Let’s face it—if you’re a current college student, you’re probably more focused on exams, friends and Friday night plans than your auto insurance coverage. But with just a little knowledge about how it works, you might be able to save yourself money and reduce potential headaches down the line. Ready to learn more? Read on to discover the top five auto insurance tips for college students and learn how we can help find the best coverage for you.
1. Know Your Coverage
Did you know that a recent Forbes Advisor survey found that drivers aged 18–25 are most likely to believe that their auto insurance covers something that it actually does not? Make sure you aren’t caught off guard when your insurance provider rejects a claim after an accident because your policy doesn’t cover it—know your coverage ahead of time so you don’t make this mistake!
In Massachusetts, whether you drive a car, a light truck or a motorcycle, you are required to have four different types of auto insurance coverage:
- Bodily injury to others: covers injuries and medical expenses for any party a driver harms in an at-fault accident (minimum $20,000 per person and up to $40,000 per accident)
- Personal injury protection: covers medical expenses, funeral expenses and lost wages as a result of an accident, regardless of fault (minimum $8,000 per person, per accident)
- Bodily injury caused by uninsured auto: covers your related medical expenses if the other driver does not have insurance or is unidentified (minimum $20,000 per person and up to $40,000 per accident)
- Damage to someone else’s property: covers property repairs (including other vehicles) that the insured damages in an accident (minimum $5,000 per accident)
Keep in mind that minimum coverage amounts may not cover the full cost of an accident, meaning you would be responsible for all costs above the coverage limits. You can add to these basic types of auto insurance with both collision and comprehensive coverage—collision covers damage to your vehicle while comprehensive coverage protects against other damage or events like theft or vandalism.
2. Notify Your Insurer About a Change of Address
When you move, make sure to let your auto insurance provider know—because failure to do so may mean you will end up paying more for your coverage. That’s because auto insurance companies use information such as where you live to calculate your car insurance rate. These companies often base their rates on an area’s claims history, meaning that if you’re moving to an area with fewer thefts and accidents, like a smaller town, you might see a reduction in what you pay.
3. Stay On Your Parents’ Policy
If you live at home—or even if you’re a full-time college student—you can likely stay on your parents’ auto insurance as a listed driver. Doing so could lead to savings as you won’t have to open your own new policy. Remember that if you do move out and get a new permanent residence, you’ll have to move off your parents’ insurance and insure your car on your own.
4. Get Listed as a Driver on the Cheapest Household Car
Since older vehicles are normally less valuable than newer ones, they usually cost less to insure. Try to be the listed driver on an older, less valuable car (if you own one) to reap the benefits of potentially lower auto insurance rates.
5. Compare Rates To Save Money
Don’t just go for the first auto insurance policy that comes your way—shop around to make sure you get the most bang for your buck. By taking your time, you can adequately compare insurance providers and the different discounts that they may provide, such as defensive driver discounts, good student discounts or good driver discounts.
We’ll Recommend Coverage That’s Right for You
Need help finding auto insurance that will fit your needs and budget? Our experienced insurance professionals will evaluate your specific requirements and recommend coverage and discounts for you. Contact us today to get started.