Top 5 Best Car Insurance Companies for College Students in 2020

Are you a broke college student? Between the cost of tuition, room/board, and the cost of living, it can feel like you never have enough money while you try to finish your studies.

Top 5 Best Car Insurance Companies for College Students in 2020

Are you a broke college student? Between the cost of tuition, room/board, and the cost of living, it can feel like you never have enough money while you try to finish your studies.

by Kim Pinnelli
Senior Contributing Writer

Updated September 14, 2020

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While car insurance rates are typically high for young drivers, college students often have a list of discounts they can enjoy.

Check out the top five college car insurance policies that make it affordable for college students to drive.

Allstate

Allstate offers a variety of discounts that make college car insurance more affordable:

  • Good Student Discount – Save as much as 9% for good grades
  • Drivewise – If you have safe driving habits (and let Allstate monitor them), you earn discounts on your premiums
  • Long-distance savings – If your child goes to college more than 100 miles away from home and doesn’t regularly drive, you may save up to 35% on the premiums

State Farm

State Farm may have some of the highest insurance rates, but they also offer the steepest discounts for college car insurance, including:

  • Good grades – State Farm offers as much as a 25% discount for good grades, and their discount continues until age 25
  • Accident-free savings – If you remain accident-free, you’ll get a discount on your premiums
  • Safe driving course – College students that take a safe driving course before they turn 21 years old earn lower premiums
  • Long-distance savings – State Farm offers a discount for students attending college away from home who don’t regularly drive

GEICO

GEICO is one of the lowest-cost insurance companies for people of any age, but especially college students. When you start with low premiums, you don’t have to worry too much about discounts, but GEIOC still offers a few:

  • Good student discount – Earn financial rewards for those good grades
  • Good driver discount – Remain accident-free for five years and earn a discount
  • Frat and sorority discounts – If you are a member of specific fraternities, sororities, or honor societies, you may get a GEICO discount

Progressive

Progressive is known for its low rates and the “Name Your Own Price Tool,” which makes it an obvious choice for broke college students. While Progressive recommends college students remain on their parents’ policies, they do offer the following discounts:

  • Good student discount – Students under age 23 with a ‘B’ average get a discount
  • Distance discount – If your child goes to school more than 100 miles away and is 22 years or younger, you may earn a discount
  • Usage-based insurance discounts – Prove that you are a safe driver with Snapshot and earn lower premiums

Liberty Mutual

Liberty Mutual offers competitive rates and several discounts for college car insurance that make it more affordable for parents or students. The discounts include:

  • Good grade discount – Students under the age of 25 with at least a 3.0 GPA may earn a discount
  • Driver Training Discount – Drivers under the age of 21 that take a Driver Training course may receive a discount
  • Specific school discounts – Liberty Mutual has discount programs with specific schools, employers and alumni associations

Shop around for the best college car insurance rates. Don’t assume you have the best policy – check out what discounts other companies offer. It’s typically best if a college student remains on his/her parent’s policies as they offer the most affordable rates, but either way, check for the discounts to see how you can save the most money.

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