College Student Car Insurance: What You Need to Know

“Why’s my insurance quote so ridiculous?”

Driving is the ultimate luxury. Driving as a college student is an even bigger luxury. Not many college students get to drive to school. Most students either commute to school via public transit or they wake up at the last minute and sprint over.

I totally understand that all students aren’t lucky when it comes to the commute. I had to travel over an hour each way to my college because I decided to stay in town to save money. I had to walk, take a bus, and then jump on the subway.

As a result, I learned a bit about college student car insurance.

College students can expect to pay more for insurance

You’re likely going to pay more for college student car insurance. Your insurance rates will be at an all-time high as a college student (assuming you don’t destroy your record as you get older).

The insurance companies aren’t in a hurry to insure you. You have less driving experience as a student. You’re more likely to get into an accident. On top of that, there is a good chance that your college is in a larger city, meaning higher premiums in general.

There’s no way getting around the experience aspect either. When you’re in your early 20s, you just don’t have enough of a track record for the insurance companies to be satisfied with insuring you. They can’t put together an accurate risk profile.

Here’s an example of how much college student car insurance can cost from The Globe and Mail:

“Nick Dasko bought his first car when he was 22 – a seven-year-old Mazda Protege that cost him $10,000. Then came the insurance bill: more than $6,000, even though he had no tickets or at-fault accidents.”

I couldn’t resist an example with my last name in it. Look at that figure. That’s absurd. Most college students can’t afford a night out, let alone spending thousands of dollars on car insurance. On top of car insurance, you have to deal with fuel, parking, car payments, and maintenance. The student in the example was shocked at how much his insurance rates would be. The worst part is that when you need to find a way to get to school you can feel stuck when you assess other options (like a two-hour bus commute).

Should college students even bother with driving?

You should only drive if you absolutely need a car for school and you’re working.

These two conditions must be met.

Not working? Sorry. Find a job before you decide to drive your own car.

Does the bus go by your school? Take it.

I did my best studying on the subway. I would cram for exams and get that last minute preparation in during my commute to campus.

Driving as a college student is a luxury that most of us can't afford. I didn’t drive to college until my last semester. I drove because it was a brutal winter and I was working full-time hours. I knew that I was going to spend a fortune on driving, but it was worth it for me that specific semester.

Usually, college student car insurance is just too expensive to justify the expense as a broke student struggling to get by. But if you decide to go for it, be prepared to pay for the privilege.

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