The auto insurance rates for college graduates are usually higher than an average insurance rate. However, as you get older, the insurance rates tend to get lower. As your education level increases, your auto insurance rates ultimately decrease because educated people file fewer claims. You can reduce your bachelor’s auto insurance cost by availing of alumni or student discounts.
Many college students with a bachelor’s degree wonder if they could find affordable auto insurance. Read the article to know all about bachelor’s auto insurance rates and discounts.
Will My Level of Education Affect My Auto Insurance Rates?
To answer precisely yes, your level of education affects your auto insurance rates. The years of data gathered confirms that college graduates file lesser claims. Thus, your insurance rates will be lower than people without college degrees.
But you won’t get the benefit of lower rates until you get older, even if you are enrolled in college because young people are still charged higher than other age groups. Although, once you move past the age of 25, your auto insurance rates will get lower. And if you choose to stay in school, the rates will get lower even more.
Besides overall affordable rates, you can also avail considerable discounts as a recent college student whether you are enrolled in a bachelor’s, master or Ph.D. degree.
Continue reading to learn about what rates are offered to college graduates and what type of discounts you can use.
What Are the Auto Insurance Rates for College Graduate?
While reading this article, you might wonder about the bachelor’s car insurance policy. And you will be happy to learn that the auto insurance rates for a college graduate are overall cheaper than your non-college peer.
Insurance companies determine your auto insurance rates based on the risk you pose for them. For instance, if you lie in a demographic that probably files more claims, you will be charged with higher auto insurance rates. And the insurance rates will remain high until you pass the age of 25. Once you cross this milestone, your car insurance rates will fall. And it will continue to fall even more if you choose to pursue your higher education.
Since college-educated people are considered more responsible for filing fewer claims, backed up by data gathered from past years; you will be offered much lower auto insurance rates as a college student.
If you’re a college graduate and looking for the best auto insurance for college; read the next section to learn about the discounts available on college auto insurance.
What Are Discounts for Bachelor’s Car Insurance?
When you want to purchase an auto insurance policy for a college graduate, make sure to avail the discounts available for college students.
Many auto insurance companies offer insurance discounts for college graduates. One of these discounts is the good student discount. All you have to do is maintain an above B grade and be enrolled at the policy time to avail of this discount.
You will lose your good student discount once you have graduated and received your college degree, but you can once again qualify for the good student discount if you return to college.
You must also look into alumni discounts offered by auto insurance. Insurance agencies usually partner with alumni groups from all over the university to provide auto insurance discounts and discounts on theater tickets, restaurants, and much more.
We recommend talking with your insurance agent to find the best car insurance coverage for a college graduate. The agent will help you decide which auto insurance you qualify for, along with securing affordable college auto insurance.
Remember that skipping auto insurance totally might seem a tempting idea, but it can result in huge fines or even jail time. The Insurance Information Institute clearly states that almost every state requires you to carry liability insurance at least.
Now that you know all about college auto insurance rates and discounts. Look for the discounts you can qualify for and auto insurance rates that are affordable.