Question:
What is the age range for an academic discount? Can you fill
me in on the basic eligibility requirements?
Answer:
The discount for doing well in academics as a full-time
high school
, college, or university student applies up to age 25 at most auto
insurance companies.
The maximum may vary due to state insurance rules or an
insurance company's own guidelines. In fact, sometimes
instead of an age range, an auto insurer will provide the discount
for
young drivers
that have less than a certain number of years of driving
experience.
For example, State Farms says full-time students who meet their
scholastic eligibility requirements can get a discount if they have
less than nine years of driving experience, and in some areas of
the U.S. Geico policies say that you must have eight years or less
of driving experience to obtain their good student discount.
Typically young drivers must meet any of these requirements:
- Maintained a B average or better in the prior semester
- Maintained at least 3.0 grade point average (out of 4.0) in
the prior semester
- Be named on school's dean's list, honor roll, or similar
listing for academic achievement
- Be ranked in the top 20 percent of your class
- Be ranked in the top 20 percent of SAT scores
- Be ranked in the top 20 percent of PSAT scores
- If home-schooled, eligibility is based on standardized exam
results
If you have graduated recently but performed well academically
in school, you may still have a chance to get a student discount
with a few car insurance carriers. State Farm notes that if
you have graduated from a four-year college and your cumulative
scholastic record meets their requirements, you may still be
considered for a rate reduction if you have less than nine years of
driving experience.
You normally won't need to show proof of academic achievement in
order to get a
car insurance quote
. However, after you buy your auto insurance, you'll need to
provide official documentation when requested by your auto
insurer.
How much you'll receive for a good student discount varies, but
typically is from 5 percent to 15 percent, though we've seen as
high as 25 percent with some car insurance carriers.
As a young driver looking for
cheap student auto insurance
, it's important to comparison shop to make sure you are getting
the best discounts possible, but even more important, the best car
insurance rates. You might find an auto insurer that offers fewer
discounts but in the end has cheaper rates.