Good Student Auto Insurance Discounts
Younger drivers often face paying higher car insurance premiums than more experienced drivers because they are more prone to accidents and, as such, statistically present a higher risk to their insurance companies.
Fortunately, if you are a young driver (or the parent of a young driver), you do have options to offset these costs. Good student discounts can be a great way to save money on car insurance coverage for drivers in their teens or early twenties.
What Is a Good Student Discount?
Exactly how much gets taken off the student’s car insurance premium will vary amongst companies, so it’s a good idea to compare several auto insurance providers to see who offers the most substantial savings.
Qualifying for a Good Student Discount
- Be younger than 25 years old.
- Be enrolled full-time at a high school or college/university.
- Maintain at least a B average (3.0 grade point average), or be on the honor roll or Dean’s List.
- Show other accepted proof of good performance (if home-schooled).
NOTE: Keep in mind that qualifications might vary somewhat with carriers and states. Also, if more than one honor roll student is listed on the policy, each student might not receive the full discounts. The rules will vary amongst car insurance providers, so make sure to ask your agent about all related details as you research this discount type.
Proving Good Student Status
Students who are home-schooled may qualify for a good student discount with the right documentation. For example, some car insurance companies will offer the good student discount if you test among the top 20% in certain standardized tests such as the SAT or ACT.
Resident Student Discounts
Students who are going to be attending college far away from their home city/state (for example, 100 miles or more) may qualify for a “resident student discount,” which can offer significant savings to the policyholder.
How to Get Good Student Discounts
If you think you qualify for a good student discount, contact your insurance agent for more details. If your carrier does not offer a good student discount, you might want to shop around for car insurance and sign up with an insurance company that does offer this benefit.