The words “low-priced” and “auto insurance” really shouldn’t be used in the same sentence, specifically when comparison shopping for the lowest insurance rates for college students. Let’s open your eyes to some things that significantly impact auto insurance rates, and see if you can take the sting out of your next policy.
The vehicle that is being insured is one of the largest factors in finding the best cheap coverage for college students. Vehicles with lower acceleration and performance, advanced safety features, or a low likelihood of liability claims will cost substantially less to insure than adrenaline junky models.
The table below ranks insurance premiums for the most cost-effective vehicles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $3,511 |
| Honda CR-V LX 4WD | $3,516 |
| Ford Escape Limited 4WD | $3,821 |
| Toyota Prius | $3,873 |
| Ford F-150 XL Regular Cab 4WD | $3,910 |
| Toyota Tacoma 2WD | $4,120 |
| Ford Focus S 4-Dr Sedan | $4,129 |
| Chevrolet Impala LS | $4,120 |
| Jeep Grand Cherokee Laredo 4WD | $4,170 |
| Chevrolet Malibu LS | $4,175 |
| Toyota RAV4 Sport 4WD | $4,170 |
| Dodge Grand Caravan SXT | $4,222 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $4,227 |
| Ford Explorer Limited 2WD | $4,222 |
| Toyota Camry SE | $4,432 |
| Compare Cheap Rates Go | |
Price data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in specific zip code location which can decrease or increase auto insurance rates substantially.
Looking at the data, we can presume that models like the Honda Accord, Honda CR-V, Ford Escape, Toyota Prius, and Ford F-150 should be a few of the most budget-friendly vehicles to insure for students in college. The cost of a car insurance policy will be more expensive because there is more exposure for college students, but generally speaking those specific models will have the best rates that you are likely to find.
Finding out which companies have the best auto insurance rates for college students calls for a tad more effort in order to find the lowest price quote. Every car insurance company uses different criteria for establishing rates, so we will examine the overall cheapest auto insurance companies in San Francisco.
It’s a good idea to know that San Francisco auto insurance rates are influenced by many factors which can substantially change the price of coverage. Simply having another birthday, buying a home instead of renting, or getting a ticket for running a stop sign can trigger price changes resulting in some companies being cheaper than before.
Find the Cheapest Car Insurance for College Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | USAA | $1,121 |
| 2 | Wawanesa | $1,157 |
| 3 | Century National | $1,178 |
| 4 | CSAA | $1,234 |
| 5 | Nationwide | $1,263 |
| 6 | 21st Century | $1,338 |
| 7 | Mercury | $1,488 |
| 8 | Grange | $1,491 |
| 9 | Allstate | $1,497 |
| 10 | GEICO | $1,513 |
| 11 | Progressive | $1,558 |
| 12 | MetLife | $1,590 |
| 13 | Allied | $1,603 |
| 14 | The Hartford | $1,623 |
| 15 | State Farm | $1,733 |
| 16 | Unitrin | $1,733 |
| 17 | Esurance | $1,756 |
| 18 | Bristol West | $1,831 |
| 19 | Travelers | $1,842 |
| 20 | Farmers | $1,946 |
| Find Your Rate Go | ||
USAA generally has some of the best car insurance rates in San Francisco at around $1,121 a year. Wawanesa, Century National, CSAA, and Nationwide also rank well as some of the lowest-priced San Francisco, CA car insurance companies.
As the example above demonstrates, if you currently buy coverage from Nationwide and switched to Wawanesa, you may see savings of in the vicinity of $106. Insureds with 21st Century may save as much as $181 a year, and Mercury customers might reduce prices by as much as $331 a year.
To see if your current coverage is too expensive, click here to get quotes or click through to the companies below.
Understand that those estimates are averaged across all ages of drivers and types of vehicles and do not factor in an exact zip code location for college students. So the auto insurance company that fits your situation best may not even be in the top 24 companies shown above. That affirms the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
Get discount San Francisco insurance
Auto insurance companies that offer coverage for college students may also offer discounts that may potentially lower prices by 30% or more if you qualify. A few of the larger companies and a selection of discounts include:
- Mercury Insurance may have discounts that include low natural disaster claims, age of vehicle, professional/association, type of vehicle, ease of repair, and good student.
- Farmers Insurance has discounts for electronic funds transfer, good student, distant student, homeowner, alternative fuel, and pay in full.
- Farm Bureau offers premium reductions for multi-policy, 55 and retired, youthful driver, safe driver, multi-vehicle, and good student.
- State Farm offers discounts including good driver, multiple policy, good student, passive restraint, multiple autos, and defensive driving training.
- Allstate policyholders can earn discounts including premier plus, auto/life discount, early signing, multi-policy, and good payer.
- GEICO offers discounts for good student, membership and employees, anti-theft, military active duty, emergency military deployment, and multi-vehicle.
The diagram below illustrates the comparison of car insurance rates with and without discounts applied. The prices are based on a female driver, no accidents, no driving violations, California state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with vehicle safety, good student, anti-theft, continuous coverage, paid-in-full, and passive restraint discounts applied. When discounts are applied, theamount saved on auto insurance for college students is 21% or $683.
Full coverage versus liability-only
Paying a lower price for auto insurance should be important to most people, and a good way to reduce the cost of insurance for college students is to only buy liability insurance. The illustration below illustrates the difference between insurance costs with full coverage compared to only the California minimum liability coverage. Data assumes no accidents or driving violations, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
Averaged out for all age groups, full coverage costs an additional $2,467 per year more than carrying just liability coverage. At some point, every insured wonders if paying for full coverage is a waste of money. There is no specific rule of when to drop full coverage on your policy, but there is a guideline you can consider. If the yearly cost of comp and collision coverage is more than about 10% of the vehicle’s replacement cost less your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s settlement value is $10,000 and you have $1,000 deductibles. If your vehicle is destroyed, you would only receive $9,000 after paying your deductible. If you are paying in excess of $900 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
The example below illustrates how your deductible choice can increase or decrease insurance rates when trying to find cheap insurance for college students. The rates are based on a married female driver, full physical damage coverage, and no discounts are applied to the premium.
The chart above illustrates that a 40-year-old driver could lower their policy premium by $408 a year by switching from a $100 deductible to a $500 deductible, or save $614 by selecting a $1,000 deductible. Even younger drivers, like the Age 20 category, could lower their rates as much as $1,008 or more by selecting a higher deductible. When choosing a higher deductible, it is essential to have enough in a savings account to enable you to pay the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.