Why You May Save Money By Getting Your Own Car Insurance Policy As A College Student
If you are preparing to go off to college or if you are already a college student, chances are good that you have your driver's license and a car as well. If this is the case, you might have your own car insurance policy, or you might be listed on a parent's policy. If the latter is true, then you might want to think about signing up for your own car insurance policy. You could be worried that this will be an added expense — which might not be something that you're ready for if you're a broke college student — but you might actually save money by getting your own car insurance policy as a college student for these reasons and more.
You May Qualify for a Student Discount
You might assume that your rates will automatically be higher when you get your own policy, but this might not be the case. For example, if you have your own policy, you might be able to qualify for some type of student discount. It's definitely worth it to ask your insurance agent about whether or not this is the case and make sure that you provide proof of enrollment, proof of your grades, or anything else that you might need to provide in order to receive and maintain the discount.
Your Car Might Not Be Too Valuable
If you are listed on your parent's policy right now, there is a chance that your rates are higher because your parents might have higher-value vehicles that are more expensive to insure. If you have a less valuable vehicle yourself — which is often the case for college students — then you might find that having your own policy will actually be more affordable.
You Can Make Sure You're Covered
Of course, even if your insurance premiums go up, you might find that getting your own car insurance policy as a college student will be financially beneficial. After all, you have to make sure that you are properly covered by your car insurance in the event that you get into a car accident. If your parents' policy does not cover you properly — such as if you aren't covered while you're away at college due to being too far away from the home address listed on your car insurance policy — then you could end up in serious trouble if you get into an accident. You can make sure that you are properly covered by signing up for your own car insurance policy, however.
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