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How to Afford Insurance as a Student

Mar 13, 2018

As a young adult, you’re likely aware of the importance of having auto insurance. Not only do you expose yourself to extreme liability without insurance, it’s also against the law to drive without auto insurance.

Of course, understanding the importance of auto insurance and actually being able to afford it are two very different things. Understanding the best ways to afford auto insurance will guarantee that you’re legal and that you won’t go bankrupt if you’re at fault in an accident.

Shop Around

While most things that you buy will basically be the same price at every store unless there’s a major sale, auto insurance rates can vary widely between companies, even for the same coverage. Different companies rank risks at different levels, meaning what might cause your rates to skyrocket at one company might not cause much of an issue at another.

You can shop around as often as you want, meaning every time your policy comes up for renewal, you can do a quick check to see if you can find a better rate.

Pay Fewer Times

Though a monthly auto insurance payment might seem like the easiest route to go, the fact is that you may be able to save hundreds of dollars by paying for six months at a time.

Of course, you’ll need to be able to collect enough money at one time to be able to pay six months’ premium, but if you can, you’ll be able to enjoy big savings. Just be sure you’ve really done your homework to ensure the company you choose is the one offering the best deal.

Drive Safely

Though it might go without saying, another great way to have affordable insurance is to have a safe driving record. Though you can’t change what you’ve done in the past, you can have at least a level of control of what your future driving record will look like.

Insurance companies have to charge those who’ve been in accidents more, or they’d go out of business. After all, hospital bills, accident lawyers, and car repairs aren’t cheap. Therefore, drive safe, at posted speed limits, and you’ll be able to enjoy more affordable rates over time.

Take a Class

A great way to see quick savings on your insurance as a student is to take a driver education course. These courses are offered through insurance companies and third parties and typically include both classroom and on-the-road instruction.

Though it may seem like a waste of time to spend hours learning about something you already know how to do, the tips and tricks you learn during a class like this could prove invaluable in an emergency situation. Insurance companies agree and will reward you with lower rates.

Set a Budget

Though you can do many things to lower your insurance rates, you’ve still got to have the money to pay those premiums when they come due. Since you can’t drive without insurance, it’s important to carefully budget money, putting this in the “necessity” category.

After all, the only thing worse than having high insurance rates is having no car because you got caught driving without insurance.

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