College can be expensive, especially once you start factoring in the cost of living — including auto insurance rates. That’s why it’s important for college students who are also drivers to understand where they can find reasonably priced options for their car insurance policy. Whether you plan to drive on campus or just when you’re at home over breaks, there’s an auto coverage option out there that fits your needs and budget. Read on to learn more about what factors affect your auto coverage rates and how to find affordable car insurance for college students.
What Factors Affect the Cost of Auto Insurance for College Students?
Many factors can influence the price of car insurance for all drivers, including those who are college students. These factors include your gender, driving record, and where you live.
In general, auto insurance for college students can be expensive. This is because most college students are in their teenage years or early twenties. Your age is one of the many factors that can affect coverage rates, as most insurance companies assume younger drivers are a greater potential liability than drivers with more experience. On average, college students pay $7,180 per year for their car insurance.
Affordable Car Insurance for College Students
Here’s a list of some of the most affordable car insurance options for college students, along with the average cost of these policies. All the policies listed here are below the national average auto policy cost of $7,180 annually for college students. It’s important to keep in mind that individual coverage rates can vary based on an array of factors, so the rates you see below may not exactly match the quotes you get from these or other insurance companies.
Affordable Car Insurance for 18-Year-Old College Students
18-year-old college students who plan to keep their car at their parents’ address may find that their cheapest auto insurance option is through Geico. On average, a Geico auto policy for an 18-year-old college student on their family’s policy costs $2,526 per year.
For students who keep their car on campus and live away from home, the situation’s a little different. If you’re an 18-year-old who lives on your college campus or at another residential address, consider researching auto insurance policies at State Farm. An 18-year-old college student pays an average annual fee of $2,890 with State Farm.
Below are some other auto insurance policies that may offer reasonable rates to 18-year-old college students, along with their average annual costs:
- Geico individual policy: $3,446
- State Farm family policy: $2,702
- Allstate individual policy: $3,521
- Allstate family policy: $2,639
- Progressive individual policy: $6,280
- Progressive family policy: $3,177
- Nationwide individual policy: $4,212
- Nationwide family policy: $3,687
Affordable Car Insurance for 19-Year-Old College Students
For 19-year-olds purchasing their own auto coverage, State Farm may have the cheapest rates, with an average low cost of $2,462 per year. However, with an average policy rate of $2,467 annually, Allstate’s not far behind. Other insurance providers you might consider include:
- Geico: $2,473
- Progressive: $3,415
- Nationwide: $3,521
Affordable Car Insurance for 20-Year-Old College Students
In general, auto insurance rates start to decrease once you reach your twenties, as insurance companies typically believe that drivers in this age group present a lower financial risk. Any 20-year-old college students interested in having their own auto coverage may want to request a quote from Allstate, as their average policy rate for this demographic is $2,180 each year. You might also research the following insurance providers:
- Geico: $2,192
- State Farm: $2,218
- Progressive: $3,014
- Nationwide: $3,308
Affordable Car Insurance for 21-Year-Old College Students
A 21-year-old college student might consider researching auto insurance policies from Geico. The average cost of a car insurance policy from Geico for drivers in this demographic is $1,695. Other policies you might want to look into include:
- Allstate: $1,793
- State Farm: $1,936
- Nationwide: $2,166
- Progressive: $2,331
Affordable Car Insurance for College Students Who Don’t Drive Often
Some college students may not plan on driving frequently or for very long distances. For example, they may plan to only drive between buildings around campus or to only drive when home during academic breaks.
If you’re a driver with one of these or in a similar situation, you may want to get a quote from Metromile. This auto insurance provider charges its clients a base fee plus an additional cost based on the number of miles that a client actually drives each month. If you drive less than 12,000 miles in a year, the average number of miles that most drivers travel each year, then you may be able to save more money on your auto coverage than you would through another provider.
Affordable Car Insurance for College Students Who Want Discounts
State Farm has an array of discounts that can drastically lower the car insurance prices for college students, including:
- Good Student: To receive the Good Student discount, policyholders must maintain a certain GPA level semester or quarter. No matter when you graduate college, this discount lasts until you’re 25.
- Away at School: The Away at School Discount is for college students who leave their car at their parents’ or guardians’ house while living on campus. You can receive this discount if your parents’ address is over 100 miles away from your school.
- Steer Clear: If you’re under 25, you can sign up for State Farm’s Steer Clear program. Clients enrolled in this program regularly read educational materials from State Farm and keep a record of important auto-related events that occur when they’re driving in exchange for a policy discount.
Affordable Car Insurance for College Students in the Military or With Military Family Members
If you are or were in the military, or if you have a family member who fits this description, then USAA may be the best auto insurance provider for you. USAA provides both former and current military members and their immediate families with lower policy rates compared to traditional providers. Plus, USAA offers several discounts that college students might take advantage of, such as a Good Student discount for maintaining a certain GPA level at their academic institution. USAA also has a Driving Training discount for drivers less than 21 years old.
Having auto insurance while you’re in college doesn’t have to mean breaking the bank. Armed with this guide, it can be possible to find affordable car insurance for college students with all types of driving needs and preferences.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.