Cheapest Car Insurance for Graduate Students (2024)
Car insurance can be expensive if you’re in grad school, but graduate students can get cheap rates and special discounts from GEICO, Nationwide, and USAA.
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Written byAlani Asis
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Bylines with leading financial publications
Alani is a freelance writer specializing in personal finance. She aims to make complex topics more approachable through fun, digestible content.
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Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
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Updated November 13, 2024
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Table of contents
Insurify projects a 22% increase in auto insurance rates by the end of 2024. Rising rates could mean higher insurance costs for many students already facing expensive insurance premiums. Graduate students often pay more than other students since they typically require additional coverage or also use their vehicle for work.
If you’re a graduate student who drives, it’s important to choose a car insurance policy that balances your needs and budget. Read on to learn more about how car insurance for graduate students works and how to find the right policy for you.
Quick Facts
Younger drivers, like many graduate students, typically pay more for car insurance than middle-aged drivers.
Staying on your parents’ policy is one way to save on car insurance, but restrictions may apply.
You can get a discount for having high grades, leaving your vehicle at home while at school, or attending a university affiliated with the insurer.
Cheapest car insurance companies for graduate students
The cheapest car insurance companies for graduate students vary based on your age, ZIP code, driving history, and many other factors.[1] The table below illustrates a few of the most affordable car insurance companies for students in graduate school.
The below rates are estimated rates current as of: Friday, November 1 at 12:00 PM PDT.
Insurance Company ▲▼ | Liability Only ▲▼ | Full Coverage ▲▼ |
|---|---|---|
| COUNTRY Financial | $20 | $48 |
| Auto-Owners | $44 | $95 |
| NJM | $45 | $83 |
| USAA | $55 | $121 |
| Erie | $61 | $114 |
| GEICO | $65 | $143 |
| State Farm | $68 | $150 |
| Root | $69 | $119 |
| Mile Auto | $72 | $122 |
| Allstate | $73 | $160 |
| American Family | $74 | $162 |
| Metromile | $77 | $138 |
| Safeco | $92 | $160 |
| CSAA | $94 | $143 |
| Nationwide | $99 | $218 |
| Dairyland | $101 | $263 |
| Mercury | $102 | $201 |
| Travelers | $105 | $226 |
| National General | $109 | $216 |
| Progressive | $109 | $169 |
| Clearcover | $114 | $204 |
| State Auto | $114 | $243 |
| Direct Auto | $122 | $234 |
| Farmers | $127 | $278 |
| Commonwealth Casualty | $131 | $349 |
| Chubb | $135 | $285 |
| The General | $136 | $280 |
| Bristol West | $138 | $298 |
| 21st Century | $138 | $293 |
| Elephant | $139 | $223 |
| Shelter | $139 | $263 |
| GAINSCO | $141 | $315 |
| The Hartford | $144 | $259 |
| Foremost | $150 | $341 |
| Liberty Mutual | $173 | $280 |
| AssuranceAmerica | $199 | $331 |
| Amica | $208 | $385 |
| Infinity | $224 | $315 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
Best car insurance companies for graduate students
As a graduate student, the best auto insurance company depends on your needs and financial situation. These are a few top picks of the best insurers for people in grad school.
GEICO: Best for affordability
| User Reviews | 4.0 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 9.0 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $54/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $119/mo |
4.0
Best choiceBased on 10261 verified guest reviews and ratings
How drivers feel about GEICO
Drivers appreciate the excellent customer service and initial low prices but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Teen drivers
Cheap rates
Accident forgiveness
How drivers feel about GEICO
Drivers appreciate the excellent customer service and initial low prices but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Teen drivers
Cheap rates
Accident forgiveness
Reviews (5,639)
Judi
November 12, 2024
Verified Review
Excellent
Typical service. I have no experience with problems.
Dwayne
November 12, 2024
Verified Review
Not for Homeowners!
The car insurance was fine, but the homeowners' insurance was horrible. They didn't want to cover anything. We had storm damage (hail and wind). They covered the roof but refused to cover the siding or window damage.
Lindsey
November 11, 2024
Verified Review
Liability Coverage is Expensive
Their prices are high.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
835NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.74A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
GEICO is a good choice for graduate students looking for cheap car insurance. On top of affordable premiums, policyholders get access to a variety of discounts, such as a discount for being a good student. Students who attend certain universities may also be eligible for GEICO’s affiliation discounts. To save even more, consider GEICO’s telematics program that rewards safe driving.
Pros
Competitive rates
24/7 customer service
Many student-oriented discounts
Cons
Limited agent network
Below-average J.D. Power claims satisfaction rating
Rideshare coverage not available
Nationwide: Best for pay-per-mile insurance
| User Reviews | 4.4 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.7 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $83/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $182/mo |
4.4
Best choiceBased on 782 verified guest reviews and ratings
How drivers feel about Nationwide
Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Usage-based savings
Accident forgiveness
Recreational vehicle coverage
How drivers feel about Nationwide
Drivers appreciate the excellent coverage, reliable claims process, and good initial rates but dislike the frequent price increases.
AI-generated from the text of verified reviews collected by Insurify
Best For
Usage-based savings
Accident forgiveness
Recreational vehicle coverage
Reviews (441)
Richard
November 7, 2024
Verified Review
Excellent Company
Nationwide appears to be an excellent company. I have recommended this company to several of my friends. My daughter and her husband have also taken out policies and are very satisfied with this company. Thank you.
Irene
November 4, 2024
Verified Review
Sorry to be leaving you, Nationwide.
I used Nationwide for 32 years. I understand that insurance prices are going up, however, due to my limited income, I can no longer afford to stay with Nationwide.
Sara
November 1, 2024
Verified Review
Very Good!
The customer service is very good. They explain things well and make it easy to understand.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
0.64A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+Why we picked this company
If you live on campus and don’t drive often, Nationwide’s pay-per-mile auto insurance program, SmartMiles, may help you get cheaper rates. SmartMiles charges a base rate plus a per-mile fee. You could also earn up to 10% off your auto policy for safe driving. Unlike many insurers, this company offers pay-per-mile insurance in most states.
Pros
Many savings opportunities
Offers accident forgiveness
Provides vanishing deductibles
Cons
Some discounts and programs not available in every state
Below-average J.D. Power claims satisfaction rating
Negative customer ratings on Trustpilot
USAA: Best for military-affiliated members
| User Reviews | 4.9 |
|---|---|
| IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 9.4 /10 |
| Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages. | $45/mo |
| Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible. | $99/mo |
4.9
Best choiceBased on 1599 verified guest reviews and ratings
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
How drivers feel about USAA
Drivers appreciate the ease of working with the carrier, competitive rates, and responsive service but dislike the price increases and lack of rideshare add-ons in some areas.
AI-generated from the text of verified reviews collected by Insurify
Best For
Members of the military community
Outstanding customer service
Competitive rates
Reviews (913)
Martin
November 11, 2024
Verified Review
Price Shopping
I have been with USAA for over 60 years. Obviously, I've been very happy. Since I don't drive very far, I have been seeing advertisements for lower prices. However, I have no plans of leaving USAA.
Rena Sabine
November 8, 2024
Verified Review
Disappointing and inflexible service
My experience with this company has been disappointing, especially this second time around. I would suggest considering other options. From my recent interactions, they have been dismissive and argumentative. I have already started finalizing my next premium with another company. I'm perplexed as to how they receive praise when they treat clients in this manner.
Tom
November 7, 2024
Verified Review
A Large Company Managed Inefficiently
I would recommend considering other options. My experience with them was not positive, even after being a customer for over 50 years.
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
880NAIC Index
Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.
1.35A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++Why we picked this company
If you’re an active-duty military member, veteran, reservist, or a family member pursuing higher education, USAA provides affordable insurance and other benefits catered to your unique needs. Members also qualify for savings opportunities like low mileage and storage, along with good student discounts.
Pros
Affordable car insurance premiums
Many discount opportunities
Highest score for J.D. Power customer satisfaction in all U.S. regions
Cons
Only available to active-duty military, veterans, military spouses, or children of service members or veterans
No 24/7 live customer phone support
Limited coverage options
We choose the best car insurance companies for graduate students by analyzing several factors, including:
Affordability: Affordable car insurance companies offer cheaper premiums than the national average.
Coverage options: Auto insurance companies with the best options provide endorsements for students, such as accident forgiveness, rideshare coverage, and pay-per-mile insurance.
Savings opportunities: The best auto insurers for graduate students offer many student discounts, usage-based insurance, and other money-saving benefits.
Company reputation: Quality companies have good customer ratings from third-party agencies and customer reviews.
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Car insurance discounts for graduate students
Car insurance discounts can help you save money on your car insurance policy. These are some common discounts you’ll find as a graduate student:[2]
Good student
Save on your auto insurance policy by earning good grades — typically a B average.
Student away at school
Qualify for a distant student discount when you live away from home and don’t bring your vehicle to school.
Multi-policy
Save money by bundling your car insurance policy with other insurance products, like a renters or life insurance policy.
Low mileage
Score lower rates on your insurance policy by driving less.
Good driver
Earn a discount on your policy by maintaining a clean driving record.
Defensive driving course
Get cheaper rates by taking an approved defensive driving course.
Choosing the right car insurance coverage as a graduate student
Car insurance is an essential financial tool, but choosing the right coverage can often be overwhelming. Here are a few concepts you’ll want to understand when shopping for an insurance policy.[3]
Deductible
You’ll have to pay a deductible before your coverage kicks in and pays for damages. The higher your deductible is, the lower your premium cost. Remember that your insurer may deny your claim if your repair costs are lower than your deductible.
Coverage type
You can choose between liability-only coverage, which every U.S. state except New Hampshire requires by law, or a full-coverage policy including liability, comprehensive, and collision coverage.
Full-coverage will cost you more, but it’ll cover all your bases if you get in an accident. If you lease your car, many lenders will require you to have full coverage.
Coverage limit
Coverage limit refers to the maximum amount your insurance company will pay to cover bodily and property damages if you’re at fault in an accident. You may have to pay out of pocket for damages if your coverage limits aren’t high enough.
When setting your coverage limits, consider an amount that’s high enough to protect your most valuable assets in case of a lawsuit.
Premium
A premium is the rate you pay your insurer in order to receive coverage. You can pay premiums monthly or in a six- or 12-month lump sum.
Endorsements, riders, and special coverages
You can add extra coverages outside your standard car insurance policy to upgrade your coverage. Some common endorsements include accident forgiveness, gap insurance, and rental car reimbursement.
Good to Know
If you’re a high-risk driver, you may need an SR-22 or FR-44 certificate, which is a form that proves you meet the minimum coverage requirements in your state. Securing these forms will require extra steps and may increase your coverage costs.
What to consider when comparing car insurance companies
While policy affordability and customizability are vital when picking a quality insurer, you should also look at other factors, including:
Company history/reviews: Reputable companies provide reliable coverage, high levels of financial strength, excellent customer service, and a solid track record for paying claims. You can use third-party rating agencies or check out reviews from other customers to get a sense of a company’s overall customer experience.
Extra perks: Insurers may include additional perks beyond standard coverage at no extra charge. For example, some insurance companies offer built-in accident forgiveness and roadside assistance in your policy. Many insurance companies also provide a telematics program that rewards safe driving and lowers costs.
Digital experience: A user-friendly mobile app and web experience can increase customer satisfaction by making processes more efficient and convenient. Look for companies that offer online claims filing, bill pay, and policy management and have high ratings on the Google Play Store or the App Store.
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How to save money on your car insurance
Car insurance can get expensive, especially if you’re a young adult or a new driver. Luckily, you can save money on your car insurance policy by taking advantage of these cost-saving strategies:
Shop around. One of the best ways to save money on the coverage you need is by comparing car insurance quotes. A quote-comparison tool like Insurify can generate quotes from multiple companies in minutes.
Increase your deductible. While increasing your deductible lowers your premiums, it does raise your out-of-pocket cost after a claim, so be sure you can afford your chosen deductible amount up front.
Raise your credit score. In most states, insurance companies use your insurance-based credit score to determine your rates. Improving your credit may result in cheaper premiums on your policy.
Use pay-as-you-go insurance. Look for an insurer that can offer usage-based or pay-per-mile insurance. While your rate will change from month to month, the savings can add up if you don’t drive much — especially for online grad students or students who also work remotely.
Stay on your parents’ policy. Avoid higher rates by staying on your parents’ policy instead of getting your own policy. Be sure to check the fine print on where you’re allowed to keep your car and other restrictions that may apply.
Keep your grades up. Many insurers offer good student discounts. You can save on insurance by keeping your grades above the required GPA.
Maintain a good driving record. Prevent your rates from increasing by avoiding traffic violations and car accidents.
Car insurance for grad students FAQs
Here’s some additional car insurance information that can help you find a policy that fits your needs as a grad student.
Can graduate students stay on their parents’ insurance policy?
Yes. Unlike health insurance, a child can stay on their parents’ car insurance policy indefinitely.
“As a young driver, you have the option to remain on your parents’ policy if you don’t hold the vehicle’s title or declare permanent residency outside of the home,” says Howard Goldberg, vice president of customer solutions at Plymouth Rock Assurance.
How do you know when it’s time for you to leave your parents’ policy?
You must get your own car insurance policy when you move out and change your primary address. If you have a poor driving record or need more coverage than is available on your parents’ policy, consider purchasing your own auto insurance.
How do you get a good student or student-away-at-school discount?
You can get student discounts by first looking at a company’s website or speaking to an insurance agent to see if that insurer offers it. You must meet the discount requirements to qualify, which may mean showing proof of enrollment or a transcript of your grades.
Will having a bachelor’s or master’s degree lower your car insurance?
It’s possible. Having a bachelor’s or master’s degree may reduce your insurance rates. Research conducted by Consumer Reports in 2021 found that drivers with higher educational attainment saw lower prices than drivers with lower educational backgrounds.
How old do you have to be before your car insurance rates drop?
In many cases, rates start to drop significantly at age 25. Keep in mind that other factors also influence the cost of your premiums, like your driving history and location.
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Sources
- Insurance Information Institute. "What determines the price of an auto insurance policy?."
- Insurance Information Institute. "How to save money on car insurance."
- Insurance Information Institute. "Auto insurance basics—understanding your coverage."
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Alani Asis
Alani Asis is a personal finance freelance writer with nearly three years of experience in content creation. She has landed bylines with leading publications and brands like Insider, Fortune, LendingTree, and more. Alani aims to make personal finance approachable through fun, relatable, and digestible content.
Edited bySarah Archambault
Experienced personal finance writer
Background working with banks and insurance companies
Sarah enjoys helping people find smarter ways to spend their money. She covers auto financing, banking, credit cards, credit health, insurance, and personal loans.
Featured in
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