Student Car Insurance Discounts tips
Tips from admin geicoessurance
you as a student have auto insurance as well for the future. right?
these tips from me for your students, please read carefully, ok?
if there are any questions please comment posted this. it's free. enjoy!
It's not a secret; students who are often teenagers, pay a higher price on car insurance due to their young age. Students looking for relief from the high cost of insurance do have some options. A couple of car insurance discounts designed specifically for students are available through most insurance carriers. Learn how to get a good student discount and or a resident student discount.
Student Car Insurance Discounts tips
How it Works: Students who work hard to get good grades can earn a good student discount on car insurance. A good student discount is an added bonus for working hard on school work, because insurance companies have determined good students are also good drivers. Guidelines for getting the good student discount are not always clear cut across all carriers, but I will list the typical rules for receiving the discount.
- Licensed driver age 16 to 25
- Must have a 3.0 or higher grade point average
- Student attending high school full time or college student with 12 credit hours or more
- Verification of report card required
- Student home schooled can qualify with proper documentation
- Discount can be added and removed based on future grades
How much Money can be Saved: The good student discount can be a serious discount, ranking high among other top money savers on car insurance. The percentage of savings for the good student discount does vary by insurance carrier; however, I have seen savings up to $300 per year on some car insurance policies. Potential savings of this size makes the good student discount definitely worth looking into.
If your teen does not currently qualify for the good student discount, it is not too late to turn things around. Once the grades have improved to 3.0 or better, send a copy of your student’s report card to your insurance agency and ask about the good student discount. It is recommended to check and see how much the good student discount would affect your insurance premium even if you do not qualify. Knowing what the savings would be, could inspire better grades in the future. Keep a close watch on grades, because the discount could be removed based on future report cards. Some carriers check report cards regularly while others have more relaxed guidelines.
Resident Student Discount
How it Works: The resident student discount is a discount specifically for students away at school. The discount is intended for students who do not have regular access to a car. A student away at college should still be listed on a parent's policy because it is likely for a student to drive when visiting home or to borrow a vehicle from time to time.
Verification really depends on the insurance carrier. Some will require a current schedule of classes, some just the address of the college being attended, and others may not require any verification. Ask your insurance carrier what is required for verification and get the documentation as soon as possible.
How much Money can be Saved: The resident student discount greatly reduces the cost of having a young driver on your car insurance policy. Essentially, the student is a secondary operator with minimal access to a vehicle. An exact dollar amount of savings is impossible to give across the board of insurance carriers. Just plan on the resident student discount making a significant dent in your insurance premium.
Anytime discounts are offered on car insurance, do what you can to meet the requirements for obtaining them. Sure, a resident student discount is not going to apply for many students; however, the good student discount is reachable for nearly every student. Check with your insurance carrier to find out what discounts are offered, how much you can save, and what the requirements are for getting the available discounts.
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