Car Insurance For 20 Year Old College Student

The cost of car insurance for college students is usually more than for older adults primarily because insurers view those between the ages of 18 and 22 as riskier to insure.

Car insurance for 20 year old college student.

State farm can help find car insurance for your teen driver help add your teen to your policy and find additional discounts. That s one of the reasons most parents keep their college aged students on their car insurance policy after they leave home. Ask a state farm agent for requirement details. The savings can be substantial.

We know college students like to lend their cars to their friends or roommates but think carefully before you do. If you re young and healthy you should have access to the best term life rates out there possibly as low as 10 a month. This means if you lend your car to a friend and he gets into a fender bender your insurance must coverage the damages regardless of your friend s insurance coverage. If you have 75 000 in student loans and owe 20 000 on your car and you expect this debt to be paid off within 10 years a 10 year policy of about 100 000 would cover your needs.

Ask your agent whether you qualify for a discount on your car insurance bill if you continue to get good grades in your higher education studies. You see car insurance follows the car not the driver. A student who is 18 years old and just starting college will pay an average of 7179 per year for car insurance while an adult aged 25 years pays an average annual rate of 3207. This is much cheaper than the average rates for a student just starting college 18 years old 7 179 but still far more expensive than a young adult in their mid 20s 25 years old 3 207.

Car insurance discounts for college students regardless of which scenario you fall under good grades should help keep the premium more affordable. Updated august 27 2020 by mark fitzpatrick car insurance for 20 year olds costs an average of 5 333.