Group Car Insurance

Group car insurance benefits come in the form of (1) competitive rates, (2) special discounts, and (3) complimentary services. Compare quotes online to save more.

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Reviewed byJoel Ohman
Founder, CFP®

UPDATED: May 14, 2020

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Here's what you need to know...
  • Many jobs offer group insurance options for employees
  • Alumni from some colleges and universities may qualify for group insurance
  • Certain clubs and organizations make group plans available to members
  • Group plans occasionally have drawbacks, so do your homework before making any decisions

Three car insurance group options you should look into include those associated with your job, your education and your profession or interests. Buying car insurance as part of a group can give you a number of benefits, and you may already belong to a group through which you can reap those benefits.

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Being part of a group plan for auto insurance can save you money on more than just the premium, but may come with perks you could not otherwise enjoy with an individual car insurance policy.

As enticing as the perks may be, you still want to make sure you are getting the best possible deal with your particular policy.

Group Car Insurance Options Through Your Job

Employers are well-known for offering group health plans, but they may not be as well-credited for having car insurance options for their workers.

That option may already exist at your place of employment and, if it doesn’t, you may be able to persuade your employer to look into it if you have enough backing from fellow employees.

Larger companies may be more apt than smaller firms to provide group options for car insurance, and they may also be able to provide the biggest perks along with it.

This is due to sheer volume alone, with more employees leading to more advantages when it comes to insuring a group.

Employers that are exceedingly large may be able to offer group insurance options that extend far beyond health and car insurance.

The state of Idaho, for example, offers group insurance programs across the board to its current and retired employees as well as their dependents, according to the state’s Office of Group Insurance website.

If your company does offer a car insurance group option, you will probably have to pay for it out of your own pocket. The price would depend on the personalized options you choose, in addition to the bare minimum required by each state.

Just as not every employer offers health plans, not every company offers car insurance group options. In addition, every employee may not be eligible.

Requirements may include working a minimum amount of hours each week, having tenure with the company, or being in a specific profession with the firm.

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Find out More About Employer Group Car Insurance Options

Find out more about what car insurance group options your employer may offer, if any, by contacting your company’s Human Resources Department. The information may also be published in your employee handbook or on the firm’s website.

If you happen to work for a car insurance company, one could only hope one of the perks is group auto insurance options for its employees. This is only a theory, however, not a practice mandated by any rules or regulations.

Group Car Insurance Options through Your School

Full-time high school students often get a break with car insurance discounts if they maintain good grades. But current students are not the only ones who may get a break on car insurance rates.

Depending on where you received your advanced education or additional training beyond high school, you may be part of a group that has a car insurance option already in place.

Colleges or trade schools may offer car insurance group options, with one example coming from the City University of New York (CUNY).

Auto insurance discounts are on the list of the many benefits that come with being a CUNY alumnus, according to the website. Alumni benefits include discounts on a number of other items as well, including:

  • home insurance
  • dining and travel
  • theater and movie tickets
  • access to CUNY libraries, professional development, and continuing education programs

One reason CUNY is able to offer a wide range of perks is the sheer amount of students that have attended one of its universities. The City University network contains 23 colleges throughout New York City’s five boroughs. Its alumni headcount exceeds 900,000.

To be eligible for the benefits that come from being a graduate of a specific school or institution, you are usually required to officially join the alumni organization or group as a paying member.

The price of annual membership, however, can balance out the money you save if you take advantage of the car insurance breaks and other cash-saving benefits.

Schools may require graduation as a term for membership rather than attendance. Find out more about group options through your school by contacting the development staff or alumni headquarters.

Group Car Insurance Options Through Other Organizations

Your profession or your interests may also come into play for car insurance group options if you are part of a professional or membership organization or society.

Many vocations have one or more professional groups associated with them, such as societies for journalists, attorneys, accountants, teachers, and actors.

Honorary groups and societies are another batch of organizations that may offer car insurance group options to its members.

One example is the Golden Key International Honor Society, which lists insurance discounts as one of the membership benefits on the official website. Membership also merits additional discounts from banks and bookstores.

Even if the group is not related to your profession or education, those that focus on special interests may also offer group options for car insurance. These may include organizations for individuals interested in certain activities and hobbies, such as gardeners or train enthusiasts.

The field can be wide open for membership perks from each particular group, depending on the size, budget, and connections of each specific organization.

Because the perks that come with being a paying member to a particular organization are usually a huge selling point, you may be able to research the availability of car insurance group options directly on an organization’s website.

If not, you can always contact the head of the group or chapter in your area to glean the specifics.

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Benefits of Group Car Insurance Plans

Perhaps the biggest benefit of obtaining car insurance as part of a group rather than an individual is the cost. Because insurance companies are extending coverage to a larger amount of people, they can offer prices that allow each individual to save money.

If the car insurance company is saving money by working with a group, they can more easily pass along the savings to members of the group.

Car insurance companies may also be able to offer other discounts in addition to lower premiums. These include:

  • discounts for parking in select parking garages or facilities
  • discounts on car rentals, auto accessories
  • services related to your car, such as towing or repairs

Group plans may also allow for greater flexibility when it comes to method of payment.

For instance, some companies may allow you to automatically pay your premiums through payroll deductions.

Or you may get additional leeway when it comes to setting up payment plans, such as those scheduled on a monthly, annual or semi-annual basis.

In order to encourage loyalty to your employer as well as the car insurance company, your auto insurance policy could also become less expensive the longer you remain employed.

Tenure discount may be the term you hear relating to such a break. Car insurance companies may offer similar discounts to individuals, calling them loyalty discounts.

Possible Detriments of Group Car Insurance Plans

Anyone who is a free spirit may dislike the idea of a group plan due to the potential limitations it may impose. An organization that offers group plan options may only do so through a specific auto insurance carrier.

That means you may have to abandon a company you have long enjoyed while setting up a trusting relationship with a new one.

This can particularly backfire if the car insurance company offered as part of your group plan has its own set of detriments, such as:

  • poor customer satisfaction
  • an unstable financial portfolio
  • harsh or ridiculous guidelines for filing claims

If you leave or lose your job for any reason, you are also out of the group car insurance plan.

While you may be able to retain the same type of coverage and level of car insurance with the same insurance company, you can probably bet your rates will increase and you’ll no longer enjoy the perks that came with being part of a larger group.

The same potential hazards apply if you drop out of any organization from which you received a car insurance group plan option.

Tips on Shopping for Group Car Insurance

One of the foremost tips for getting the best coverage at the best rates is to compare more than one company, according to the Illinois Department of Insurance.

While this may not apply if you are offered only one company option for group plans, you can still compare other companies to make sure you are getting the best deal.

The group rate may weigh in cheaper than an individual rate all around, but you should still look at other factors that are just as important as a low premium.

These include customer satisfaction, ease and convenience of filing claims, company reputation, a strong financial outlook, and how comfortable you are with the company’s policies.

Ask about additional discounts that apply, even beyond the group rate discount you may already be getting.

You may be offered a reduced premium for things like being a good driver, low annual mileage, and having a number of safety and security features installed on your vehicle. If you don’t ask, you may never know about additional discounts.

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