June 13, 2017
If you own a vehicle, insurance coverage is a must – even for students. Purchasing an insurance plan that gives you the best protection, yet is affordable, may seem a daunting task especially for students on a tight budget. Most insurance carriers offer cost advantages for students. Here are a few tips to consider.
Avoid getting traffic tickets and drive cautiously to prevent accidents. Traffic tickets and accidents can raise your auto insurance costs, so do everything you can to avoid them. If you do get a ticket and are offered the option to take a safe driving class to keep the ticket off of your driving record, take the class.
Good Student Discounts
Study hard to keep your grades up. Many insurance carriers will reward you for your good grades by lowering the cost of your insurance package. That’s an A+ for your pocketbook!
Consider the Value of Your Car
Collision and comprehensive insurance coverage pay for damage done to your vehicle. If your vehicle isn’t worth too much money, you’ll save by dropping this insurance. Do this with caution and talk to your insurance agent before you decide to drop collision and comprehensive coverage. You’ll want to know the pros and cons of taking this step before you make your final decision.
Increase the Deductible
The deductible is the amount you’ll pay for repairs which is not covered by your insurance package. A simple example is let's say you have a $500.00 deductible on your insurance plan and get in a fender bender which will cost $1,500.00. To repair your vehicle, you’ll pay the $500.00 out of your pocket and your insurance coverage will pay the remaining $1,000.00 expense to repair your vehicle. If you raise your deductible to say $1,000.00, you’ll pay a lower overall price for your insurance package, yet will have a higher out of pocket expense if you have an insurance claim. Talk to your insurance agent to compare costs for various deductible amounts and find which level you are most comfortable with.
Be a smart student and evaluate various insurance plans before you purchase your final package. Get your online auto insurance quote now. Our German American Insurance Agents will work with you to find the right fit for your budget with effective coverage. Meet our insurance team members who are happy to help you with any questions.