Car Insurance Tips for College Graduates
Congratulations on the diploma! And if you have a car, finishing college will help you get better rates. Here’s what to look for as you move onto your own car insurance plan, and how to find the right coverage for you. Look for the best car insurance companies by using free quotes.
- Get a few quotes: Rate expectations can be difficult to determine when you’ve never shopped for car insurance before. All drivers have their own personal driving situations that determine the cost of auto insurance. This is typically based on age, location, driving history, vehicle model, and more. Auto insurance prices vary, so it is best practice to shop around to compare prices.
- Consider what you need: Know your state requirements, as most states enforce a minimum level of liability insurance. Once you have the mandated level of coverage, additional insurance is up to you. You may decide to purchase uninsured motorist coverage, which protects you against other drivers who don’t have insurance, or you can even opt for medical coverage.
- If you have an older vehicle: Consider your coverage options. Drivers who own older vehicles may be over-insuring their vehicles, in the form of collision or comprehensive coverage. The first covers damages to your car in the event of a collision, while the second covers damages caused by other forces such as theft, flooding, fires and vandalism. An insurer will either pay for repairs after you pay your deductible, or they will reimburse you with the car’s perceived worth (if the cost of repairs outweighs the perceived car value). If your vehicle is an older, hand-me-down family car, it may be worth it to pass on these types of coverage and put those savings towards a future vehicle.
- If you’re purchasing a new car: Look for the safety features you can afford. Not only will rearview cameras and blind-spot monitors help you drive safer, they can also get you a discount on auto insurance.
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