The money drain begins even before a student steps foot on campus. Deposits for housing, tuition fees, parking permits, and dining hall dollars are just the tip of the iceberg. College students also have to budget for gas, car maintenance and vehicle insurance as well, and these charges seem to come due at just the wrong moment. Those wise enough to realize just how much car insurance can hurt their bottom line should work hard to make sure that they are getting the most for their money. The tips listed below will help students lower their car insurance costs so that the cash they save can be applied to other living expenses:
Teenagers should know that they start determining their future car insurance costs when they choose their first vehicle and get on the road for the first time. For this reason, it is necessary to know the following facts:
- Grades matter and good ones can reduce insurance costs in the future.
- Vehicle make and model is important to insurance providers so choosing a safer, less expensive model will help control insurance costs.
- A driving record begins the minute that a driver first gets behind the wheel so keeping a great safety record by obeying all traffic laws is important.
- Neglecting to take driver’s training classes may be a costly mistake.
Shopping for vehicle insurance is more like other types of shopping than most consumers are aware and students should go about it in an organized manner. The following steps might result in significant savings:
- Students should decide just how much insurance is needed to purchase new transportation if the old vehicle is destroyed. Also, they should consider how much out-of-pocket cash they will have available to pay deductibles for any damages that their vehicle sustains. With these numbers in mind, they will be able to determine a dollar figure for the amount of insurance they wish to purchase.
- Once the needed amount of insurance has been determined, students should use an online insurance comparison website to get a good idea of the price of this insurance offered by each of the reputable companies. Then, they should personally visit the local agent of the three companies with the lowest quotes and explain that they are searching for the best bargain. Most agents will work through all of their available company discounts and look for insurance bundling opportunities in order to earn a new client’s business or keep that of an established customer.
- Finally, students should use the information and quoted figures offered by one agent to deal with the next. Although agents are bound by some company rules and do have to comply, they will work harder to find savings if they know that people have done their homework and have the figures to prove it.
Good planning and methodical shopping should result in lower insurance costs for years. The money saved should make paying those other college bills much easier.