore, I decided to do some research on saving money for my parents and myself on car insurance. There are many ways to save money on car insurance. Here is a list of items that will help reduce the cost:

1. Being a good and responsible driver. By being a good and responsible driver, you pay less for your car insurance. The more accidents one incurs, the price of your car insurance increases. Also getting tickets from the police and having that on your license will also increase your car insurance. If you avoid tickets and accidents you will be considered a "low risk driver" and your car insurance will be much lower.

2. Be careful with the vehicle you wish to drive. Every car is priced based on the model, year and the make. The first thing a college student should do is research different cars of their liking to see the insurance quote on it. If you decide to drive a Porsche, you will be spending a fortune as oppose to driving a station wagon.

3. Take a defensive driving course. If you want to reduce your car insurance, going to a defensive driving course can be beneficial. The courses are relatively long, however, insurance companies offer reductions and discounts to those who take these courses.

4. NEVER drive under the influence of alcohol. The legal drinking age in the United States is 21. Most college students are not 21 until the end of their junior year into senior year. Drinking under age or of age and under the influence not only will increase your car insurance but you most likely will have your license suspended for an allotted time. Getting into an accident and being under the influence of alcohol will ruin your chances of lower car insurance. Basically, DON'T DRINK AND DRIVE!

5. Receiving Good Grades. Insurance companies like to believe that responsible students are also responsible and good drivers. Insurance companies can offer discounts and reductions for students that have good grades. Ask the insurance company that you are under if they have this policy. Most of the companies offer discounts if a student makes Deans List, has a GPA of a 3.0 or higher, have a grade point average of a B or higher. Do well in school, it pays off in the long run.

There are other ways to save money on car. Click this link to see the rest of the list. Another question a college student needs to think about is: Do I really need a car at school? There is more than just driving your car up to college. Students need to take into consideration factors such as:
  • Auto Insurance
  • Parking Expenses/Permits
  • Gas
  • Maintenance
  • Registration
Other things students should consider are places to park on campus. Syracuse University has limited parking and that can be a determining factor in having a car up at school. Also where you go to school, if its in a rural or urban area. If it is in a major city, car insurance will go up and there is the possibility of car theft, limited parking and stress because of the traffic and heavily populated roads. If there is public transportation provided at your college, you should do some research and see if using this will reduce your expenses.

There are a lot of things that college students should think about to save money on car insurance as well as bringing a car to school. I know that I will be spending quite some time to figure out the costs and benefits of having a car up for my fall semester of my senior year.


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