Best insurance for young drivers and my recommended companies

Best insurance for young drivers and my recommended companies


Hey, guys mark with think insurance. Today we're, going to talk about insurance for college students, so we're, going to kind of answer the who? What where, why, and when type questions. So we're, going to go through that I'm, going to give a few recommendations and in the links below i'll, actually give links to some companies that are very competitive.

Some, if you want to get multiple quotes, I'll, put a link to the company that I work with, but I'll also put a link to like your all states in your state farms and anyone that's. Competitive that I've seen based on my research, so I went through and I basically went and checked a couple of different companies.

I checked some websites checked some blogs checked to see what everybody else was saying because this is kind of generalized across u.s, not just specifically for Michigan. If you want advice on Michigan, just put a comment below or specific states, and I can do a little bit of extra research - I don't mind.

It only takes me a few minutes. So if you're curious about what places are going to give you the best deals and the best rates uh leave a comment below I'll answer them as quickly as I can. I'll. Try to get one or two companies that I would recommend.

So if you're going to college there's, a couple of things that you need to think of answering the who section is like who is this for s? Obviously, college students and parents - if you're going to college there are, a few things that you need to think about, first, being is, am I going to be alone? Am I moving to the state period? Am I never coming back? Sometimes it happens so some students move away and they plan on living there for the rest of their lives and they separate themselves from their family.

They take. The liability risks all of that stuff. So something happens. It falls back to mom and dad. So there's. A couple of different ways that we're going to go through. We're, going to start with the most common one, which is you're under a parent's policy currently, and you're, going to be at a college whether you're on campus Or not on campus, we'll, dig into that a little bit further, the what obviously is car insurance.

So what company are we looking for, which is going to give you the best deals, the best rates who's, going to give you the best coverage as well? So it's, not just getting the best prices. We have to make sure that we're dealing with these a-rated companies.

Otherwise, you're. Just wasting your time. You file a claim takes 12 weeks to get fixed and then you're, just stuck it's, just a pain, a hassle. Nobody wants to deal with it. Why is this important? Well, you tell me why? Because I think it's, expensive and confusing car insurance has always been confusing, even though, if you break it down in its simplest form, it can be simple, but there's a lot to it.

There's. The bodily injury, the property damage, the uninsured motorist, underinsured motorist, med, pay, pip, comprehensive collision. What situation there's, limited torque, full torque? All of these states have different rules and different guidelines, so there's, a lot to learn.

If you guys are looking for the coverage specific answers, I'm, going to link an article somewhere up here, so you guys can watch that that's. My insurance 101 article - it's about 20 minutes long. It's, going to go through all of the coverages that you need to know about before you go to college there's a couple of things that you need to know.

This is the when section you want to try to plan this ahead of time, if at all possible. If you're watching this article and you're already in college no big deal, you can still do it. You're, just a little bit behind the eight balls here.

So let's, go ahead and dive in and find out what the process is. So we're just going to pick a college. For example, we're, just going to say Michigan, state, university, or Michigan whichever you pick that rival right.

So you're going to one of those colleges and you're gonna move from your parent's house into a dorm. You really should determine there's, a risk and a cost factor to this. When you're doing this, you need to determine whether you're, going to take the car with you or leave it with your parents.

If you leave the car with your parents, there's, a discount that you really should know about, and it's. The away at school discount it typically isn't going to benefit you. If you're under 100 miles away, so if you're 100 miles or further away from your parents there, and you're going to leave the car at their residence, keep your insurance on their policy because the liability Risk is very minimal and keep in touch with your agent to let them know that you're over 100 miles away, because there should be a discount if they don't offer it.

You may want to check a couple of other companies as far as options go to see if there are some deals that you're missing out on digging into that a little bit further. What are insurance companies really looking for? They're.

Looking for what you're using the vehicle for right, they want to. They're, really pushing that telematics. They want to plug a device into your car or have you grab your cell phone out and then they can track where you're, going? What you're doing that's powerful! It's good! For you, too, but a lot of people don't like that idea.

They don't like the fact that they have to prove or track where they are, that's, just kind of the way that insurance has gotten. So tight with everything, because there's, a lot it's. Basically, they're trying to fight the fraud.

We're, trying to get a good deal. This guy over here is trying to create the fraud. So it's like we're fighting that guy. All of us are trying to mix together to find perfect happiness. Well, there's, a cost to everything.

So if you aren't comfortable doing that telematics, you're, going to pay an extra cost or, as they say, you're, not going to get the discount. So you're. It's. The same cost, but you don't, get that extra 10 off the top, so that's.

One thing to think about. If you're comfortable with that, they love that, because now they can see where you're going. If you're going to campus from campus, how often you're going out? Are you going to the bar at night? Are you going to work and back and what kind of liability it's? Not even you they're, not even that worried about you.

They're more concerned about where you're going and what times you're going because the traffic around you at certain times can be a little bit more dangerous or risky. So, whether you drive well or not, you're, putting yourself in that pool right, so they're, going to track that stuff.

That's. One thing to think about: I don't have it in my car, because I know I drive crazy and I'm, probably not going to get a great discount. Some companies will give you that discount regardless so talk with your agent to find out if that's, one of those companies where you get three or five percent or even 10 off no matter.

What, if I drive bad, I keep my discount uh. If I drive good, I get more of a discount, some of them offer that so as a parent or as the student, you got to think about your risk too, because it's, not just trying to get the insurance company to get you.

The best deal and get you in there and just get by your goal is to be covered. So if you're parking outside on a ramp or if you're parking in a garage, are you parking at a residence wherever you're, leaving your vehicle? You want to determine what's, the risk of somebody breaking into it.

What's, the risk of somebody hitting it? How busy is that traffic? What's? The odds of you hitting somebody things like that because if that's, the case you may want to carry comprehensive in the collision.

So those coverages would cover you minus a deductible in the event that something were to happen, that's, a good thing for you to have it's, really more of the location of where you need to park. What you need to do the common things that people ask is like: how do I get all these discounts? How do I get the best deal? Where is it coming from what's, the? What's? What right that being said, there are not a ton of all these articles on youtube and all these websites and blogs you're, like all the best discounts for college students.

There's. Really three there's good grades. They call it a good student discount. Almost every company does it. It's, usually about 10 3 to 10 percent off. So if you get an average of a b or better a 3.

0 or better - and you can prove it, so you constantly have to have that grade over here. If that's, the case, you're, going to get a good deal there's the second one, which is the way at school discount that's.

If you're 100 miles or further and you leave the car at home, the third one is a multi-car discount and I'm going to add a fourth one in a second. So what do I mean by a multi-car most likely as a student, you're, not going to have two cars.

If you do great, you're, going to get a pretty big discount, but that multi-car. This is one of the reasons you would & # 39. T wants to come off of a parent's policy. If they only have one car pulling, you off will give your rate higher, because you're under 25, most likely.

You're, a higher risk, no naturally, so once you get 25 it changes, and then you are going to pay a higher premium. You're, usually going to pay about 100 or more per month than if you were on your parent's policy.

So having that multi-car on top of it pulling that away from your parents is one going to raise theirs a little bit. It's, going to go down ultimately because your risk came off, but they're, going to pay more because of that, and 2 you're, going to pay more because you have a single car.

So if you're on a parent's, policy that has two or more vehicles, you're, going to lose that discount as well. The fourth discount is the liability risk when you're on your parent's policy. This is a bad thing for other parents, a good thing for the student, so you are fully under their risk that's, why? They call them legal guardians because once you're, not a legal guardian, you're, not supposed to have them on your policy, so they're supposed to be separate unless they live in the house with you.

So if that's, the case then having the liability risk most likely your parents - and hopefully, I would check with them. Hopefully, they have a higher limit because their risk is lower. Let's. Just say the average parent is 55 years old.

They're 55. They're, getting a discount for their age. They're driving history. They & # 39, ve got no tickets and accidents they & # 39. Ve got the homeownership. They & # 39. Ve got the multi-lines all of those discounts.

They're, getting discounts for so naturally what the agent is going to say. Hey! You've got some assets, let's, protect those let's. Give you higher liability limits, let's do 500 000 and that's common.

That's. Actually, a very common coverage: well, if you go off on your own, you're, going to try to save money and the biggest way you can do. That is cut your liability down. Do you have a lot to lose? Probably not, but it's future income that we're worried about.

If you plan on being a doctor or plan on being someone uh that makes a lot of money, then you're, going to want to make sure you have enough coverage so that if somebody does sue you, they don't garnish Up to that 30 percent of your wages in the future, we want to make sure that you have the most income the best protection.

If the event happens, where you do have an accident and you are liable for it so being on your parents, that's, the negative for them. If you're on their policy, and you have to claim that liability claim, they're going to lose out because their insurance is going to go up because of it.

You're, going to win because you're, going to have those higher coverages at a cheaper cost. If you guys want to know more about being on your own for insurance, I actually have an article, for teens, so I'm gonna put that link there below it does talk about being on the parent's policy and going on your own.

I'll, put that in there below or up here as well, so you guys can watch that one also if you are gonna, go on your own at the end of this article,, I'm gonna also show you another article, that is for discounts.

So if you're, looking to get the best and most discounts that are kind of the fourth piece that I was going to talk about, I kind of slid something else in. There is actually going to be general discounts because you're.

Yes, you're a student, but that doesn't mean you don't qualify for having homeownership. If you have it getting a renter's policy, sometimes it's cheaper to have a renter's policy. If you're paying over two thousand dollars a year for car insurance.

Think about what happens! If I knock twenty percent off and add twenty dollars, if I pay twenty dollars for renters and I lose four hundred dollars a year, so roughly we'll, say 480, just to make it simple right.

Forty dollars, a month less, I'm gonna net. A twenty dollar a month gain for carrying my own liability, which is renters insurance. So there's some tweaks and things that you guys should think about in that aspect.

That's kind of one of those tricks that give you more coverage, which is good. You should want it anyways to protect yourself, but it also gives you a better deal on the cost. The last part is going to be talking about.

If you're going to move, let's, say you're in Michigan, and you're, going to go to school in Florida and you've decided. I'm, likely going to move to Florida period mom and dad love you. I'll. Come visit every Christmas, that's great.

I'm officially moving. I'm going to rent an apartment. I'm, not going to stay on campus, that's; the way it's going to be. If that's the case, what you should do is you should make sure that you change your mailing address, that's, the most important piece? Because if you don't, there is a possibility that the insurance company can come back to your parents and go after them because they still legally could be your guardians until you've officially gone off on your own.

You're out of college, you hit 18 or 25 or whatever the age limit is, and now you're on your own officially right, but in the meantime, you're going to want to change the address from your Parents to that new location - in this case, it's Florida and then what you're going to do.

Are you're, still going to be able to get that good student discount? You're, not going to be able to get the way at school discount, but there's. A lot of other pieces that you're, going to get so now you're going to have you're, going to want to add that renter's policy.

You're going to want to get a discount there. You're, going to want to go through that and be more specific. The benefit of doing that is not so much in Florida. I used a really bad example. Let's say you went to Indiana because the cost of Indiana versus Michigan is so much different.

Michigan their average policy could be forty-eight hundred dollars a year wherein Indiana could be eighteen hundred dollars a year. So yes, this would be six thousand because of being a teen. This one would be a twenty-eight hundred, but there's a big gap difference right.

So when you are moving to a different state, you should check with those companies at least call two. Maybe three and then ask them what is the rate if I did my own insurance and if I lived on my own, I'm thinking about moving here.

Officially, if that's, the case, you may get a better price deal now. Keep in mind, you have to be the registered owner of the vehicle because you can't insure a vehicle. You don't own. There's, no way for you to make a profit on insurance, and you need to have a legal license in that state.

So you have to be a resident of that state. So you're going to have to forward your address. You're, going to have to get a new driver's license all right guys. I hope this was helpful. Definitely go to college, be smarter than I am get good grades get good deals at insurance.

Don't run into people. Don't hit the little kids as they're crossing the street. 

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