Auto Insurance for College Graduates
Though the notion of stacking car-insurance payments on top of your college loan and credit card payments may seem daunting, there are a few tangible steps that recent college graduates can take to increase their chances of getting quality coverage at a reasonable price. This article will provide you with a couple of key approaches
Get Good Advice from a Good Agent!
Anyone can open up their laptop and find a quote from one of the many insurance agencies inhabiting the Internet. The problem with this approach is that the common person seeking auto insurance for college graduates won’t know which of these policies leaves huge liability exposure. You’ve all seen the funny new Progressive commercials with the “emotionally compromised” teenage girl (played by a man in a suit) driving off after crashing her SUV into a parked car while texting. Don’t you want to be covered if something like this happens to you? Not all budget-focused insurance plans offer you this benefit. And not all of us have an insurance agent in our family willing to help find such a plan. So what should you look for in an auto insurance agent?
Car insurance is a competitive industry, so it is important to find an agent that can provide you the most options drawn from the largest pool of insurers. Agents for major carriers like All State or Progressive – though reputable and often dependable – are only going to provide you a company-approved list of insurers and their plans. Independent agents, on the other hand, can shop from a larger pool of plans and find the most affordable plan with good coverage that best suits a college graduate. Whatever kind of agent you choose, make sure he or she considers and compares the most comprehensive list of auto insurance products for college graduates possible.
Finding Cheaper Auto Insurance for College Graduates
Your own research should follow the same guidelines that an insurance agent’s would. Make your search comprehensive! There are many websites that take your information and provide you multiple quotes for your insurance needs. If you choose to go this route, make sure you get quotes from as many of these resources as possible so you can compare the results and find the best policy for you. Sites like this include Progressive, among others. Make sure you are specific as possible when filling in your information to receive a more accurate quote. Also, make sure you pay attention to some of the key fundamentals of any auto insurance plan. These include liability limitations, coverage exclusions, auto insurance endorsements, and comprehensive versus collision coverage. Understanding the ins and outs of these characteristics will help you understand the full spectrum of your coverage, and make sure an emotionally distressed teenager doesn’t leave a huge dent in your wallet.
College Grads Can Receive Cheaper Auto Insurance Rates
By default, younger people are automatically subject to the highest insurance costs. It is statistically proven that younger, more inexperienced drivers get into more accidents than their adult counterparts. And for men the rates will be even steeper. Though there is nothing college grads can do to avoid this reality, there are some concrete steps to taken that increase the odds of receiving a more affordable rate.
- For starters, study up! Some auto insurance providers will offer a discount for good students. Major providers like State Farm are known to offer this discount, and they aren’t alone in the industry. A good report card could mean savings on car insurance.
- If you’re in the market for a new vehicle, try to find one with higher safety standards. Rates are higher for sporty convertibles and gas-guzzling giants, so fight the urge to look good and buy a vehicle that you’ll be safer driving in. Auto insurance providers will support your decision by offering you a cut rate.
- If you can afford to do it, increase your deductible. This is the amount you will have to pay out-of-pocket – before your coverage kicks in – when something happens to your car. Doing so will lower your monthly payment
- Here’s a no brainer: increase your vehicles security features! Putting some money towards a security system is a good investment and helps to decrease rates, especially for college graduates.
- Remember that policy endorsements – though lucrative for the agents selling them – aren’t always necessary. Collision coverage for rentals and roadside assistance are good ones to have, but most you don’t need and will only add to your monthly rate.
And here is a tip that will do more than just lower your car insurance payments: monitor your credit and keep it in good standing. Building good credit can be difficult for a recent college graduate, so simple things like making your credit card payments on time will translate into a better credit score and lower auto insurance payments.
Finally, drive safely! Maintaining a good driving record is always good practice, especially when keeping auto insurance rates low is a must.
As a recent college graduate, you are likely well-practiced in the art of thorough research. Now, apply these newly-furnished skills to your auto insurance search, and you will be rewarded with quality, affordable rates if you look hard enough.