Car Insurance for College, University and High School Students

It’s finally time for your child to spread their wings and fly off to college. All of that hard work has finally paid off. Unfortunately, you have to pay for things like tuition, books, housing – the list goes on and on. One thing you want to make sure you don’t forget is your student’s car insurance if they are taking a car with them to college.

You want to check to see if rates will change. Why would they change just because your student’s going to college? Many reasons.

Living Situation While in College

First, will your student still live at home, in the same city or even the same province? If where they park the car each night is changing, your rates will likely change as well. This may not be for the worse, though. If you’re in a big city, with big city car thieves, the car insurance rates may go up but they may also decrease if your college-bound student is moving to a city or town with a lower incidence of auto theft. You may think that you just won’t tell the insurance company of the change. This is not a good idea, though. If your child is in an accident or the car is stolen in the college town, the insurance claim may be denied or have reduced benefits since the change was not disclosed.

New Car Time

Are you buying your child a new car as a high school graduation present? There are some things to think about first. Most children are an additional driver on their parents’ policy. If this is true of your college kid, make sure you don’t put their graduation car in their name. If you do, then they’ll have to have their own insurance policy, which will probably cost a lot more than if they are just on your policy as an additional driver. If you do put the new car in your child’s name and they get a policy in their name, at least your car insurance rates will drop significantly.

Do College Students Need a Car?

Many college campuses offer everything a student needs either within walking or shuttle bus distance. You can use this to your advantage to decrease your car insurance rates. If your student isn’t taking a car with them to college, then you can actually decrease your rates. Make sure your insurance company knows that they will only drive the car during certain times of the year when school is out.

Sending a child off to college is expensive enough with all of those little bills that seem to pop up. Don’t let car insurance catch you off guard. It’s smart to shop around to see where you can get the best rates so you can free up a little money for those other bills – like pizza.