Savings Tips for Students

A preview of results from the 2006 Annual Assessment of Motor Vehicle Traffic Crash Fatalities and Injuries shows that the number of people killed in the United States in motor vehicle traffic crashes declined from 43,510 in 2005 to 42,642, the lowest level in five years. This decline is the largest in terms of both number and percentage since 1992. The preview data shows the decline in fatalities occurred for passenger car occupants, light-truck occupants, and nonmotorists (pedestrian and pedalcyclists).

Many college students are included in these numbers. So crashes happen. Expecting them not to happen is futile. The problem is many students skip out on paying for car insurance because they are so strapped for cash. This is a very bad idea. Insurance is just not one of those things you can choose to pay or not pay. if you cause an accident you will be responsible for paying for all damage and medical bills. You could even be sued. This would cost you so much more than you monthly insurance premiums.

There are many ways to lower your insurance cost instead of forgoing paying for it. For example, Geico offers a student discount if you meet certain criteria. There are also other less known companies that specialize specifically in selling cheap car insurance premiums. Also, there are companies that offer safe driver discounts.

Here’s another tip: “Get good grades. Most auto insurance companies will give you a 10% to 15% discount on your auto insurance premium for having good grades. A 3.0 GPA or higher is usually the standard for receiving the discount.” Source: http://moneysmartlife.com/college-student-car-insurance-tips-on-getting-the-best-rates-for-students/