Car Insurance for Students
Last Updated on October 6, 2020
New York is home to hundreds of thousands of students, from those who are attending the local community college to international students who have traveled to attend New York’s most prestigious universities. Let’s take a brief look at how car insurance works for students in New York, and learn about the key points for those who are coming to New York from somewhere else to study.
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- Car insurance for students who are New York residents and those who grew up in the state of New York
- Insurance for students who grew up out of state and are not New York residents
- Auto insurance for international students studying in the state of New York
- Information about rental car insurance for students in New York
- Other vital information about insurance for students in New York State
Car Insurance for Students who are New York Residents
For those that call New York home, there is nothing different about regular auto insurance and that which will be required for a student, no matter where in the state they might be attending school. Provided that the student has a New York driver’s license, they will be able to obtain car insurance like any other driver and by making a quick call to the insurer can have the address changed to match their new city of residence.
That being said, it’s worth checking for any discounts or incentives offered by auto insurance companies that are targeted at college students. Most insurers offer some form of academic or student discount – even though the total cost of car insurance is generally higher for younger drivers. This also holds true after graduation as insurers rush to try to earn new business from potential life-long customers.
New York Car Insurance for Students from Out of State
Those moving to New York from out of state to study need to be aware that auto insurance laws vary from state to state, and the laws in New York may be significantly different. The most important distinction is that New York operates under “no-fault” insurance, which means that when an accident occurs, each driver’s insurance company pays out for medical treatment costs, property damage, and injuries to passengers. This is vastly different than states that operate under “tort” auto insurance laws, which allow drivers to sue the driver who is considered the “at fault” party in the accident.
Students moving in from out of state should also pay special attention to where they live and how much auto insurance costs in that particular area. Insurance rates fluctuate from ZIP code to ZIP code, and there are areas in every city that are considered to be a higher risk than others. If car insurance is expensive near the campus, a quick call to an auto insurance agent can help in finding less expensive areas to live.
International Students and New York Car Insurance
International students typically have a tougher time obtaining car insurance while attending their studies in New York State due to not having a US driver’s license. While it is legal for insurance companies to sell insurance to foreigners, many will decline to do so or charge additional fees in order to offset the risk of insuring a non-resident driver.
Students can check with the New York Department of Motor Vehicles (DMV) to find out more about whether or not they will qualify for a New York driver’s license. If it’s possible to get licensed, this step is highly recommended and can save a significant amount of the total cost of car insurance.
Good Student Discounts
If you are a student with good grades and a clean driving record, you could qualify for a good student discount. Most insurance companies require a 3.0 GPA or a “B” average at either high school or college to get this discount. You’ll also need to be a full-time student and under age 25.
To qualify, you sometimes need to submit your report card or academic transcripts for verification. Once you qualify, you’ll mostly get the industry standard, which is a 5% to 15% discount off your insurance premiums.
Students and Rental Car Insurance
Students – whether local, domestic, or foreign – generally have little trouble renting a car and obtaining rental car insurance, provided they have a driver’s license and a credit card. The one issue that a student may run into is that nearly all rental car companies require their drivers to be 25; drivers under this age can expect to pay an additional daily fee to be allowed to rent a car.
Other “Need to Know” Facts for Students in New York
No matter who the person purchasing car insurance is or where they come from, New York law requires that certain insurance policies be purchased in order to legally drive in the state. This includes Bodily Injury Liability insurance, Personal Injury Protection coverage, Property Damage Liability coverage, and finally protection against uninsured or underinsured motorists, known as UM / UIM insurance.
There are a number of additional auto insurance policies that can be added to provide a wider spectrum of coverage, including collision, comprehensive, death and dismemberment, and more. These can be discussed with an insurance professional or auto insurance agent to determine whether or not they are a fit. To read more about the types of insurance in New York, click here.
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