College is a time to broaden your horizons and learn how the world works. Unfortunately, that also means it’s a time of rising costs and greater responsibility. One of the responsibilities you may face that can take a significant toll on your monthly expenses is car insurance. Many students consider the insurance company they used while living at home to be sufficient for their car insurance needs, but this may not be the case. Just because your parents’ insurance company worked well for them, maybe even saved them money, doesn’t mean the same goes for you. To get the best bang for your buck, take the time to do some research, get quotes, and make sure you get what you pay for.
Evaluation of current coverage
Take a good look at the car insurance coverage you currently carry and determine if it meets your needs. You may be paying for insurance that’s appropriate for a new car, when you’re actually driving an old car that doesn’t have that much value. Insurance companies are not going to tell you that you are paying too much. They’re just going to cash the checks. If your vehicle is five years or older, check its current value with an online vehicle appraisal service and compare it to your deductible. If the deductible is $1,000 or more and the car is only worth $3,000, there’s no point in carrying full coverage that could cost $100 a month or more. You end up paying more out of pocket for the insurance than the car is worth. In such a case, you may want to consider lowering your coverage so that you save some money each month.
Compare car insurance
From time to time, it’s a good idea to look around at car insurance rates and see what kind of discounts or lower prices other companies might be offering. Over time, if you don’t shop around for your rates, you’ll find that your insurance company will gradually increase your rates, only to occasionally drop them small amounts during major life milestones such as turning 25 or getting married. However, the overall effect is that your insurance rates will gradually increase. Meanwhile, competing insurance companies are all trying to earn your business, so their rates will be quoted lower. The Kanetix.ca car insurance quote comparison service is a popular free service.
Get quotes from at least three competing insurance companies every two years, making sure you get quotes that reflect the same level of coverage. But before you move your insurance, take the quotes to your current insurance company and ask them if they can beat it. If not, it is best to switch insurers.
Switching insurer
The process of switching insurance companies is simple during college. If you only have car insurance, the process is much easier. You just need to register with the new insurance company and your new broker will request all the information from your current insurance company. You have a few papers that you need to sign and return in some cases, and then you get a check in the mail for any insurance from your current insurance company that you’ve already paid for.
Bundle insurance
Insurance bundling isn’t just for parents and homeowners. Students can also benefit from bundling their insurance products. In the insurance industry, this is known as having multiple lines. It can include renters insurance, life insurance, and just about any other insurance product you carry. Ask your insurance company what discounts are available for having multiple lines, and you may be surprised how much you can save.
Instead of avoiding insurance during college, make sure your auto insurance policy is exactly what you need at the time. This way you not only save money, but you can also focus on your studies with peace of mind.
Auto insurance tips for college students
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