When you’re leaving for a new adventure at college, having your car on campus can be a reassuring comfort. Plus, having your own wheels will give you the freedom to explore your new hometown and go on spring break getaways. There are some important things, however, to take care of first. Things like car insurance, rules of the road, parking on and off campus, and driving in new terrain are all things to consider in advance. Be sure to research your own state’s laws as each state has its own rules and intricacies. Here are six strategies to be smart with your car ownership in college.
1. Let your car insurer know about your move
Do you already have car insurance? Great! Just make sure to let your insurer know you’re moving. If you’re attending school out of state, your insurance company may allow you to keep your policy, so long as your vehicle stays registered to the original address listed on your policy. Additionally, some states like Texas have unique car insurance laws that can be tricky to navigate—with things like no-fault limit requirements and residual bodily injury and property damage liability. But don’t fret! Your insurer can help adjust your policy accordingly so that your coverage is up to snuff.
2. Consider your car insurance policy options
Most insurance companies allow you to stay on a parent’s policy while you’re a full-time college student. It will likely be cheaper, and continuous insurance can help you avoid a lapse in coverage that makes getting your car insurance policy more expensive down the line. Depending on your driving habits while in college (driving more or less, for example), it may be a good idea to increase your coverage limits. If you’ll be schlepping around a lot more for work or to and from class, upping coverages can help you steer clear of financial woes after an accident.
It's also a good idea to add uninsured motorist coverage to your policy—which can be a godsend in the event of something like a hit and run. It’s also wise to consider adding personal injury protection since the minimum coverage only covers the costs associated with the repairs and injuries of other parties. In other words, without personal injury coverage, you’d have to pay for your own car repairs and medical bills in an accident you cause.
Related: 7 Tips to Consider If You Want a Car on Campus
3. Earn savings just for being a good student
While you’re updating your car insurance, be sure to ask your insurance company about student discounts for academic achievement. To qualify for them, you typically must be enrolled as a full-time high school or college student, maintain at least a 3.0 GPA, and be under the age of 25. You might be eligible for the discount even up to a year after you graduate. Trying your best pays off!
4. Research local collision and crime stats
It doesn’t hurt to research collision and vandalism rates in your new college town, since both can impact how much you pay for insurance. If you’re concerned about theft, vandalism, and higher insurance premiums, adding anti-theft devices (like LoJack or OnStar) not only helps prevent theft but may also earn you a discount, thereby offsetting the possibility of an increased premium. Likewise, other safety devices like side and dual airbags, lane-change assist, and backup cameras can also earn you discounts as they keep you safer on the road.
Related: How College Students Can Save Money on Car Insurance
5. Sign up for a parking permit
Universities are notorious for doling out parking tickets. Even if you’ve camouflaged your car in a blanket of foliage behind the dumpster, it’s safe to assume an eagle-eyed parking officer will pounce on it. Most colleges require you to register your car for an on-campus parking permit. While there is a fee, they’re nothing compared to frantically searching for a spot on the street or racking up a mountain of tickets.
Check the school’s and city’s parking policies and make sure you have all the necessary documents handy when applying for a permit, like your driver’s license, registration, proof of insurance, school ID, and housing info. Some campuses may have a mix of campus-enforced and city-enforced parking areas. Remember, you’re responsible for knowing and obeying the rules of the road, even if they’re hard to find or understand.
6. Make smart choices about safety
Before you lend your ride to friends or roommates, remember that auto insurance follows the car—not you, the driver. If you lend your car to someone and they rear-end someone on the way to a study group tailgate party, you and your insurance company are on the hook whether your friend is insured or not. As a result, you’ll likely see an increased premium (and maybe a bruised friendship). And of course, it has to be said: Never get behind the wheel of a vehicle when you've been drinking alcohol! Have a well-established plan for what to do if you end up in situations where you need a ride and are not able to drive.
Related: The Pros and Cons of Owning a Car in College
Continue making good driving and car ownership choices while at college. The more careful and attentive you are as a driver, the more your insurance company will continue to see you in a benevolent light—namely, in the form of lowered rates. More importantly, though, it keeps you and those around you safe and your future that much brighter.
