Auto Insurance Tips for New College Students
If your son or daughter is about to head off to college in a new set of wheels or borrow one of the family cars, there are several factors to consider when it comes to insurance and driving safety. Not only are there ways to save money, but many considerations you’ll want to keep in mind when it comes to auto insurance and the start of your child's college career.
Location Affects Premium
If your student already has an auto insurance policy, they must update it with the new address immediately. The price of insuring the vehicle could climb or fall depending on the location, but don’t wait too long to update. Failure to do so could result in your insurance company refusing to pay a claim.
Good Grades, Good Rates
Most auto insurance companies will offer a “good grade” discount for those students able to provide documentation of a grade point average of a “B” or higher. Taking defensive driving courses may also result in reduced rates. So be sure to ask your auto insurance provider if this discount is available.
Who’s Covered?
Many insurance policies have a "Guest Driver" or "Part-time Driver" clause that covers someone other than the primary driver. It's important to check with your insurance provider as these clauses are not always included automatically. Also, if your young adult plans on driving someone else’s car, make sure the policy covers driving a "borrowed" or rented auto. Talk to an agent to find out more.
Do You Really Need Auto Insurance?
Absolutely. You are always required to have a minimum of liability insurance and maybe even full coverage if your car is not yet paid for. To find out the minimum insurance requirements for your state as well as fines and penalties for driving without insurance, go to the Department of Motor Vehicles' website. Those caught driving without proper insurance can incur heavy fines and up to jail time.
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Roadside Assistance
Another important option you may want to look into for your college student is membership to a roadside assistance association such as the American Automobile Association (AAA). Prices of towing can be really expensive, and having access to free towing can save a fortune. As towing may not always be immediately available, it is a good idea to have an accident kit prepared for the car. The kit should include a first aid kit, blanket, disposable camera, flashlight, batteries, jumper cables, pen, paper, flares, and emergency contact numbers.
Car Thefts, DUI's and Auto Insurance
Car thefts and break-ins are a serious threat on the grounds of colleges and universities. There are around 15,000 car thefts each year on U.S. college campuses. Share the following tips with your son or daughter to help deter thieves and vandals at their school of choice.
- Always lock your car doors
- Never leave valuables, such as ipods or laptops, visible inside your car
- Always try to park under a light.
Drinking and driving is also a huge problem among college students. It’s not only extremely hazardous, but getting caught will increase your risk to insurance companies and thus, your monthly rate. As a parent, it is imperative that you stress to your child the dangers of driving while intoxicated. Choosing to drink and drive not only increases auto insurance premiums - it endangers the lives of your student and others who may be involved in a collision.
By taking these safety measures and getting the insurance policy that best suits your college student's needs, you can help them to avoid common pitfalls that new drivers face. Remember, knowing exactly how your policy covers you will help avoid unnecessary hassle if your young adult should need to make an auto insurance claim.
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*Auto Insurance Options is a free information resource that provides content on auto insurance products and policies for informational purposes only, but is not an agency or insurer. Products and policies may not be available in all states.
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