By June 27, 2007 1 Comments Read More →

Car insurance for college students

Reader question:

I’m in college right now and working only part time, so it’s hard enough paying for my car even without the insurance. I don’t drive a lot, but I really need the car, and so I figure it wouldn’t hurt to bad if I just let the insurance slide. It wouldn’t, would it?

Robbie

Yeah, it kind of would.

There are many states where letting your insurance slide while you own a car isn’t even possible. The hounds from the DMV would be on your heels quicker than you could say, “Cancel my policy, please.” Some of you may live in states where this isn’t the case, and that can be a relief when you’re in the few days between one policy and another. Sometimes, if you have to cancel one policy, you just can’t get another fast enough. But the fact that a state doesn’t check up on you doesn’t mean you should take advantage of that little loophole. It can have dire consequences for you.

What kind of consequences? Well, say you get in a wreck. Not only could you be sued, but you could be injured or your car could be totaled and then you would have to pay all of your medical bills and replace your car, and if you don’t have money for insurance, you probably don’t have money for that. And that means that your credit will nosedive, leaving it impossible to get cheap insurance in the future. Not to mention the legal bind-up when you’re caught without insurance and slapped with the tickets and put on probation, wherein you’ll have to have insurance but very few companies will want to sell it to you anymore.

Whew! See what I mean? Instead of trying to figure out how you can get on without insurance, try to figure how you can get on with it. You said you don’t drive a lot, so look into a low mileage discount. Do you get good grades in school? Try for a good student discount. There are so many possible discounts out there that it isn’t even funny. Ask your insurance agent about them, or, better yet, shop around and see which company offers you the best rate quote. You don’t have to let your insurance go to save money.

Cheers,

Fashun Guadarrama.

Posted in: Auto Insurance

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  • Lucy

    I agree. You can still get lower car insurance out there. If you maintain to keep your driving record clean, your insurance rate will become lower in time.. :) Good lcuk!