You have a million questions about your freshman year of college. One of them being, will I need my car on campus? Read this to save yourself some money.
Follow Insurify for more financial tips and tricks
A lot of planning goes into your time at college. You plan your class schedules, your living arrangements, and most importantly your finances. When you need to budget for things like textbooks, tuition, rent, groceries, a social life...where is there any room for a car and it’s insurance? Young drivers have some of the highest insurance premiums of individuals on the road. Add that to expensive university parking permits and cost of gas and you’re looking a pretty hefty bill for something you might not even use that often.
Luckily college students are adaptable to say the least. You can find the most creative--and extreme--ways to save money. However, you should never cut corners when it comes to protection and maintenance for your vehicle. Ask yourself, do I reallyneed my car on campus?
First, many universities ban residential underclassmen from parking permits whether for traffic or safety reasons. So if you’re even thinking about bringing your car to campus, check your university’s guidelines for student parking.
Second, you should think about the location of your campus. If you’re university is located in a major city where it’s convenient to take public transit or walk to destinations, there will be little need for a car.
Next, consider services like ZipCar or Uber if you only need a vehicle occasionally. Renting or ridesharing is a lot cheaper than owning. If these services aren’t available near your campus, you can consider setting up a carpooling system with roommates or friends who do have a car on campus. You could leave your car at home and chip in for the price of gas.
Finally, if your campus is located in one of the most expensive states for car insurance for college aged drivers, you could completely break the bank. This list was compiled using average monthly car insurance premiums for students aged 18 to 22 years old living in the United States with up to one accident on their driving records. It’s important to remember that these are merely averages and that everyone’s auto insurance profile is different. To find out exactly how much you’d be paying for auto insurance on campus, get a quote in minutes on Insurify.
It may surprise many that universities in Florida and Michigan rank higher than other states with major cities. Both states are infamous for having some of the highest car insurance premiums in the U.S. Remember that these numbers are based on averages from our own data. You may end up paying more or less depending on things like your vehicle, driving record, zipcode, etc. To find out exactly how much you’d be paying for auto insurance on campus, get a quote in minutes on Insurify.
This research was done using our own data for average monthly car insurance premiums for students aged 18 to 22 years old living in the United States. Each driver is currently a student with up to one accident on their driving record. Each policy has a selected coverage of 50/100/50 for one driver and one vehicle. The highest average state premiums were then compared to the most popular universities in those states based on the U.S. News 2016 rankings. Next, we calculated average student parking permit fees for each given university based on their published annual rates. Finally, we calculated annual gas expenses by state based on an average of 10,000 miles driven annually in a car that gets 26 miles per gallon.