College is the place a young adult starts to grow. They gain the knowledge and responsibilities required to move to the next chapter of their lives. This means obtaining and paying for some of the necessary protections to keep them safe.
One of these items is car liability insurance. This form of coverage protects the driver, their passengers, and the vehicle they drive. Conversely, it protects other drivers and their vehicles when the insured causes an accident. However, should college students have their own auto insurance?
Ownership of Insurance
The answer to the above question is yes. Although they might be too young to purchase something like home insurance, owning a car liability insurance policy is a sign of maturity. In the end, it’s something they should take responsibility for at the start of their driving experience.
Payment Under Another Policy
Young drivers must pay for their portion of vehicle insurance once they obtain their driver’s license. If they don’t own a car of their own, then they need to be responsible for premium increases. This occurs when their parents add them to their own policies.
Not only is help with the premium necessary but also assistance when they get into an accident. This means paying part or all the deductible to make repairs. This is the best way to prepare them for car ownership.
Personal Car Insurance
The student needs to get their own insurance as soon as they purchase a vehicle. This needs to take place whether they’re in high school or college. Parents or other guardians shouldn’t be responsible for premium or deductible payments. However, they can help their children make the right selection.
What if They Can’t Pay for Insurance?
If a college student can’t pay for their insurance, then they shouldn’t have a vehicle. Many states don’t allow drivers to obtain a registration without valid insurance. Should you drive around without this official designation you can be fined. In some cases, your driver’s license will be revoked until your insurance and registration are taken care of.
How to Get Auto Insurance
Shopping for car liability insurance is simple in today’s technology-heavy world. National and local agencies have websites and apps available to search for premiums that match your needs. The final costs depend on a few factors.
The main one is a college student’s driving record. Their premiums are lower if they haven’t had any at-fault accidents or tickets. The type of car, its age, and its condition are also items insurance firms examine to determine the premium.
Additionally, the value of your liabilities and deductibles also affects the cost of a policy. The lower the deductibles the higher the premiums to offset potential costs. It’s the same for higher liabilities related to collisions and injuries.
Should college students finance their vehicles, their financial institutions tend to request full coverage in case of total loss. On the other hand, if an older car is purchased with cash, the college student can usually find a lower-cost policy with smaller liabilities.
Are you ready to purchase auto insurance? Reach out to one of our representatives to find the right policy.