If you are a student or the parent of a student driving to and from class, you will need to have auto insurance. College sometimes feels like it is just one expense after another, from tuition to board and everything in between.
That is why many individuals try to look for ways to cut costs wherever and whenever they can. Fortunately, your expenses for auto insurance might be something you can reduce while still getting the coverage you need.
Should A Student Have Their Own Policy?
This is one of the more commonly asked questions when it comes to auto insurance for college students. Should they have their own policy since they are moving away from home? The answer depends on where they will be living while going to school and who actually owns the vehicle they will be driving.
Suppose the address of the parents is still listed as the student's permanent residence even while they are attending college. In that case, they can keep the vehicle and continue to drive under their parents’ auto insurance policy if their parents own the vehicle.
However, if they live on campus or are renting a place nearby, they need to discuss their options with an auto insurance agent. That way, they will be able to determine if they can stay on their parent's policy or if it is time to get their own.
Whose Name Is Listed On The Car Title?
The answer to this question will also help a college student figure out if they need to purchase their own auto insurance policy. If the car is in their parent's name and they are driving it at school, it is possible to stick with the parent’s insurance policy.
If it is jointly titled, meaning it has both the student’s and parent's name on the title, the student can remain on the same auto insurance policy. However, if the title is in the student's name alone, they will most likely need to purchase their own insurance.
What Coverage Is Needed For College Students?
In acquiring your own auto insurance policy, find out what kind of coverage you need. Review your current policy if you can stay on it to ensure that it offers sufficient protection. This should be done whether you live on campus, commute from home, or rent nearby.
Collision coverage is good to have when the student is driving to and from class. This coverage helps pay for repairs if the car is damaged as the result of an accident. Collision and comprehensive coverage are typically required when you lease or finance a vehicle as well. Once the car is paid off, you can drop some of this coverage to save on premiums.
Are There Discounts For College Students?
Some insurance companies do offer discounts for students. Look into resident student discounts, good grade discounts, multiple policy discounts, and anti-theft device discounts. All of those will allow you to save money.
To request more information or look into the kind of coverage you may need, contact Panorama Insurance Agency today.