7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
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From tuition and books to housing arrangements, being a graduate student can be costly. And if you commute or own a vehicle, car insurance is just another expense you’re responsible for.
“As young drivers, students often have low or no credit scores and less experience on the road, which leads to paying higher insurance rates,” says Howard Goldberg, vice president of customer solutions at Plymouth Rock Assurance.
Fortunately, you can still find low rates when shopping for car insurance without sacrificing quality and coverage.
Quick Facts
Good student discount rates vary by insurer. For some, you need a GPA of 2.7 or higher to qualify. Others require a 3.0 GPA or better.
Every state except New Hampshire requires you to carry at least liability auto insurance coverage.
Comparing quotes from multiple insurers is the best way to find a policy that meets your budget and coverage needs.
The cheapest car insurance companies for grad students
The table below features the average monthly car insurance rates from many top insurers. Auto-Owners, Travelers, and GEICO offer the most affordable rates to graduate students.
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.
Which car insurance companies have discounts for students?
One of the best ways to save money on car insurance as a graduate student is by taking advantage of discounts. Many insurance companies offer student-based discounts that reward you for having good grades or leaving your car at home while you’re away at school.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.2
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
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.
$61/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.
$134/mo
Founded by Sears department store executives in 1931, Allstate offers auto, home, motorcycle, ATV, renters, condo, and term life insurance. Operating in all 50 states, the company has superior ratings from A.M. Best for financial strength and credit. However, Allstate has many negative reviews on consumer websites, and a slightly higher-than-average complaint rating in the National Association of Insurance Commissioners Consumer Complaint Index. Allstate offers many discounts, including for good students, multiple policies, bundling auto and home insurance, new vehicles, safe driving, and good payment history.
Pros
Well-established with superior ratings from A.M. Best
Pay-per-mile option available
Cons
Low customer satisfaction
Rates are merely average compared to other insurers
Good company, but costs more for premiums
Patricia - February 1, 2023
Verified
My rate for auto insurance jumped approximately $100 after six months and I was unable to get a satisfactory explanation.
Burl - January 30, 2023
Verified
They’ve given good service, but there were times when things could have been handled a bit more professionally.
Allstate has been around for nearly a century and is a popular choice among car insurance shoppers. It offers a smart student discount, allowing you to save on your car insurance by maintaining a GPA of 2.7 or above.
If you’re a graduate student considering an Allstate car insurance policy, take a look at some of its other student discounts:
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
3.8
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
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.
$104/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.
$231/mo
The seventh largest insurer in the U.S., Farmers has been in business for more than 100 years. The company offers about 30 different types of insurance, including auto, home, renters, flood, earthquake, life, and business insurance. Farmers offers numerous discounts, including for multiple cars, safe driving, anti-theft equipment, and bundling. Swiss insurer Zurich Insurance owns Farmers. With an A rating from A.M. Best for financial stability, Farmers has mixed online reviews from customers, and about four times as many complaints as expected in the National Association of Insurance Commissioners Customer Complaint Index.
Pros
Many discounts
Robust roadside assistance program
Cons
Lower customer satisfaction
Tends to have higher premiums than some competitors
Very patient with me and took the time to go over all my questions
Lamar - January 30, 2023
Verified
They charge almost $100 a month for liability only and it just went up from a year ago. I’m a senior with no accidents, no tickets, great credit, and under 3,000 miles a year.
CHARLES - January 29, 2023
Verified
Our agent is great, but Farmers keeps raising rates.
As a student, you want an insurance company that’s readily available and responsive in case of an accident. You also want one that’s easy to work with when trying to find the right coverage. Farmers insurance is known for its exceptional customer service, ranking sixth in J.D. Power’s 2022 claims satisfaction survey.[1]
You can qualify for Farmers’ good student discount if you’re a full-time student age 24 or younger and you have a 3.0 GPA or higher. If you’re older than 24, Farmers has many ways to save money while you’re at school.
Some of the discounts available from Farmers Insurance include:
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
835
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.
$52/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.
$112/mo
A highly recognizable name in car insurance, GEICO is a subsidiary of Berkshire Hathaway. The company started out as the Government Employees Insurance Company, serving U.S. government workers and military personnel. In addition to auto insurance, GEICO also sells homeowner, flood insurance, life insurance, business insurance, and identity protection, among other products. A.M. Best gives GEICO its highest rating for financial stability and credit. However, GEICO has nearly twice as many complaints as expected in the National Association of Insurance Commissioner’s Consumer Complaints Index.
Pros
Good rates for good drivers, seniors, and young drivers
Accident forgiveness available
Cons
High rates for drivers with certain violations, like DUIs
No rideshare or new car replacement coverage available
Good communication
John - February 4, 2023
Verified
They offer the best rate.
Shannon - February 1, 2023
Verified
Any time I called them, they were on top of it and gave me an answer right away.
For graduate students looking for a budget-friendly option without compromising quality coverage, GEICO may be the right fit. It offers a wide array of coverage options to protect your car, whether you commute to school or leave your car at home.
The company also offers a good student discount, which rewards you for maintaining a B average or better. You can also get discounts for being in the military, working as a federal employee, or being called for emergency deployment.
You can also save with these discounts from GEICO:
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
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.
$84/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.
$152/mo
Although its founding in 1937 makes Progressive comparatively young, it is among the largest car insurers in the U.S. The company offers car, home, renters, commercial, and other types of insurance. Progressive customers can enjoy savings by bundling their car insurance with another type of Progressive policy – typically homeowners or renters. Available discounts range from multi-policy and multi-car discounts, to the Snapshot save driver discount. Progressive has an A.M. Best rating of A+ for financial stability. However, the company has a slightly higher-than-expected number of complaints in the National Association of Insurance Commissioner’s Consumer Complaints Index.
Pros
Rewards for good drivers
Numerous coverage options and discounts available
Cons
Higher-than-expected amount of complaints
Ranked 11 out of 15 companies in the J.D. Power Customer Satisfaction Index Ranking
Very good service but too expensive
Dewey - February 2, 2023
Verified
I called with questions; the answers were complete and to the point.
Progressive offers a highly acclaimed telematics program that can save you up to $156 annually for good driving. In addition, Progressive’s Name Your Price Tool allows you to choose how much you’d like to pay for your coverage, which may appeal to students on a tight budget.
While Progressive only offers its good student discount for students younger than 23 with a GPA of 3.0 or better, you can still save with its other discounts, including:
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
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.
$51/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.
$108/mo
State Farm has been in business for more than 100 years, and today sells auto and other vehicle insurance, homeowners, life, health, pet, disability, and small business insurance. Available in all 50 states, State Farm car insurance policies offer multiple ways to save, from customizing coverage types, to a robust list of discounts. The company has far fewer complaints than expected for the industry, according to the National Association of Insurance Commissioner’s Consumer Complaints Index. State Farm also ranks among the top 10 companies for customer satisfaction in every region on the J.D. Power Overall Customer Satisfaction Index.
Pros
High rates of customer satisfaction
Rideshare insurance available
Cons
No gap insurance offering
May not be the cheapest choice for drivers with violations
State Farm has more than 100 years of experience in the insurance industry and stellar marks in customer satisfaction.
Here are the State Farm discounts that can help you save on your car insurance:
Multi-car and multi-policy
Good student
Accident-free
Student away at school
Driver training
Drive Safe and safe driver
Anti-theft device
The importance of having car insurance as a graduate student
A post-baccalaureate degree is a major investment, and many graduate students take on debt to fund their education. In 2020, graduate students accounted for nearly 40% of the $37 billion in loans issued, according to the Center for American Progress.[2]
Naturally, you’ll want to avoid adding to any debt you’ve incurred by having to pay out of pocket for legal and liability costs stemming from an auto accident. The best way to protect yourself is by having insurance. Having adequate coverage will give you peace of mind and protect you from the financial burdens of an unexpected accident.
Important Information
Every state but New Hampshire requires drivers to carry at least a minimum amount of liability car insurance. Driving without it can lead to fines and other serious consequences.
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.
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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.
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 more than liability 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.
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.
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, 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 the standard coverage at no extra charge. For instance, 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 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 are highly rated on the Google Play Store or the iOS store.
How to save money on your car insurance
Just one car accident can take a significant toll on your finances. Fortunately, insurance can provide a financial safety net if you’re responsible for bodily or property damages. As a graduate student, you want to balance having enough coverage, finding a quality insurer, and keeping your costs low.
Seeking insurance companies that offer a wealth of discounts for students can help you save hundreds of dollars per year on your policy. Insurers offer discounts for students who earn good grades or leave their vehicle at home while away at school.
While many insurers have age restrictions on student discounts, you can still minimize your policy’s costs. You may qualify for low-mileage discounts if you’re away at school and don’t drive often. Or, if you rent an apartment, you can bundle your renters insurance with your auto insurance policy for more savings.
Many insurance companies also reward drivers for completing a defensive driving course.
Find Cheap Car Insurance for Grad Students
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How to save beyond your policy
Your insurance rates are susceptible to change, so to ensure you maintain low rates or get better long-term discounts, take the following steps:
Maintain a good driving record. A clean record and a driving history littered with previous minor or serious moving violations could mean a difference of hundreds of dollars in monthly premiums. Keep your car insurance rates affordable by avoiding accidents and traffic offenses to keep your rates low over time.
Choose a safe car. A safe vehicle can mitigate the risk of accidents and injuries, resulting in lower premiums. Consider purchasing a car with features that have anti-lock brakes, airbags, and electronic stability control.
Utilize technology-based discounts. Insurers offer telematics programs that use devices or apps to track your driving. You may get a discount for signing up for this program, and the better you drive, the higher your insurer discounts your premiums.
Take advantage of affiliation-based discounts. Insurance companies may offer discounts to employees of network companies. Insurance companies may also offer discounts to participating alumni associations or professional group members.
Car insurance for grad students FAQs
Here’s some additional 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, you can stay on your 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 Goldberg.
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 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 those with lower educational backgrounds.[3]
How old do you have to be before your car insurance rates drop?
Rates start to drop significantly at age 25. Keep in mind that other factors, like your driving history and location, also influence the cost of your premiums.
Alani Asis is an SEO-savvy, 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.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
Allstate
Farmers
GEICO
Progressive
State Farm
