If you are a driver who is under the age of 25, or you are paying for insurance for a young driver, you are no doubt aware of how high premiums can be. Unfortunately, young, inexperienced drivers are among those most likely to be involved in collisions, and this translates into higher rates for car insurance.
There are things you can do to lower your premiums, such as completing a certified drivers education course and maintaining an exemplary driving record, but what many people do not realize is that many insurance companies also offer discounts that can lower premiums by as much as 25 percent to good students.
It has been proven that young drivers who do well in school are less likely to be involved in vehicular accidents than their less academically-inclined counterparts. By keeping yourself in the former category, you demonstrate that you are a lower-risk driver and you can enjoy significantly reduced insurance premiums.
Qualification requirements may vary slightly from one insurance provider to the next, but for the most part, to qualify, you must:
If your grades are not high enough for you to qualify right now, you can always apply for a good student discount at a later date, once you have managed to raise your GPA to an acceptable level.
If you are applying for a good student discount, you may need to provide your insurance company with a copy of your report card, transcript or a letter signed by your school administrator. Home-schooled students can also qualify by showing proof that they have scored among the top 20 percent on qualified standardized tests, such as the PSAT, SAT or ACT.
It will be necessary to provide updated information every time you renew your policy, as this discount does not automatically renew with your coverage. If your grades dip below the required minimum, you may lose your good student discount, so it is important that you stay on top of your sstudies if you wish to save money on your car insurance.
Not all insurance companies are the same, and discounts are not standard across the board. If your insurance company does not offer a good student discount, it may be a good idea to shop around to see if you can save money by switching to a company that does reward good students for their performance.
Shopping around for car insurance is always a good idea when it comes to young drivers. This is because when premiums are high, you are more likely to save money by taking the time to comparison shop. An independent agent in the Trusted Choice® network can help you find competitively priced policies for your teens and can also advise you about potential discounts and other ways to save money while maintaining your current level of coverage.
Contact an agent near you today to learn more about good student insurance rates and to start comparing rates on car insurance.