As you jet off to college, your auto insurance will be one of the last things on your mind as you make the transition into the next stage in life. Your primary focus will be on grades and getting accustomed to new class schedules. Needless to say, as a new driver while in high school, you were comfortably covered under your parent’s insurance plan. So, thinking about your auto insurance policy won’t be a top priority but does warrant consideration. What precisely should you consider?
College Students and Auto Insurance
A Change in Living Arrangements
Your parents most likely have you as a name on their policy because you live at their house and drive their vehicles. Multiple policies while under one roof are often discounted, but if you are going to reside on campus or rent an apartment for some of the school term, you’ll need to speak with your auto insurance agent. Each policy and insurer will have different guidelines for a temporary address change. Various factors will contribute to whether or not you can stay on your parent’s policy, but it’s possible that you can under the permissive use. Contact your Nashville auto insurance agent to confirm.
The Name on the Car Title
One significant determinant for getting your own policy would be the name found on the plan. If your parents own the car you drive and is listed on the title it’s possible that your agent will allow you to remain on their policy while you get your degree. The same can be said for those who have joint ownership. The time you would need to seriously consider your own policy is if the car is owned by yourself and appears singularly on the official title. However, a quick call to your insurance agent will confirm what options you have before you.
What Should be on Your Auto Insurance Policy
So, you’ve spoken with your auto insurance agent, and it’s clear that you will need to get your own policy as a college student. What should you consider? Well, there are different types of coverage to protect you, your vehicle, and other drivers. When you understand the difference between them and what requirements are mandatory by each state, you’ll be able to get a plan that suits your needs.
Liability
Liability insurance is required by most states and is definitely necessary for the state of Tennessee. If you own a car you are required by state law to have:
- $25,000 for each injury or death per accident.
- $50,000 for total injuries or fatalities per accident.
- $15,000 for property damage per accident.
Liability is protection in the event there is a car accident and you are found at fault. It’s the first line of defense to help avoid paying a lot out pocket if you were to cause severe damage to another car or person. It will cover:
- Medical expenses
- Compensate lost wages
- Legal defense fees
- Emergency aid at the scene of the accident
Even though Tennessee has state requirements, it could change depending on where you go to college. You’ll want to comply with state laws to avoid additional penalties for not having the right amount of coverage. But, worry not. Your insurance agent will have all the information for you.
Collision Car Insurance
Now that we understand what is covered under liability, we need to talk about your coverage in an accident. Liability is designed to protect others, and collision is designed to protect you. Now, all accidents don’t involve other drivers and it’s possible it could be a collision with a tree, fence, or lamp post. Collision insurance could help cover:
- Damages to your car from another vehicle
- Collision with objects such as a tree
- A single accident that includes your vehicle rolling or falling
Comprehensive Auto Insurance
Comprehensive coverage will help you replace or repair your car in the event there is damage to it that doesn’t involve a collision. Think about it like car insurance that doesn’t involve collision. What is covered under comprehensive insurance?
- Theft
- Vandalism
- Natural disasters (think damages cause from severe storms or hail)
- Failing objects
- Hitting an animal
- A civil disturbance
- Fire
College Student Auto Insurance Discounts
Whether you are striking out on your own or your parents are looking for cheaper ways to keep you insured, there are a few discount options to make it more affordable.
Good Grade Discount
The good grade discount is available to unmarried students under the age of 25. Which means you can get it while in high school and have it as a college student. Speak with your insurance provider, and they can give you more information about the requirements for getting this discount while pursuing a higher education.
Resident Student Discount
Let’s say you are heading off to college and plan on living on campus. While there, you aren’t going to drive but you do plan on it when you are back at your parents. If your school is over 100 miles away, you could get the “resident student” discount because you wouldn’t be utilizing your parent’s policy all the time.
Anti-Theft Discount
Some cities experience more crime than others, and if you plan on attending a university where there is a higher crime rate, you might want to consider an anti-theft device. Some insurance companies will reward you with a discount for doing so and you’ll be thankful that you did!
College Student Car Insurance Nashville
For more information about getting a car insurance policy as a college student and the discounts, contact Royce Williams today.
