At an average, it costs about $32,410 per year to send a college student to school.
So to finish a four-year course, it will take approximately $130,000 excluding miscellaneous and other expenses. And when you send a child to college with his own vehicle to drive, it should also come with the right car insurance coverage.
Providing the right car insurance to your child in college can be done without having to break your bank account. As recommended, you should purchase the policy that provides maximum coverage at minimum cost. This can be achieved by diligently comparing several policies and identifying the one that gives the most coverage.
Additionally, discounts are offered by insurance providers. Make sure to ask your car insurance agent regarding discounts that can lower the cost of your monthly premiums. It’s particularly important when you’re purchasing an insurance product for a driver in college. They are as follows:
Discounts for students with good grades
Children who obtain good grades demonstrate personal responsibility. This is presumed to carry over to a child’s practices when it comes to driving. A “B” rating or better is usually the requirement from a student.
But of course, a higher GPA may also mean bigger discounts. To take advantage of this discount, provide your insurer with a record of your child’s student grades every semester.
Discounts for bundled coverage
Just like in a department store, you can avail of discounts if you purchase more than one product at a time. Combine various types of insurance coverage in one policy to save money. Renter’s insurance can be bundled with car insurance for an off-campus student.
Discounts for defensive driving
Jump start your savings by having your child enrolled in defensive driving courses. Successful learners do not just enjoy the discounted auto insurance premium but also make them better and safer drivers. It’s a win-win situation after all.