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If you’re the parent of a student driver, finding affordable car insurance is likely a top priority. Adding a college student to your insurance policy can drive up the cost of premiums, since they’re generally considered high-risk drivers. And students who purchase their own policies usually pay much more to get covered than when they’re added to a family policy. But there are ways to lower car insurance costs, from choosing a higher deductible to insuring your student based on mileage.

As you shop around, it’s important not to focus only on premiums. In case of an accident, coverage levels and deductibles can make an “affordable” policy suddenly seem quite pricey. We’ll walk you through the process so you can get the most for your money.

Recommended: How to Lower Car Insurance

What Is the Most Affordable Car Insurance?

There’s no one answer that applies to all drivers in all states, because insurers set different prices based on proprietary risk profiles and algorithms. But generally speaking, the cheapest affordable car insurance will be a policy with minimal coverage.

Finding affordable car insurance for college students can be especially challenging, since insurers tend to view them as being higher risk. A student doesn’t need to have accidents or tickets on their driving record to land in the high-risk category. They simply have a short driving history, which works against them.

A comprehensive policy will be more expensive than one that carries the minimum coverage required by the state. Although it can be cheaper to skip full coverage for a college student, keep in mind that they might incur higher out-of-pocket costs for repairs if they’re involved in an accident.

Recommended: How to Get Car Insurance

Does a College Student Need Their Own Car Insurance Policy?

One of the most important questions to ask for personal insurance planning with kids is whether your student will stay on your policy or get their own. The answer depends on their living arrangements while they’re in school. If you have a student listed on your policy and your home is their permanent residence, they should be able to remain on your policy — even if they’re temporarily living in a dorm or off-campus apartment.

Parents’ coverage can still apply to a student’s vehicle if they’re taking it with them to school, even in another state. The insurance company may, however, adjust the premiums for the vehicle based on where it’s located and being used, not where it’s registered.

If a student moves out of their parents’ home and sets up their own permanent residence somewhere else, then they need to purchase their own car insurance policy. Car insurance is typically priced based on the vehicle the student drives, so if they have an older car they may still be able to find affordable car insurance on their own.

Recommended: 10 Tips for the Cheapest Way to Rent a Car

How To Find Affordable Car Insurance for College Students

The best place to start is often with your current car insurance company. Your insurer can walk you through how much it might cost to keep your student on your policy versus having them purchase their own policy. They can also advise you on how much coverage is appropriate to have, based on your student’s driving history and habits, and the condition of their vehicle.

Next, you can shop online to compare car insurance options for students. Getting quotes from multiple insurers is helpful, since you can compare that to what you’re paying currently to see whether any cheaper options exist. You may find that it’s more cost-efficient to move your policy elsewhere so that your child can benefit from cheaper rates.

When weighing insurance carriers, don’t focus solely on the premiums. While that number is important, since it determines what you’ll pay monthly or annually for insurance, it’s not the only cost to consider. You’ll also need to weigh the deductible, which is an amount you or your student must pay before your coverage kicks in.

There are two basic types of deductibles: high or low. Choosing a higher deductible can reduce premiums but means you’ll pay more out-of-pocket if you need to file a claim. A lower deductible can be more manageable for a college student who doesn’t have much savings, but the trade-off is a higher monthly premium.

Even if you’re adding your student to an existing family policy, review the policy and costs with them in some detail. It’s a good opportunity for students to learn about car insurance terms, financial decision-making, and the price of living independently.

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Ways To Save Money on Car Insurance

Car insurance costs aren’t necessarily set in stone. There are several ways parents and students can make it more affordable. Here are some practical tips on how to lower car insurance:

•   Ask about discounts. Many car insurance companies offer discounts for students who earn good grades or complete driver education training. Safe driving discounts may also be an option for students with a good driving record.

•   Keep up with maintenance. Keeping your student’s car in good shape can help reduce the risk of an accident caused by a malfunction. You can try saving on car maintenance costs by doing basic things like oil changes or fluid top-ups yourself.

•   Get insured by mileage. Some car insurance companies base their policies on how many miles you drive. If your student is staying close to home and has a fairly short commute to school and work, then you can potentially find affordable car insurance that prices policies based on mileage.

•   Look for group discounts. If you belong to a professional or business association, or an alumni group, for example, you may be able to get a discount on insurance just for being a member. Warehouse clubs can also offer car insurance discounts to members as well.

•   Encourage safe driving. Accidents can make your premiums skyrocket, so it’s a good idea to go over the basics of safe driving with your student. You may also want to enroll them in a defensive driving class to help them feel more comfortable on the road.

•   Look online. You might start your search for good affordable car insurance with your brick-and-mortar insurer, but it’s also helpful to consider what online insurance companies have to offer. You may be able to find cheaper rates on car insurance for students online versus traditional insurance companies.

Recommended: How Much Does Insurance Go Up After an Accident?

Consider Bundling Insurance for College Students

Here’s one more thing to add to your list of insurance tips for first-time drivers: Try bundling. Bundling car insurance with other types of insurance is another opportunity for college students to save money. If your student is getting their own car insurance, they can help keep costs down by bundling it with renters insurance or life insurance.

Renters insurance covers personal belongings when you live in rental housing. It can also provide personal liability protection and pay your day-to-day living expenses if you have to seek temporary housing because your rental unit is damaged.

Life insurance can pay out a death benefit to beneficiaries after the insured dies. A young, healthy college student may not see an immediate need for life insurance, but it can come in handy if they’ve taken out student loans. Students who cosigned loans with a parent, for example, can take out a policy and name their cosigner as beneficiary. That way, parents aren’t left having to pay back the loans themselves.

Recommended: How Long Do You Have to Have Life Insurance Before You Die

The Takeaway

Students who purchase their own policy usually pay much more than when they’re added to a family policy. Either way, you can offset higher premiums by considering less liability coverage, a higher deductible, or a policy based on your student’s mileage. And make sure to ask your insurer about discounts for good grades, defensive driving classes, and company affiliations.

You can simplify your search by getting a quote for auto insurance online with SoFi. We’ve teamed up with Experian to provide free car insurance quotes online so you can find a great deal. You can match up your current coverage to compare rates, pick the option that looks right, and buy coverage all in one sitting.

Get an auto insurance quote with SoFi in minutes!

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Photo credit: iStock/pepifoto

Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Parents pay an average of $177 more monthly when they put a teen driver on their auto insurance policy, according to data from Quadrant Information Services. Insurance companies bump up teen driver rates because they represent significantly more risk for claims compared to older drivers. However, parents can help defray insurance costs by practicing safe driving with their teen and looking into the many available discounts.

We’ll do a deep dive into how much car insurance is a month once your teen starts driving. Keep reading to find a breakdown of costs by state and the factors that affect insurance pricing.

Why Auto Insurance Rates Are So High for Young Drivers

Many teens are highly responsible and conscientious behind the wheel. Unfortunately, statistics support the stereotype of young drivers being less safe: Beginner drivers ages 16 to 19 are almost three times more likely to get into a fatal crash than drivers 20 and older. Whether it’s due to recklessness or just lack of confidence and comfort on the road, youth often leads to more insurance claims.

As a result, auto insurance companies charge higher rates for inexperienced drivers. Parents who are doing some personal insurance planning should expect much higher premiums for several years.

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Age at Which Car Insurance Rates Drop Significantly

As teens mature and gain experience on the road, rates drop. So, how much is monthly car insurance for a 16-year-old versus a 20-year-old? That depends on many factors, including their city, state, gender, and vehicle type.

On average, monthly coverage for a 16-year-old costs $534 for female drivers and $599 for male drivers on their own policy. When a driver reaches 20 years old, the rate drops to $258 for female drivers and $295 for male drivers. Once a driver turns 25, their rate will continue to decrease as long as they have few to no claims.

The cost will go on dropping until age 60, at which point prices may start increasing again. Just as younger drivers generate more insurance claims, the oldest drivers do as well.

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Factors Besides Age That Impact Car Insurance Costs

Insurance companies use age as a primary factor in determining risk, but there are additional considerations. Keep these in mind if you’re wondering how to lower car insurance costs for your family:

•   Insurance types and limits. How much coverage you want or need will affect the cost. For example, collision, medical expenses, and gap coverages cost more than the barebones liability coverage required in many states. (If you’re unfamiliar with insurance terminology, this list of car insurance terms can help.)

•   Deductible amount. All types of deductibles in insurance have an inverse relationship with premiums. In other words, if you want a lower rate, you can opt for a higher deductible.

•   Past issues with insurers. For example, if you missed payments with other insurance companies or have gone without car insurance for months at a time, your current auto insurer will assess you as a higher-risk customer.

•   Insured vehicle. The costs to fix luxury and economy cars vary widely. In addition, some cars suffer theft more often. Your insurer will take your vehicle type into account when assigning an insurance rate.

•   Location. Your zip code affects factors such as weather, crime, and repair costs.

•   Personal characteristics. If you’re married and own a home, your insurer will likely charge you a lower rate. In addition, your education level, career, and gender can impact insurance rates.

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Is Age the Biggest Factor for Car Insurance Rates?

Typically, age will be the most significant factor for car insurance rates, regardless of driving record. Still, age is only one part of the calculation: A driver with a history of accidents and traffic violations will see their rates skyrocket, no matter their age.

Age influences rates more than other considerations partly because of teenage driving habits: Driving at night and on weekends, forgoing seatbelts, texting while driving, and drunk driving all correlate with younger drivers.

Another factor affecting car insurance rates is gender. Although several states have outlawed using gender to set auto insurance rates, insurers in the remaining states base rates on how often men and women get into accidents. For example, recent statistics show women are half as likely as men to die in auto accidents, so they often receive lower rates.

State Insurance Coverage Requirements

Each state has its own laws setting minimum insurance coverage for drivers. That’s one reason why car insurance rates vary significantly from state to state. Idaho, Maine, and Ohio lead the country in least expensive car insurance. At the other end of the spectrum, the most expensive states for car insurance are Delaware, Florida, and Louisiana.

One of the key insurance tips for first time drivers is to only pay for what you need.

Non-Owner State Minimum Liability Only

Not owning a car usually means you don’t need car insurance. But if you regularly rent or borrow vehicles, non-owner liability insurance can cover you in case you inflict property damage or bodily injury through an accident. Average non-owner premiums range from $14 per month in South Dakota to $83 in New Jersey.

State Minimum Liability Only

Every state varies in its stipulations, but usually, you will have to purchase an auto policy covering bodily harm and property damage. The level of coverage is indicated by three numbers.

California’s minimum required coverage, for example, is 15/30/5. That represents $15,000 of bodily injury coverage per person, with a maximum of $30,000 per accident, and another $5,000 for property damage per accident. That’s on the low side. Maine and Alaska have the highest minimum requirements, with 50/100/25.

Drivers in California will pay an average of $49 a month for minimum liability, while in Maine they’ll pay just $35 — despite the better coverage.

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50/100/50 Liability Only

This form of liability insurance covers up to $50,000 of bodily injury for others, with a maximum payout of $100,000 per accident. An additional $50,000 of coverage goes toward property damage for others involved in the accident.

100/300/100 Liability with $500 Comp/Coll Deductible

Also known as full coverage, this policy grants $100,000 for bodily injury with a maximum of $300,000 per accident. Plus, the policy will pay up to $100,000 for damage to other people’s property. Lastly, you’ll receive comprehensive and collision coverage with a $500 deductible.

How Much Is Car Insurance by the Month?

On average, car insurance costs $144 per month for full coverage and $53 per month for minimum liability coverage across the country. However, as noted above, your monthly car insurance premium will depend on a host of factors, including age, driving record, and state.

Average Car Insurance Rates for Young Drivers

When adding a young driver to a family policy, parents should brace themselves for a substantial increase. To give you an idea of what to expect, the table below shows the monthly insurance premiums for a 16-year-old girl in every state (boys pay a bit more). The first figure shows how much she’d pay on her own policy, and the second is the upcharge to add her to the family policy.

State	Teen Policy	Add-on to Parents’ Policy
Alaska	$428	$135
Alabama	$527	$134
Arkansas	$597	$164
Arizona	$618	$190
California	$521	$240
Colorado	$624	$167
Connecticut	$806	$129
Washington, D.C.	$576	$139
Delaware	$873	$128
Florida	$906	$264
Georgia	$554	$147
Hawaii	$126	$5
Iowa	$380	$93
Idaho	$443	$104
Illinois	$635	$162
Indiana	$440	$128
Kansas	$464	$124
Kentucky	$715	$206
Louisiana	$1,086	$343
Massachusetts	$589	$164
Maryland	$478	$181
Maine	$363	$125
Michigan	$683	$320
Minnesota	$408	$139
Missouri	$700	$235
Mississippi	$523	$153
Montana	$577	$147
North Carolina	$325	$166
North Dakota	$551	$100
Nebraska	$577	$135
New Hampshire	$452	$107
New Jersey	$750	$200
New Mexico	$499	$143
Nevada	$767	$202
New York	$512	$168
Ohio	$395	$107
Oklahoma	$597	$165
Oregon	$465	$139
Pennsylvania	$657	$164
Rhode Island	$843	$210
South Carolina	$544	$184
South Dakota	$479	$93
Tennessee	$533	$142
Texas	$670	$204
Utah	$622	$202
Virginia	$450	$160
Vermont	$331	$113
Washington	$476	$165
Wisconsin	$543	$209
West Virginia	$547	$166
Wyoming	$475	$135

Data courtesy of Quadrant Information Services.

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Is it Possible to Lower Car Insurance Rates for Young Drivers?

While putting your teen on your auto policy will inevitably raise your premiums, you can mitigate the rate hike in a few ways:

•   Maintain one family policy. Although adding a young driver to your policy is costly, opening up a separate policy for your teenager costs even more. Generally, having multiple drivers on one policy is cheaper than multiple policies. Ask your insurer for quotes for both scenarios to ensure you’re getting the best deal.

•   Rack up the discounts. Many insurers provide discounts to students who maintain at least a B average. College students can qualify for an additional discount, especially if they don’t have a car and their school is at least 100 miles away from home.

•   Compare policies. Shopping around for a better deal can save you hundreds, if not thousands of dollars.

Are There Discount Insurance Providers?

While there is no dollar store version of an auto insurance company (no, not even online insurance companies) most companies offer discounts to teen drivers:

•   Incident-free driving. Incident-free means no accidents or tickets.

•   Driver tracking. Many insurers have implemented programs that track driving habits through a device installed in your car. Teens who avoid speeding or braking hard can receive a discount.

•   Driver education. Teens who take courses in safe driving can earn money off their parents’ policy.

•   Student discounts. High school and college students can earn discounts for receiving good grades, or for going to school 100 miles away with no car.

The Takeaway

Younger drivers pay considerably more for car insurance than older drivers. For example, the nationwide average cost of insurance for a 16-year-old girl, when added to her parents’ policy, is $345 per month. That isn’t bad compared to what the same girl would pay for her own policy: $565 per month. Car insurance premiums tend to drop at ages 20 and 25, assuming drivers have a clean record. By the way, men generally pay more than women until age 35.

SoFi’s online tool makes looking for the best deal on auto insurance easy. Compare rates among the top insurers in your area, and see quotes in a matter of minutes.

See real rates, with no bait and switch.

FAQ

Does car insurance vary by age?

Yes. Car insurance costs vary by age because younger drivers present more risk for insurance companies. Statistics show that the older the driver, the less chance they have of getting into an accident or filing a claim.

At what age is car insurance cheapest?

Car insurance is cheapest for drivers in their 50s. Insurance costs typically decrease with age. However, upon turning 60, insurance costs start to creep up again.

Is male or female car insurance higher?

Typically, men are charged higher car insurance prices than women. Statistics show that younger men get into more accidents, speed more often, and drive under the influence of alcohol more frequently than women. However, starting at age 35, men and women receive almost identical rates.

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Photo credit: iStock/RyanJLane

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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If you’re thinking about buying a car, it’s important to consider how the purchase will fit into your overall financial responsibilities, including student debt. You’ll want to be sure you can afford both the cost of the car and the ongoing expense of driving and maintaining it.

Refinancing student loans to buy a car is one option that may allow you to free up money to put toward the cost of a car or monthly car payments. Here’s what to know about refinancing student loans to buy a car, if you can use student loans to buy a car, and how to make the choice that’s right for you.

Can I Use Student Loans to Buy a Car?

Federal student loans (and many private ones) are for “qualified” educational expenses, such as tuition, room and board, and books and supplies. And while the cost of transportation (for example, commuting to school) is considered a qualified expense, purchasing a car is not.

So can you use student loans to buy a car if you’re using the car to drive to class? No – only an allowance for the cost of driving the car to school would be an eligible expense. It’s an important distinction: A borrower caught misusing student loan funds can face serious repercussions, including having their loan revoked and the balance becoming immediately due.

Some private loans may have broader criteria for what constitutes an educational expense, and fewer penalties for how you use the loans. Still, using a private student loan to buy a car may not be the most efficient or smartest use of funds. You may end up paying more interest than you would on a typical car loan, and then have fewer funds to go toward the educational expenses you need.

So what do you do if you have student debt and need to buy a car? Refinancing may be an option, and can free up money in your budget to open a car loan. Here’s what to consider before refinancing student loans to buy a car.

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Refinancing Student Loans to Buy a Car

When you refinance a student loan, you pay off all or some of your loans with a new loan with new terms from a private lender. The primary benefit of refinancing is that you can save money over the life of the loan if you’re able to lower your interest rate.

You can also change the terms of your payment, potentially spreading your payment over a longer period of time, and paying less each month. If you go this route, however, you may end up paying more in interest over the life of your loan.

Refinancing student loans can help lower your monthly payments and have more room in your budget to cover the costs of a car. However, it’s important to understand that if you refinance federal student loans, you’ll lose access to federal benefits and protections, such as income-driven repayment plans and forgiveness. If you’re planning to take advantage of any of these federal programs, refinancing is likely not a good option for you.

Pros of Refinancing Student Loans to Buy a Car

Considering the pros and cons of refinancing student loans to buy a car can help you decide if this choice is right for you. You’ll want to be able to cover the costs of the car as you continue to pay your student loans back. Some of the pros of refinancing a student loan to buy a car include:

Lower Monthly Student Loan Payments Can Offset Car Costs

Refinancing your student loans can lower your monthly student loan payment if you’re able to secure a lower interest rate or extend your loan term. A lower monthly student loan payment can mean that you have more funds to cover the costs of buying or maintaining a new car.

Recommended: Guide to Student Loan Refunds

As mentioned, lowering your interest rate can save you money over the life of a loan. Extending your loan term may not save you money, but it can free up cash to have more funds to put toward the costs of a car.

Simplified Payments Can Make Tracking Car Expenses Easier

When you refinance multiple loans into a single new loan, you’ll have one new monthly payment. This can make it easier to keep track of your student loan payments and be sure you’re making them on time.

And if you’re looking for ways to get a car loan, having a simplified student loan payment can make budgeting easier as you add a new loan to the mix. As mentioned earlier, you may find lower interest rates on car loans than what you’re paying on your student loans — another reason using student loans funds toward car expenses may not be the best choice even if they’re allowed according to your loan terms.

Saving Money on Student Loans Can Help Pay for a Car

Many people explore refinancing even when they don’t need to make an immediate purchase like a car. That’s because refinancing may help save money over the life of the loan if you can lower your interest rate.

And while applying for student loans can be arduous, applying to refinance student loans is relatively straightforward. You can check your rate and get an estimate of loan terms before you officially apply, and an application can generally be completed online. You can also compare refinancing rates without triggering a hard credit check—a credit check is only done once a formal loan application is submitted.

Cons of Refinancing Student Loans to Buy a Car

While refinancing student loans to buy a car can be one way to cover car payments when you have existing student debt, there are cons to this option as well. Here are some of the cons of refinancing a student loan to buy a car.

Recommended: How To Save Up For a Car

Losing Access to Original Loan Terms

If you refinance your loans, you lose access to the terms of the original loan. This may be important to consider if you’re refinancing federal loans.

Refinancing federal loans not only means potentially missing out on federal forgiveness or repayment programs, but also the opportunity for deferment or forbearance if you qualify.

As mentioned earlier, if you plan to take advantage of federal programs, refinancing is likely not a good option for you. Some people may choose only to refinance private loans.

Repayment May Take Longer

If you extend the length of your student loan term when you refinance to lower your monthly payments to offset the costs of a new car, it will take longer to repay your loan and you may end up paying more in interest over the life of the loan.

Overstretching Your Budget

It’s important to make sure that you can afford any car loan that you take out. If you’re planning on getting a car loan or leasing a car, will you be able to comfortably cover your student loans, the car payment, and other bills? What would happen if you were to lose a job or source of income? Those questions can help you assess whether a car payment would stretch you financially.

A borrower who can’t make the payments risks having the car repossessed and damaging their credit. If you ever think you’ll miss a monthly car payment, reach out to your lender to find out what your options are. Down the road, refinancing your car loan is also an option if you’re able to secure better terms.

Pros of refinancing student loans to buy a car	Cons of refinancing student loans to buy a car
Lower monthly student loan payments can offset car costs	Losing access to federal benefits and protections if you refinance federal loans
Simplified payments can make tracking car expenses easier	Longer repayment time if you extend your term
Saving money on student loans can help pay for a car	Overstretching your budget if you’re not able to afford the costs of a new car

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Refinancing Your Student Loans With SoFi

When you need a new car, you may need to rethink your finances in order to cover the costs. Refinancing student loans to buy a car is one option that can help you free up funds. You may be able to lower your monthly payments and save money over the life of the loan if you qualify for a lower interest rate. You can calculate your potential savings using a student loan refinance calculator.

Refinancing can be a good option if you’re able to qualify for a lower interest rate and are not planning to use any federal programs. When you refinance a federal loan, you lose access to federal benefits and protections.

If you’re considering refinancing your student loans, SoFi offers flexible terms, competitive rates, and no fees.

Learn more about whether refinancing student loans with SoFi is right for you.

FAQ

Do car dealerships look at student loans?

Your student loans appear on your credit report. If you apply for a car loan from a dealership, then they may be able to see your payment history and your credit score on your credit report. Student loans also count toward your debt-to-income ratio which may affect your ability to secure a car loan.

Does financing a car affect student loans?

Financing a car won’t affect your current student loans, but consider how taking on another loan will impact your finances. It’s important to be certain that you’ll be able to pay both your student loan payments and any new car loan payments on time. Refinancing a student loan can help offset the costs of a new car if you can save money by qualifying for a lower interest rate. It can be a good option if you’re refinancing private loans or not planning to take advantage of any federal programs.

Is it smart to buy a car after college?

Buying a car after college is a personal decision. But keep in mind that a lot can change in a few years, and a new car or a lease may be a liability if your plans change. It may make sense to consider buying a used car or holding off on buying a car until you have a sense of what your commute and lifestyle will look like.

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Photo credit: iStock/LeoPatrizi

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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