Jessica Sautter is a Content Writer for with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 16, 2020

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Key takeaways...

  • Student discounts can save between five and 10 percent on premiums
  • Be prepared to present any relevant documentation to an agent
  • Multi-driver discounts are available to parents who want to add their child to their plan

College and university students are notoriously cash-strapped and looking to save money in every area of their budget.

Luckily, car insurance companies are quite sympathetic to the tight budget of the average student and offer a number of ways for students to save — some on their own, and some with the help of their parents.

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Student Discounts

Most insurance companies offer a discount to high school and college students just for being a student — no matter where, when, or how well they’re doing in their classes.

When you comparison shop online, you’ll be able to specify whether or not you’re a student; following this, a range of discounted options will appear for qualifying students.

These student discounts can save between five and 10 percent on student car insurance premiums, but they will require some kind of proof  generally an acceptance letter or an email address.

Insurance companies are full of discounts, but they like to make sure they’re giving them to the right people. So it’s important to have the proper verification when requesting this particular discount.

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Good Grade Discounts

While some insurance companies are happy enough to reward students for simply being students, many insurance companies have an added level of savings that rewards excellent academic performance.

Students can save an extra five or ten percent each month just by having a high-grade point average and using the proper college car insurance discounts.

Insurance companies prefer at least a B average when handing out this discount.

Be prepared to present any relevant documentation to an agent or fax it to a customer service representative after settling on the most affordable car insurance quote.

Parents Helping Students

Much like dependent students can be covered under their parents’ health insurance policy, car insurance companies allow parents to add their children to their existing vehicle insurance policy for added savings.

This is actually one of the smartest ways to save on your premium, as student discounts can be combined with multi-vehicle and multi-driver discounts.

This plan will combine the savings of a multi-driver discount plan with the added advantage of discounts between five and ten percent on two or more vehicles covered under one policy.

Of course, student discounts, as well as good grade discounts, can be combined with multi-driver or multi-student discounts for the ultimate savings each month.

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Drawbacks to Combined Insurance

It’s important to keep in mind that the major policyholder on an account is responsible for any costs, damages, or other financial burdens caused by any other driver on the policy.

Parents will be responsible for the effect of a child’s accident, should they be unable to fully pay their cost.

While this is unlikely to happen, it’s an important consideration to take into account.

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Lowering Financial Risk

College students can also save by lowering an insurance company’s inherent risk through the use of careful financial planning.

This is a great way for those who are not on their parents’ car insurance plans to save a good amount of money each pay period.

The first key to low-cost car insurance premiums is paying ahead of time. Most companies will present the premium amount for monthly, quarterly, and twice-yearly payments when comparison shopping.

Monthly payment plans, while more affordable to start, come with costly payment processing fees.

The second easy way to save on college car insurance is to have a higher credit score. The higher the score, the less potential financial risk you pose to your future insurance provider.

Good Driver Discounts

In addition to lowering financial risk via good credit scores and advance premium payments, insurance companies respond positively to safe drivers who go at least a year without an accident.

Good driver discounts is an area where each company has a different policy or program, and it’s a key feature to pay attention to when comparison shopping.

Some companies discount a certain amount of their insurance premium for each safe year of driving.

Either way, insurance companies are apt to reward people who never need the full brunt of their insurance coverage, so caution on the roads is bound to pay off.

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