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Auto Insurance for Students is a need of the hour for new drivers

According to surveys, an average college student spends more than $35,000 in 2021-2022 for annual tuition fees excluding his living expenses. Therefore, young adults remain in search of sources that may help them cover their traveling expenses. In such cases, cheap auto insurance for students is the best choice for them.

Why cheap auto insurance for students is essential?

While analyzing the need for cheap car insurance for college students, a few points arise to the mind that highlight the importance of cheap car insurance for young adults

Firstly, if you leave your car at a 100miles distance from your college, you might avail discounts on your car insurance policy as you will not be driving much.

Secondly, if you park your car in the parking area, or probably somewhere outside the college building, your student auto insurance can pay to replace your car in case your car is stolen. It may compensate the expenses incurred on the repair in case of any damage as well.

Collision auto insurance is a good choice if you are driving from one class to another. It is good for you if, on your way, your car collides with another or gets damaged in case of collision.

If you lease or finance your vehicle, your lender will require collision auto insurance and comprehensive auto insurance. If your vehicle is paid off, you can drop one or both coverages from your car insurance policy for savings on premiums.

Considering the abovementioned options, you can easily figure out whether you need student auto insurance.

US Insurance companies have segregated Insurance Policies according to students’ age

Being young drivers, students fear the risk of damage in case of road accidents. Actually, most teenagers in the USA face severe injuries or casualties due to vehicle crashes on road. In such scenarios, cheap auto insurance for young drivers or auto insurance for students is an essential thing that is all willing to pay the compensation dues for the students.

Auto insurance companies offer the best auto insurance for young drivers for different age groups at different premiums.

Students’ auto insurance for 16-years old

Auto insurance for students at their high-school age is the costliest as compared to other students. High-school students who reside with their parents should stay on their parent’s policy. Insurance companies charge higher to 16-years old students who just started driving. They charge the students staying on their parent’s policy an average of $3146 annually. Whereas these companies charge those who buy their own student auto insurance policy an average rate of $3612 per year.

Students’ auto insurance for 17-years old

High-school students will find comparatively affordable rates when they gain some experience at the age of 17. Those who stay on their parent’s policy are will find auto insurance rates at an average of $2823 annually. While students who want individual auto insurance for students can find the cheapest rates of nearly $3213 per year.

Students’ auto insurance for 18-years old

If 18-years old students leave their car at their parent’s residence, it is the best option for them to stay on their parent’s insurance policy.  However, if the students opt to live away and keep their vehicle with them, they will have to buy their own insurance policy. The cheapest insurance policies charge an average of $2526 to $2890 per year.

Students’ auto insurance for 19-years old

When you turn 19 and buy your own car insurance policy, you can see that you will be offered slightly lower rates than that offered at the age of 18. The cheapest rates for college students auto insurance stand at an average of $2462 annually.

Students’ auto insurance for 20 years and 21-years old

As you grow up, the rates for auto insurance for college students continue to drop at a significant ratio. The cheapest auto insurance policy offers an average of $2180 per year. Similarly, the average offered rate of auto insurance for students reaching 21 years of their age is $1695 annually.

Considering the above-mentioned segregation, students can better decide which auto insurance policy they are going to opt for. They should consider the policy according to their age group and their needs.

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