Discount Car Insurance for Graduate Students
Last Updated on October 9, 2020
As a graduate student, finances can be tight. Fortunately, some car insurance companies provide discounts to graduate discounts.
Some graduate students qualify for student living away from home discounts. Other graduate discounts get good grade discounts.
Today, we’re highlighting the best discount car insurance for graduate students, including the best car insurance for graduate students, the most common discounts, and more.
Cheap Car Insurance for Students
As a driver between ages 16 and 25, you pay some of the highest rates for car insurance. Statistically, these drivers are more likely to make a claim than drivers in any other age group. These drivers have less experience than older drivers.
You could go your entire life without causing an accident. Unfortunately, insurers don’t know if you’re a safe driver – or an unsafe driver. At this age, every driver is put into the same risk class. That means higher premiums for drivers under 25.
Over age 25, car insurance premiums start to decline. Statistically, drivers over age 25 are safer than teenage drivers. They’re less likely to cause an accident and make a claim. Insurance rates drop sharply after age 25.
As a graduate student, you could fall into either of these two age brackets. Some graduate students are under age 25. Others are over age 25. Depending on your age and other factors, you could pay cheap rates for car insurance – or expensive premiums.
Best Car Insurance Company for Graduate Students
Some car insurance companies discourage young drivers as customers. They charge higher rates to young drivers. They prefer older, safer drivers.
Other car insurance companies welcome young drivers. They charge higher premiums to younger drivers, but these drivers balance the insurance pool. Their higher risk – and higher premiums – balance the lower risk and lower premiums of older drivers, creating a balanced insurance pool.
For that reason, it’s crucial to compare car insurance rates before you buy insurance as a graduate student. You might pay $4,000 per year with one insurer – only to switch to another insurer and save $2,000 per year.
Some of the top car insurance companies for graduate students include:
In most states, GEICO and USAA offer the cheapest car insurance policies to graduate students. These companies offer cheap insurance to all demographics of drivers. They’re known for offering discount car insurance at discount rates.
However, insurance rules vary widely between states. By comparing car insurance quotes online today, you can find the cheapest possible car insurance rates as a graduate student.
Best Car Insurance Discounts for Graduate Students
As a graduate student, you qualify for unique car insurance discounts. Some of the best car insurance discounts for graduate students include:
Good Student Discount: Do you have an average of B or higher? If so, you may qualify for cheaper insurance premiums. Most major insurance companies in the United States now offer good grade discounts to drivers with an average of B or higher in high school or university. Typically, this discount applies to any student under age 25. However, some insurers have no age limit. Talk to your insurer to see if you qualify for a good student discount.
Student Away from Home Discount: Are you a full-time graduate student living away from home? If so, you could qualify for exclusive car insurance discounts. Most insurance companies offer a student away from home or a distant student discount. If you live more than 100 miles away from home and do not drive a car at school, then your parents could save 50% or more on premiums. You can still drive your family’s vehicles when you’re at home, and your parents save hundreds on car insurance.
Low Mileage Discount: As a graduate student, you might drive fewer miles per year than the average driver. You might park your car on campus or close to campus. You might spend most of your week walking between classes. If you drive fewer than 7,500 miles per year, then you could qualify for big car insurance savings via a low mileage discount. Talk to your insurer to see if you qualify for a low mileage discount.
Compare Quotes: The best way to get discount car insurance as a graduate student is to compare as many quotes as possible. Some insurers encourage students to apply for car insurance, while other insurers prefer older, more experienced policyholders. By comparing quotes, you can see which company values your business more.
Stay on your Parents’ Policy: As a graduate student, you may be able to remain on your parents’ policy to save money. As long as you live at the same address, you and your parents can share a car insurance policy. Buying car insurance through your parents can save thousands per year over buying car insurance on your own.
Older Drivers Are More Experienced Drivers
As a graduate student, you are older than a typical college student. Insurance companies prefer older, more experienced drivers. You have more driving experience than a typical college student. You might know how to handle weather conditions, rain, hail, and more.
As an older, more experienced driver, you qualify for cheaper insurance rates. Insurance companies prefer your business over that of a younger college student.
Do you have a safe driving record? Most insurers give a safe driver discount if you have more than 5 years of clean driving experience. If you have never caused an accident, received a speeding ticket, or engaged in any risky driving behavior, then you could qualify for a significant insurance discount as a graduate student.
Final Word – Car Insurance Discounts for Graduate Students
Graduate students have a range of car insurance discounts, including good grade discounts, student away from home discounts, and more.
Contact your insurance company today to ask about car insurance discounts for graduate students. Or, compare quotes online to find the best car insurance prices as a graduate student.