The thrill of the open road. The wind in your hair. The…huge ding in your bumper?! Having a car at school can be great when you want to get off campus for a while but the cons far outweigh the pros without proper insurance. Are you and your four-wheeled counterpart covered? If not, you’ll be relying on the heel-toe express to get you to your next destination.
Until you reach the ripe old age of 25, the cost of car insurance is going to be higher in general but there are ways to lower your monthly payment. The location of your school matters a lot here, as the risk of driving in a rural area is lower than navigating an urban landscape. Also, your ability to obey the speed limit weighs heavily on your rates – no amount of communications classes can guarantee you’ll be able to talk your way out of a moving violation! – as does the type of car you drive and how often you drive it. Even issues unrelated to automobiles like your credit score can make a difference (the higher it is, the lower your premium could be) so it’s important to remain aware on and off the road.
Once you’ve determined these factors, start shopping providers. Your family’s insurance company could offer a multiple car discount but these rates vary from provider to provider. In some cases, it may be cheaper for you to get your own policy…like if you’re a regular on the Dean’s List, you could qualify for State Farm’s Good Student Discount. Don’t be duped by advertisements, either: There are lots of companies out there publicizing extremely low rates but reading the fine print is essential in determining if you’ll have the necessary amount of coverage.
As freeing as it is to be able to jump in your ride whenever you please, it may be cheaper to leave your car at home and opt for distant student insurance or deferred insurance. As their names suggest, the former is for for students attending college at least 100 miles from their permanent residences and the latter involves temporarily suspending insurance while you are in school with no access to a covered vehicle. Remember, you could get around just fine carpooling with friends or using public transportation and an added bonus - besides not having to pay for gas - is that the increased likelihood of your car remaining drivable and in your possession: Cars parked in campus lots for extended periods of time are more likely to be stolen, robbed or damaged.
So is having a car on campus worth it? That truly depends on your unique situation. If you have an off-campus job that you rely on to pay for school or an off-campus apartment to keep costs down, a reliable way to get to and from work and home is kind of a no-brainer but if you’ll only be using your vehicle to go to the mall and cruise for dates, it’s probably best to put the brakes on that idea and keep some much-needed money in your pocket.
Latest College & Financial Aid News
April 29, 2016
by Susan Dutca117 underclassmen recently took advantage of the new NCAA rule which allows them to test the NBA waters without losing NCAA eligibility as long as they don't hire an agent. However, talented athletes are stuck between choosing to play on scholarships or play professionally. Division I schools are balling on a tight budget, with only 13 scholarships available per team. With the constant [...]
April 26, 2016
by Susan DutcaThe class of 2015 had the largest student loan debt in history and while some students may side hustle to cover their tuition bill, one student has opted to skip the grind and instead, hustle the streets to help pay for her college education. Star student Emily Stutz wasn't offered the necessary financial aid to attend college, even after she appealed to all of the eight [...]
April 21, 2016
by Susan DutcaWith Tinder, you can find your future partner, land a hookup, or...earn a scholarship? A female junior at the University of Nebraska Oklahoma was awarded a scholarship and paid internship for defending her use of the mobile dating app. After Shannon Workman's sorority, Chi Omega, found that she had a Tinder profile picture while rocking a T-shirt with their letters, she was [...]