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Will a parents’ auto policy cover a student away at college?
In general, young people away at college are still considered members of their parents’ household and would be covered while driving their own or other autos. As such, you should advise your insurer of your location and current use of vehicles insured under the policy. If you bring your car with you to school, you will need to notify the insurer that the car will be garaged at another location. However, if you’ll be away at school and won’t have access to a car, you may want to ask your insurer about possible discounts for students living away from home and the Named Driver Exclusion endorsement (see page 6).
How can teenage drivers save money on auto insurance?
· Shop around — Since premiums vary from company to company, it is important to shop around.
· Enroll in driver training — Many schools offer driver training as part of their curriculum. Check with your insurer if any discount will apply if you complete a program that includes behind-the-wheel training as well as classroom instruction.
· Keep your grades up — Many insurers offer “Good Student” discounts for young drivers who maintain a 3.0 (“B”) or higher grade point average or for those family members attending school away from home. Check with your insurer.
· It’s all about the car — The make and model of your vehicle affects the cost of your auto insurance premium. Generally, an older vehicle will cost less to insure, while a high performance or luxury car will cost more. The cost to insure different makes and models of vehicles can vary among insurers, so be sure to check with several insurers to get the best price and coverage for your needs. Companies may offer discounts for vehicles with safety features, so check with your insurer or producer for details, especially when you are considering purchasing a vehicle.
· Choose a higher deductible — You may reduce your insurance premium by selecting higher deductibles (see pages 5 and 6). (Remember: A deductible is the amount you pay out of pocket in the event of an accident.)