It can be a bit stressful to research car insurance if you’re a college student. Aside from the jargon and hidden charges, crossing the landscape can be perplexing in a couple of cases. It can also be extremely frustrating for some.
In general, for college students, the cost of auto insurance is higher compared to adults. The reason for this is that they are much riskier to insure. Of course, you shouldn’t take it personally. This is simply one of the reasons that it is vital to understand and analyze the situation first. Most of the time, it is best to stay on the policy of your family. However, it is often best to have your own.
Here are several reasons why you should stay on your parent’s car insurance Murfreesboro TN policy:
You Might Be Protected Outside of Driving
Do you expect you will be counting on your friends for rides? Are you considering using a bike instead of a car? If this is your case, it might make sense to stay on the plan of your parents. You might benefit from PIP (Personal Injury Protection Coverage) depending on their plan’s details. You might also benefit from underinsured/uninsured driver coverage.
Oftentimes, PIP offers medical payments if you are injured as a passenger in another person’s vehicle, as a cyclist, or as a pedestrian. Also, UIM and UI sometimes offer protection if you are involved in an accident with an underinsured or uninsured driver. Even if you are counting on other modes of transportation, it is better to be safe than sorry.
You Might Qualify for Discounts
Your parents might be able to save money if you stay on their plan. Perhaps you are living in an apartment and also require renter’s insurance. With several insurance providers, you can combine together the auto insurance and your renter’s insurance to save money. The truth is that you can also qualify for discounts if you’ve got excellent grades. It is extremely helpful for you.
You Might Not Have Credit
It can be a long process if you want to build credit. Your credit score is probably on the lower end if you never owned a credit card or bought a vehicle. A lot of times, credit scores are utilized to figure out your insurance rates. Thus, you might be considered a higher risk if you’ve got limited credit history. This will lead to higher rates.
It is Convenient
To make things simple, it will probably be simpler for you and your family to handle one policy. Staying on the plan of your parents also improves your options for driving if you utilize their cars when you visit them.
It Might Be More Affordable
By a lot of insurance providers, insuring college kids is seen as a higher risk. We already mentioned it earlier. Because of that, your rates might be a lot more affordable if you stay on the plan of your family.
However, there are a couple of cases in which it’s better to have your own plan. It’s best to discuss this with a professional insurance agent.