SUMOskinny magazine is the ultimate guide to college life. Part local, part national, and all college.
Unless you are that lucky guy who drives the Lamborghini his parents bought for him around campus, you are probably like most other college students – either driving a clunker or not driving at all. The fact is, most college students are poor. We spend our time eating pizza and Ramen, drinking PBR and $5 bottles of wine.
We are poor because college is expensive. Tuition rates rise every year, yet our wallets do not. Our biggest chance to save money as a college student is to hope to score big when it comes time to trading in our used text books at the end of the semester.
Driving a car on campus is also not a cheap thing to do. We have to worry about paying for on-campus parking, parking tickets, gas, and auto insurance. While we can't give you advice on how to get your parking rates lowered or decreasing the price you pay at the pump, we can give you some tips on how to save on your car insurance.
As a college student, we are lucky... insurance companies realize that we are poor and therefore make certain discounts readily available for us. Here they are:
Good Grade Discount
Skipping all those classes and failing your finals might hurt your career somewhere down the road, but it will definitely hurt you RIGHT NOW by getting rid of your chances of receiving 'good grade discounts' on your auto insurance premium. You don't even have to be an A student or have a 4.0 GPA to get these rates. In fact, even a B- average can make you eligible for up to 15% savings on your insurance. Most insurance companies offer savings for good students.
Low Mileage Discount
College students usually have everything they need right on campus – food, parties, the gym, the opposite sex, bars, etc. Living on campus is convenient, which means that you don't need to drive much. It should come as no surprise that people who drive less also pay less for auto insurance.
Go Back Under Your Parents' Policy
If this is an option for you, you should really take advantage of it. Young drivers are usually considered to be the “highest risk” and therefore pay astronomical rates for auto insurance. There's no shame is milking just a little more from your parents if it means more money in your pocket. Ask them if you can jump back on their policy – you'll be glad you did!
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Taking advantage of all these discounts will definitely save you some money in the long run. Aside from these tips, often times the best way to save money is by shopping around. You can do this easily by comparing auto insurance rates online and going with the company that fits you best. Tuition, and room/board will be expensive, but auto insurance doesn't have to be if you know where to look. Good luck!
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