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Auto Insurance Information for College Drivers

Going to College is truly the most exciting time for many young people. At last you can sever the apron strings a little, branch out on your own, meet lots of new and exciting like minded people and really start to, hmmm, grow up? Yuk, that’s spoiled it hasn’t it, nobody wants to grow up, but realistically this is a kind of stepping stone stage of life when you do become more responsible for yourself, even if it’s only until the weekends.

Many college students these days are lucky enough to have the use of a car, but – here’s another grown up word – insurance – needs to be high on your agenda. I know you’ve got lots of other things to think about than the car insurance cover you’ll need while you’re “listening and a learning” at college, but it needs to be high on the agenda.

Car Insurance Required Cover – The Bare Necessities

If you are going to be attending college in a different state to the one you live in, you really do need to check out if there are any differences. Many states do have minimum requirements, and if you don’t have them you could be starting out college life with a hefty fine, suspended license and long waits at the bus stop. Not recommended. Minimum requirements will probably be something like:

• Liability Insurance – so that if any person or property is injured or damaged as a result of your negligent use of your vehicle, your car insurance cover will pay for damages.  You’ll probably need something like $20,000 minimum cover per person, $40,000 minimum cover per occurrence and around $15,000 to cover any damage to property. If you can afford more cover, take it.
• Uninsured Motorist Bodily Injury – will pay for your costs if you are involved in an accident with a hit and run driver, and it’s their fault. The minimum required cover is $20,000 per person, $40,000 per accident but again, take more if it is affordable for you.
• Medical Payments – covers all medical payments (hey, I’m going to college, I understand that medical payments means medical payments – doh).  Okay, let’s elaborate a little, this is to cover not only medical payments but also (God forbid) funeral expenses if you or a passenger is injured or dies during an accident in your car. If you are hit by another car whilst you’re walking to the grocery store – you’ll still be covered.
• Physical Damage – is to pay for the physical damage not to you, but to your car.  You will have to agree on a deductible when you first take out the policy (how much of the costs you’ll pay from your own pocket – this helps to keep the premiums down). Physical damage cover is not compulsory in all states, and if your car is pretty old and of low value (how much money does your average college student have for goodness sake?) then it might not be worth the added expense.

Auto Insurance – Whose Car Is It Anyway?

• If you are the owner of the vehicle – if you’re the only one with a name on the title deed and it’s absolutely and completely your car, then you will have to get your absolutely and completely own insurance policy. Young drivers have to pay pretty high premiums, and males often have to pay more than females. Statistically they obviously pose a higher risk than the girls.
• If your parents own the vehicle – well, lucky you . . . Anyway, enough of the green eyed monster, if your parents or guardian is named on the title deeds they’ll have to get an insurance policy with you added as an additional driver. It will cost them a bit to add you on, but that’s probably not your problem is it?

Location, location, location

Don’t worry, I haven’t gone off on a tangent to talk about real estate, but if your car is going to change it’s location (along with you), you need to inform the insurance company.

College Drivers Grades

It might seem like everybody’s going on about grades just now, but it really can make a difference to the cost of your car insurance. If you can maintain a “B” average or even better you might qualify for a discount on your car insurance.