The cost of insurance for a college student varies depending on the type of coverage needed, driving history, location, and other factors, but on average, it can range from $100-$300 per month.
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The cost of insurance for a college student can vary greatly depending on various factors such as the type of coverage needed, driving history, location, and others. On average, according to ValuePenguin, a personal finance website, “Young drivers (aged 18 to 25) paid an average of $2,718 for full coverage, $1,469 for minimum coverage, and $2,027 for standard coverage in the United States during 2019.” This translates to a monthly cost range of $100-$300.
It should be noted that insurance companies consider college students to be risky drivers due to their lack of experience on the road, and hence, may charge higher premiums than older drivers. However, there are some ways for college students to reduce their insurance costs, such as maintaining good grades (as some insurers offer discounts for good students), choosing a car with a good safety record, opting for a higher deductible, and taking defensive driving courses.
Here are some interesting facts on the topic of insurance costs for college students:
- According to a CNBC report, “car crashes are one of the leading causes of death among 16- to 24-year-olds.”
- In some states, parents can keep their child’s car on their insurance policy even if the child is studying out of state.
- According to the National Association of Insurance Commissioners, in the year 2017, the average annual premium in the United States was $1,004.
- Insurance premiums can also vary by major. ‘Engineering majors pay the least, while liberal arts majors pay more,’ according to The Zebra, a car insurance comparison website.
- According to a survey by Consumer Reports, “nearly half of millennials said they do not shop around for car insurance, which could cost them.” It’s important to compare different insurance policies and quotes to find the best deal.
Here’s a table that shows the average cost of car insurance for college students by state based on a study by ValuePenguin:
| State | Average cost of full coverage insurance for college students |
|---|---|
| Alabama | $2,473 |
| Arizona | $3,667 |
| California | $3,911 |
| Florida | $5,357 |
| Georgia | $2,579 |
| Illinois | $2,58 |
| Indiana | $2,426 |
| Michigan | $8,682 |
| New York | $4,659 |
| Ohio | $2,265 |
| Pennsylvania | $2,912 |
| Texas | $3,308 |
| Virginia | $2,077 |
| Washington | $2,913 |
In conclusion, the cost of insurance for a college student varies widely based on several factors such as their age, location, driving record, and more. However, taking steps to reduce the risk of accidents and shopping around for quotes can help students find the best insurance coverage that suits their needs and budget.
Response video to “How much does insurance cost for a college student?”
Consumer Reports recommends two types of insurance to protect your investment in case of an emergency – tuition insurance and dorm insurance. Tuition insurance refund a portion of tuition if your child drops out due to a major health issue, and dorm insurance covers personal belongings such as laptops and furniture. Homeowners insurance has a higher deductible compared to renters or dorm insurance, so it’s recommended to consider renters or dorm insurance. Also, scale back auto insurance if your child doesn’t have a car, and take the tax breaks offered to dependent students’ parents to save money.
Here are some other answers to your question
The best health insurance for college students depends on each learner’s unique circumstances. Low-income students may benefit from Medicaid, while other learners may save money by enrolling in the school-provided plan. How much does health insurance cost for a college student? On average, student health insurance plans cost $1,500-$2,500 per year.
On average, student health insurance plans cost $1,500-$2,500 per year. However, this figure varies significantly by school. How much do college students pay for insurance? The American College Health Association reports that the average health insurance plan for students through their universities costs $1500-$2500 annually.
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Also Know, Why is car insurance so expensive for college students? Students tend to pay high rates for policies because they are young, and insurance companies consider young drivers to be higher risk because of their higher probability of accidents and moving violations.
In this manner, What is the best life insurance for college students?
As an answer to this: The best life insurance for a college student will be an instant or no exam life insurance policy. This is because as a student, the last thing anyone wants to do is sit around trying to schedule an exam or fill out long forms. A no-exam life insurance policy offers a ton of benefits to a college student.
Keeping this in consideration, What four types of insurance should you have as a college student?
- 4 Types of Insurance Every College Student Needs. See how we’re different.
- Renters Insurance Coverage. College students are no stranger to theft.
- Auto Insurance Coverage.
- Personal Liability Insurance Coverage.
- Health Insurance Coverage.
Also asked, Do college students need life insurance?
Answer: Most students don’t need life insurance, but there are some who may need a policy to protect loan co-signers, spouses, or other dependents. Some students with private student loans taken out before Nov. 20, 2018 may need life insurance to protect their co-signers.
How much does college health insurance cost? Response: Many colleges and universities require students to have health coverage, and most offer campus policies tailored for students. The cost is about $2,000 to $4,000 for the academic year, said Elizabeth Marks, senior strategy consultant for Academic HealthPlans, which administers student health policies for colleges nationally.
What health insurance options do college students have? Students can choose from an array of health insurance options, includingMedicaid, school-provided insurance, and their parents’ insurance. This guide explores these options in more detail. What is the best health insurance for students in college? How much does health insurance cost for a college student?
Herein, How much is car insurance for college-age drivers? Car insurance rates for college-age drivers are notoriously high, especially if they’re on their own policy. Adding a college student to a parent policy can lead to significant savings. For instance, a driver between ages 18 and 21 on their own policy will pay an average of $4,689 a year for coverage.
In this regard, Will my insurance cover my student at college?
Answer: It’s best to check with your insurer — start by calling the number on your insurance card — to see if your plan will cover your student at college. Some employer plans charge workers a flat premium for family coverage, so there’s no savings in removing a dependent child who is going to college.
Furthermore, How much does college health insurance cost?
Many colleges and universities require students to have health coverage, and most offer campus policies tailored for students. The cost is about $2,000 to $4,000 for the academic year, said Elizabeth Marks, senior strategy consultant for Academic HealthPlans, which administers student health policies for colleges nationally.
Also question is, What health insurance options do college students have?
Answer will be: Students can choose from an array of health insurance options, includingMedicaid, school-provided insurance, and their parents’ insurance. This guide explores these options in more detail. What is the best health insurance for students in college? How much does health insurance cost for a college student?
Similarly one may ask, How much is car insurance for college students? Response to this: Whether you’re an undergraduate or the parent of one, buying affordable car insurance for college students can be tricky. Policies tend to be more expensive for young and relatively inexperienced drivers. The average annual rate for an 18-year-old driver is $1,706 just for minimum coverage, according to Insurance.com’s 2022 data.
Moreover, Will my insurance cover my student at college?
It’s best to check with your insurer — start by calling the number on your insurance card — to see if your plan will cover your student at college. Some employer plans charge workers a flat premium for family coverage, so there’s no savings in removing a dependent child who is going to college.