University students soon find themselves faced with additional expenses like car insurance for university students. A little bit of work by doing some research and understanding this type of insurance can help reduce the costs. Proper coverage will not be sacrificed when doing this.

Why Are University Students Charged Higher Car Insurance Rates?

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Insurance Companies rely on statistics when setting their rates. For young drivers, the stats show that road accidents are the leading cause of death. This is in regards to teenagers. Road accident deaths and severe injury are more prominent in the 19-year-old age group. Studies support this when compared to other age groups.

The level of maturity and driver experience are two factors playing a role in the high rate of accidents. As this pertains to young drivers. Research supports this. The research is aside from impairment related road accidents involving young people.

Insurance Companies have to take in other considerations for setting rates for University students.

The company will consider how many traffic violations the student has had. They will also want details about the year and make of the vehicle that the young student will be driving. Taken into account with be the driving record of the young driver.

Are There Student Discounts for Vehicle Insurance?

Enrollment in school can often last for several years.Students need to know they can cut their costs besides school expenses. These added costs make shopping around for good student discounts significant.

The type of student discounts that are available will depend on the specific Insurance Company. It will also depend on the vehicle and the province in which the student is studying and driving in.

Good Student Discounts

Insurance Companies are now tending to encourage students in school to achieve good marks. They are doing this by offering excellent students discounts. To qualify the young student has to meet the set criteria for the scores indicated by the insurance provider. Proof of the marks has to be provided by way of transcripts.

Limited Use of the Vehicle Discounts

Students sometimes have to move away from home to further their studies. For these students, it may mean that they are only using the insured vehicle during a limited time. For example, perhaps on weekends or when they are home during school breaks. Some insurance companies will provide discounted auto insurance rates for this.

Driver Training Discounts

It has been determined that one of the reasons that vehicle accidents among young people are so high is due to their inexperience. Some Insurance companies encourage proper driver’s training for the student. Students who participate in driver’s training courses may qualify for a discount. The Insurance Company offering this will have to approve the courses.

Special Programs

Some Insurance Company offer special programs for young drivers. For example the Steer Clear Program and the Drive Safe & Safe Program. Participants in these programs get to learn more about safe driving. They are also setting themselves up for being eligible for insurance discounts.

How Can Parents Help Their University Student Get Insurance Discounts?

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There are several ways that parents can contribute to their young ones getting discounted rates. This can really help when they are off to University and need vehicle Insurance. It can start by putting them on the parent’s vehicle insurance plan when the youngster becomes of driving age which may be sixteen.  By the time five years goes by the young student can then get their own car and their own Insurance. They will now have five years driving experience and a clean driving record which will help them get discounted rates. Without this, at the age of twenty-one, they would be considered as a new driver. Being a new driver would mean higher rates.

What Kind of Vehicle Insurance Does the University Student Need?

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Just as important as getting Insurance discounts are getting the right kind of insurance. Every University student has lots of things in common. When it comes to their insurance their needs are different.

Full-Time Use of Your Vehicle

As a college student, you may have to use your vehicle on a constant basis. Constant use may include travelling back and forth to school and for recreational time. The student may still live at home but have to use the main roads and highways to commute to school.

In this case, it is important to know that a comprehensive insurance policy is going to cover the needs. This may not only be general coverage but peril, collision and comprehensive.

Weekend Use

It may be that the student live away from home during the school week but has no need for a vehicle. In this case, the student can leave their car at their parent’s residence and only use it on weekends when they return home. These students may not need as much coverage as in some of the other circumstances, other than the general and perhaps collision and comprehensive.

Extending Circumstances

A student have their vehicle with them when they live away from home. They may not use it through the week. They may have to travel a distance to go home to their parent’s residence. Most likely these students won’t require any more than standard coverage.

These simple examples are given to show that a student’ lifestyle when it comes to driving plays a significant role in the type of vehicle insurance University students may need.  Choosing a reliable insurance provider is going to be important. Providing as much information regarding driving requirement helps to get the right coverage. Researching as to what discounts may be available helps to save on costs.

University students who feel confident in their Insurance coverage have peace of mind in knowing that they can drive their vehicles with confidence. Being insurance savvy helps with this while at the same time helps to save money which is a big bonus for any student.

Keeping up with the Insurance regulations is also a must for every University student who is responsible for their own insurance needs.

Resources:

https://www.statefarm.com/insurance/auto/car-insurance-for-teens
http://madd.ca/pages/programs/youth-services/statistics-links/
http://www.digitaljournal.com/article/357370
https://www.belairdirect.com/en/save-on-insurance/suggested-coverage/insurance-for-students.html