Auto Insurance for Graduate Students (2024)
Auto insurance for graduate students is about $700/mo until age 25. On average, a good student discount can save you 20% but isn't offered to those over 25. The best car insurance for graduate students is found from companies that cater to younger drivers. You can get cheap auto insurance for students by staying on your parents' policy or shopping around if you can't.
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Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
UPDATED: Oct 13, 2023
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 13, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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- Car insurance for graduate students may be reduced by special insurance discounts
- When you turn 25, most companies will no longer offer Good Student Discounts even if you’re still in school
- Graduate students who are enrolled in school full-time may still be eligible for some student-related savings
- If you’re the member of a student organization, see if you can buy coverage from an insurer offering affinity discounts
- If you move out of your parent’s home, you need to update your insurance and secure a separate policy
Is auto insurance for graduate students more expensive? How do you find car insurance plans for college students that don’t break the bank?
Getting a graduate degree takes a huge commitment of your time. Not only do you have to complete all of the curriculum requirements to earn your four-year undergraduate degree, but you also have to spend another two to four years studying advanced graduate-level curriculum.
At the end of it all, you’re rewarded with an average salary hike of about $17,000 per year.
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The average adult college student attends graduate school with the sole purpose of making more money later on in life. Having an advanced degree can lead to more job prospects and faster promotions.
For professionals, the degree itself will pay off, but this might mean you need to take out a private student loan to finance your education so you need to update your auto insurance while you’re enrolled in school to save money.
Your auto insurance rates can be higher as well if you are a graduate student under age 25. Age is one of the factors that affect car insurance rates.
Compare quotes today to find very cheap student car insurance by entering your ZIP into our free rate comparison tool.
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How Your Age Affects Your Auto Insurance Rates
Student car insurance in the US is quite expensive, and car insurance for high school students is even higher.
Average car insurance rates for college students are quite high since rates don’t usually drop until age 25. However, the average age of graduate students in the United States is on the rise.
Nowadays, high school grads wait to go back to school and undergraduates will wait a few years to establish themselves in a specific field before returning to school. That’s why the average age of people enrolled in a master’s program is 33.
If you’ve been licensed for years and you are paying for your own car, you got to watch your rates drop while you were earning your four-year degree.
When you were in high school, your rates were exorbitant because you were in a high-risk age group. As you gained years of experience, your risk class dropped and your rates declined.
Watch this video for things to think about if you are in college.
Your best bet is to speak with an agent to determine how to compare car insurance companies for students.
When is the biggest rate decrease because of age?
All throughout your undergraduate college career, you’ll probably be stuck paying a high-risk rate. In most states, you don’t fall completely out of the high-risk age range until you’re at least 25.
After three years of holding your license, you’ll see a drop, but the biggest rate decrease is after nine years of clean driving.
This table shows you just what to expect your average annual auto insurance rates to be based on your age.
Average Annual Auto Insurance Rates by Marital Status, Age, & Gender
| Insurance Companies | Average Annual Rates for a Married 60-Year-Old Female | Average Annual Rates for a Married 60-Year-Old Male | Average Annual Rates for a Married 35-Year-Old Female | Average Annual Rates for a Married 35-Year-Old Male | Average Annual Rates for a Single 25-Year-Old Female | Average Annual Rates for a Single 25-Year-Old Male | Average Annual Rates for a Single 17-Year-Old Female | Average Annual Rates for a Single 17-Year-Old Male |
|---|---|---|---|---|---|---|---|---|
| USAA | $1,449.85 | $1,448.98 | $1,551.43 | $1,540.32 | $1,988.52 | $2,126.14 | $4,807.54 | $5,385.61 |
| State Farm | $1,873.89 | $1,873.89 | $2,081.72 | $2,081.72 | $2,335.96 | $2,554.56 | $5,953.88 | $7,324.34 |
| Progressive | $1,991.49 | $2,048.63 | $2,296.90 | $2,175.27 | $2,697.73 | $2,758.66 | $8,689.95 | $9,625.49 |
| American Family | $1,992.92 | $2,014.38 | $2,202.70 | $2,224.31 | $2,288.65 | $2,694.72 | $5,996.50 | $8,130.50 |
| Travelers | $2,051.98 | $2,074.41 | $2,178.66 | $2,199.51 | $2,325.25 | $2,491.21 | $9,307.32 | $12,850.91 |
| Nationwide | $2,130.26 | $2,214.62 | $2,360.49 | $2,387.43 | $2,686.48 | $2,889.04 | $5,756.37 | $7,175.31 |
| Geico | $2,240.60 | $2,283.45 | $2,302.89 | $2,312.38 | $2,378.89 | $2,262.87 | $5,653.55 | $6,278.96 |
| Farmers | $2,336.80 | $2,448.39 | $2,556.98 | $2,557.75 | $2,946.80 | $3,041.44 | $8,521.97 | $9,144.04 |
| Allstate | $2,913.37 | $2,990.64 | $3,156.09 | $3,123.01 | $3,424.87 | $3,570.93 | $9,282.19 | $10,642.53 |
| Liberty Mutual | $3,445.00 | $3,680.53 | $3,802.77 | $3,856.84 | $3,959.67 | $4,503.13 | $11,621.01 | $13,718.69 |
The average monthly rate for a 17-year-old is $691 while the rate for a 25-year-old is $233. That’s about a $460 a month difference, just for turning 25.
You’ll have to consider your age when you’re applying for graduate school to really assess what your insurance costs are going to be.
If you’re enrolling in college right away and then you enter a master’s program in your early 20s, you’ll pay higher rates than someone who waited to take advanced coursework until they were in their 30s.
Why did you lose your Good Student Discount?
If you’ve made the Dean’s List every year and you’re committed to getting good grades, you’re familiar with how much discounts for good students can reduce your rates. Insurance with student discounts is generally much cheaper.
For high school students and college students who get the required Grade Point Average every semester, it’s a noticeable discount of as much as 30 percent off.
When you graduate with your bachelor’s, you’d expect to lose the Good Student Discount, but not when you’re going straight into a Master’s Program right after you walk the line.
Unfortunately, you probably won’t qualify for a Good Student Discount after you turn 25. If you saw it drop off, ask your insurer and see if there are special discounts specifically for graduate students.
Ways to Save on Auto Insurance for Graduate Students
There are several other ways to find cheap auto insurance for students. You can stay on your parent’s plan and apply for discounts, for example. Keep reading to discover other ways to lower your car insurance rates.
Are you living with your parents?
For the first time in over 130 years, more young adults between the age of 18 and 34 live with their parents than with their partners. While this statistic is alarming to some, it’s understandable considering how expensive living expenses are.
Your housing situation while you’re a graduate student will impact your rates.
The IRS will allow your parents to claim you as a dependent up to age 24 if you are a student. If you are a graduate student age 25, you can’t be claimed as a dependent.
You might not qualify to be listed as a dependent any longer according to IRS standards, but living at home can still save you in the form of insurance premiums. If you still live at home, you’ll be able to combine your coverage for huge savings.
How can you save money under your parents’ policy?
If you’re under the same roof as your parents or other adult family members, you can purchase a combined plan. With a combined plan, you’ll get a lot of different discounts that you wouldn’t get if you had a separate policy in place.
Here are a few ways that you can save by obtaining coverage with your family:
- You will receive a multi-car policy discount when there are multiple vehicles on the same family plan
- If your parents are getting a loyalty discount from their current carrier, you’ll get the discount as well
- You will receive a multi-line discount if the named insured also has property insurance or another line of coverage with the company
- You can keep your insurance history credit for staying insured continuously
- You’ll get higher limits of liability for less money to protect your assets
In order to get these discounts and stay on your parents’ policy, you must still live with them. Once you move out, you will need to find your own insurance.
Did you update your level of education?
Don’t forget to make the small changes that need to be made to your insurance. Earning your degree can help your rate if you’re on a family plan or you’re on your own insurance plan.
According to an article on Nasdaq, a higher education level can decrease your car insurance rates.
If you update your level of education to show that you possess a bachelor’s degree, it could certainly help reduce your rates.
Can you get a discount for being part of a student organization?
When you study for your undergraduate degree, you probably don’t know what career you want to pursue right away.
In an advanced program, you’re studying curriculum focused on what you want to do so you’ll have more opportunities to join professional or student organizations.
If you join one, be sure to look for affinity discounts so that you can get a special group rate for studying for a degree. You might get a discount for being a student, or you could qualify for special reduced rates on your own separate plan.
You may be on your way to a higher salary, but you’re not there yet. The high cost of studying for an advanced degree creates the need to save on other expenses.
Get instant quotes for auto insurance coverage online, and save money that you can spend on books. Enter your ZIP to find the best car insurance for students.
Frequently Asked Questions
Do graduate students need specialized auto insurance?
Graduate students typically do not require specialized auto insurance. They can generally obtain standard auto insurance coverage like any other driver. However, it’s important to inform your insurance provider about your student status to ensure accurate coverage.
Can graduate students remain on their parents’ auto insurance policy while attending graduate school?
In many cases, graduate students can remain on their parents’ auto insurance policy while attending graduate school. However, this may depend on various factors such as the insurance provider’s policies, the student’s age, and the student’s primary residence. It’s recommended to check with the insurance provider to confirm eligibility.
Are there auto insurance discounts available for graduate students?
Yes, some insurance companies offer discounts specifically for graduate students. These discounts can vary, but common ones include good student discounts and discounts for maintaining a certain GPA. It’s advisable to inquire with different insurance providers to explore available discounts.
How does a graduate student’s location affect auto insurance rates?
A graduate student’s location can impact auto insurance rates. Factors such as the state, city, or neighborhood where the student resides will be considered when determining insurance premiums. Insurance rates can vary significantly based on factors like crime rates, traffic congestion, and historical accident rates in the area.
Can graduate students get discounted rates if they don’t drive frequently?
Yes, graduate students who don’t drive frequently may be eligible for discounted rates. Insurance providers often offer low-mileage or usage-based insurance programs that reward drivers who drive less. If you have a limited driving routine as a graduate student, it’s worth discussing these options with your insurance provider.
Are there any specific auto insurance considerations for international graduate students?
International graduate students may have specific considerations when it comes to auto insurance. It’s important to check if your foreign driver’s license is accepted in the country where you are studying, or if you need to obtain a local driver’s license. Additionally, some insurance providers may offer coverage tailored to international students’ needs.
Can graduate students get discounts for using public transportation instead of driving?
Some insurance providers offer discounts for graduate students who primarily use public transportation instead of driving. These discounts are often part of usage-based insurance programs that reward drivers for reducing their mileage. Check with your insurance provider to see if such discounts are available.
Does being a graduate assistant or teaching assistant affect auto insurance rates?
Being a graduate assistant or teaching assistant may not directly affect auto insurance rates. However, some insurance providers offer discounts for certain occupations or professions. It’s worth inquiring with your insurance provider to check if they offer any discounts for graduate assistants or teaching assistants.
Free Auto Insurance Comparison
Enter your ZIP code below to view companies that have cheap auto insurance rates.
Secured with SHA-256 Encryption
Daniel Walker
Licensed Auto Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Auto Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.