Are you a college student searching for affordable car insurance? Whether you are in high school, a Ph.D. student or enrolled in a college or university, securing affordable or cheap car insurance can be a really tough job. Usually, students need to pay higher insurance premiums. There are two fundamental reasons behind the higher rates.
Firstly, from an insurance agency perspective, you lack the adequate driving experience to become eligible for discounts available with a good driving record. Additionally, most college students are aged below 25. Statistics have demonstrated that this demographic contributes to the highest risk of car accidents.
Apart from these reasons, student auto insurance premiums may also vary depending on several other individual components. These include the model of the car you are driving, your current residing province/territory, gender, the record of driving convictions, etc.
After learning everything you need to know about college student auto insurance in Canada, visit Surex to view and compare several affordable car insurance plans for students of all ages and experience levels.
How much will it cost you to secure student auto insurance?
The rate for student car insurance varies from one provider to another. However, insurance agencies consider some common factors while sharing car insurance quotes. In fact, two students aged 23 applying for auto insurance at the same company might receive different rates, depending on various criteria.
You can enjoy specific discounts or reductions under the following circumstances:
- Getting enrolled in an accredited post-secondary institution.
- Get special coverage on parents’ insurance policies under bundled insurance schemes.
- Getting insured as an occasional operator when using the parent’s car
- Aged between sixteen to twenty-four and securing a minimum of a 3.0 CPA.
- Enroll in a telematics program. Your insurance agency can monitor your driving habits and provide discounts in your next renewal cycle.
The average auto insurance cost for college students in the country is approximately $4,228. This varies from one province to another. In Quebec, you can expect the average cost of car insurance to be approximately $2,135. In New Brunswick, college student auto insurance can cost you around $1,664.
Student profiles for auto insurance policy
The insurance company categorizes students under three profiles to offer an auto insurance policy. The three profiles include:
- The Commuter
- The Urban student
- The Boomerang student
Details of each profile are given below.
Commuter student
- Currently enrolled and attending either university or college.
- Age below 23 years
- Living with parents
- Frequently requiring a car for commuting, including trips to school almost five times every week, driving on both highways and city streets.
- Using the car apart from attending college such as meeting up with study partners, going for educational trips, weekend meetups with friends, etc.
Urban Student Profile
- Similar to commuter students, the urban student profile requires active enrollment in a college or university.
- Aged below 23 years
- Valid records of completing a driving course
- Residing in a rented accommodation either alone or with friends
- The car is mostly used for leisure activities such as shopping trips, grocery, weekend road trips, etc.
- Moreover, the car is used for driving home or a parent’s residence outside the city a few times a month.
The boomerang student
- Again, student enrollment in university or college is necessary.
- Aged below 23 years
- Residing in a private or college-provided student residence.
- Occasional driving requirement during the school year since everything is located within the campus.
- Driving the car is most required during vacations to commute to the parent’s house.
Each of these student scenarios is unique and requires different coverages. Therefore, insurance companies have different policies designed for different student profiles.
How to get cheap college student auto insurance in Canada?
Maintain a clean driving history
Even a single minor accident or speeding ticket can affect your eligibility for securing a discount. Ensure driving within the speed limits and practice defensive driving.
Accidents and traffic convictions stay on your record even after your student life. Therefore, drive with caution to maintain a clean track record.
Shop around and compare rates
This is essential for any product or service you are purchasing online and offline. You will always experience a slight price difference from one brand to another.
The same is applicable to your insurance policy. Get quotes from different insurance providers and compare them to select the most affordable policy.
Increase the deductible amount
A deductible is a sum or money you pay out of your pocket in case of accidents or any other damages to the car. The simplest and the most effective way to reduce your student insurance premiums is by increasing the deductible.
However, before considering this option, analyze your driving skills. You should be confident about your driving practices before shelling out a higher deductible.
Review your coverage options
Delete any fluff in your car insurance policies. Review your insurance coverage before renewal. Ensure you only pay for the services you require. Skim your coverages and avoid paying for extra policies.
And in case you need additional coverage, get quotes from different insurance providers. You can always get different coverage from different agencies. However, early policy termination is not recommended since it can lead to cancellation charges.
Choose a car model and manufacturer that’s cheap to insure
Select a car and model that’s cheap to insure. Generally, cars having good road performance and a robust locking system come with cheap insurance rates. On the other hand, cars with exorbitantly sophisticated features can attract higher insurance premiums.
Go for accident forgiveness coverage
Driving with caution is a great practice. However, regularly driving in fear won’t make you a good driver. Instead, choose accident forgiveness coverage. It saves you from skyrocketing insurance premiums in case of a minor accident.
College student auto insurance in Canada — Conclusion
Getting cheap auto insurance for a college student can be a tough job.
However, when you follow this guide and compare different policies, you can easily find cheap student car insurance in Canada. Ensure to thoroughly read the terms and conditions carefully before purchasing an insurance policy. Speak to an insurance broker if necessary.