Good Students Can Save on Car Insurance
We all know it pays to get good grades in school, but did you know it can also lower your auto insurance premium? Yep, it’s true. Read on to learn more about this special discount that many insurers offer for good students.
A number of auto insurance companies have a so-called “good student discount” for drivers who maintain a solid grade point average while attending high school or college.
Generally, and I say so because you should check with your particular carrier first, you need to be enrolled as a full time student and maintain a “B” average, meaning a GPA of 3.0. No straight A’s required!
These requirements can vary, so make sure your insurer offers the program, and find out of the specifics beforehand to avoid any disappointment.
Typically, the GPA is calculated based on your most previously completed semester, not your cumulative GPA, so even if you weren’t a great student in the past, if you’ve recently turned things around it could save you some dough!
Are You on the Dean’s List?
You may also receive this lucrative discount for being on the Dean’s List or being in the top “X” percent of your class. Again, you’ll have to check with the car insurer in question to see what qualifies.
As expected, there are some restrictions to qualify. Typically, you must also have limited driving experience, typically eight years or less to take advantage of the discount.
So if you’re an adult who goes back to school looking for the student discount know that you probably won’t be eligible.
Some insurance carriers may also have an age range, from say 16-24, so even if you have good grades and haven’t been driving for a while, you could be barred from the program simply if you’re too old.
So how much is the good student discount anyways?
Good question. Before you worry about whether you qualify, you should know what the discount is.
The good student discount tends to range from about 10-15 percent off your car insurance policy premium, so it’s well worth looking into if you feel your grades stack up.
For example, if your premium is $1,000 per year, you could save anywhere from $100 to $150 or more. That’s yet another reason to do well in school.
Some insurers also offer an alumni discount, so be sure to ask about that as well. It can take the place of the good student discount once you graduate to ensure the savings are carried on.
The takeaway here is that there are tons of discounts out there and if you don’t inquire about them, you may not receive them.
I’ve had insurance agents who are very proactive about exploring every possible discount without me having to ask. And others who need a good nudge to actually look into them.
So be sure you inquire about what’s available to ensure nothing gets missed. Don’t assume they’re going to do it for you! There’s a chance you could miss out on some big savings!
Check out some other ways to save on car insurance.