Paying for car insurance when you're already on a tight budget as a college student can be stressful. And of course, if you have traffic tickets or other points on your driver's license, you might be paying a pretty penny for your coverage each month. The good news? There are some practical and effective ways to potentially cut down on your auto insurance rates without sacrificing your peace of mind and protection behind the wheel.
Stay on a Parent's Policy
If a parent or guardian is on your car's title, you may be able to save some money by having your vehicle insured under their name rather than yours. From there, your parent(s) or guardian(s) can simply list you as a driver on the policy, so you'll still be covered while you're behind the wheel. Keep in mind that this option is typically best if you plan on living at home and commuting to school, as there's a good chance you'll be required to purchase your own separate coverage if you'll be living away from home while in school.
Take Advantage of Discounts
Available discounts can vary greatly from one insurance carrier to the next, so make sure to shop around and find a company that will provide you with the best discounts. If you get good grades, for example, consider choosing an insurance carrier that offers a discount for students with a 3.0 GPA or higher. Some carriers may even offer discounts for members of certain student organizations, sororities, or fraternities.
Renting an off-campus apartment? Look into bundling your car insurance coverage with your renter's insurance policy to maximize your savings.
No Car on Campus? Suspend Your Coverage!
Some larger colleges and universities don't allow freshmen to have cars on campus, so if you find yourself needing to leave your car at home during your first year in school, call your insurance company to see if they can work with you. Many insurance companies will suspend or reduce your coverage (thus lowering your rates) if your vehicle is not in use while you're away at school. From there, you can simply give your insurance agent a call when your school year is completed to have your full coverage reinstated. This can be a great way to save a nice chunk of change while you're away at school, as long as nobody else will be driving your car while you're gone.
For more tips, reach out to a company like Affordable Insurance.