Car Insurance Discounts for Medical Students

Car insurance discounts for medical students can help you save up to 50% if you are a safe driver, have good grades, and maintain low mileage. The AAMC reports that the average annual tuition for medical schools for the 2019-2020 year was anywhere from more than $37,000 to just over $62,000. That makes saving on car insurance even more important for medical students. The average age of matriculation for a medical student is 24 years, and car insurance rates start to get lower around that age. Find out more and start saving on car insurance today.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 21, 2021

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Here's What You Nneed to Know

  • A medical student can take advantage of numerous car insurance discounts
  • Increasing your car insurance deductible can possibly save you money in the end
  • Insurance costs are also affected by other factors you may not have thought of

Are there car insurance discounts for medical students? What is the cheapest car insurance for students?

The cost of medical education is astronomical. For an in-state medical education at a state school, annual tuition and fees average approximately $25,000 per year.

For a non-resident student or those attending a private school, the average cost is more than twice this amount. Further, this does not include any living expenses.

As a medical student, you may be trying to keep your expenses low every way you can. Your car insurance is one area that you may be focusing on today, and you may be wondering if you qualify for special medical student discounts for car insurance.

And after you become a practicing physician, remember to check with your medical student car insurance company for car insurance discounts for doctors.

Enter your ZIP code in our comparison tool above now to compare car insurance quotes for FREE that include auto insurance discounts for medical students.

Good Student Discounts on Car Insurance

Do college students get discount on car insurance? Most car insurance companies do not offer a specific discount designed solely for medical students, but many do offer a discount for student car insurance rates.

When looking for cheap student insurance, we’re sure you want every discount you can find, too.

The Bureau of Labor Statistics reports that the average physician wage is $203,450. But, there’s so much variety within the medical field that you could end up making much less or far greater.

Though your car insurance isn’t generally based on your salary, more expensive cars cost more to insure. The Kelley Blue Book value absolutely impacts your insurance as high-MSRP cars just cost more to repair.

The AAMC reports that the average annual tuition for medical schools for the 2019-2020 year was anywhere from more than $37,000 to just over $62,000. That could mean a lot of debt straight out of school, so it’s important to find the best discounts.

Car Insurance Discounts for Students by Company
CompaniesDistant Student Discounts OfferedFurther Education Discounts OfferedGood Student Discounts Offered
21st CenturyNoNoYes- n/a
AAAYes- n/aNoYes- n/a
AllstateYes- 35%NoYes- 20%
American FamilyYes- n/aNoYes- n/a
AmeripriseYes- n/aYes- n/aYes- n/a
AmicaYes- n/aNoYes- 10%
Country FinancialNoYes- n/aYes- 25%
EsuranceNoYes- 15%Yes- 10%
FarmersYes- n/aNoYes- n/a
GEICOYes- n/aYes- n/aYes- 15%
Liberty MutualYes- n/aYes- 10%Yes- 22.5%
MetLifeYes- n/aNoYes- 15%
NationwideYes- 10%Yes- 15%Yes- 10%
ProgressiveYes- n/aNoYes- n/a
Safe AutoNoNoYes- 10%
SafecoYes- 15%Yes- n/aYes- 15%
State FarmYes- n/aNoYes- 25%
The GeneralNoNoYes- n/a
The HanoverYes- 5%Yes- n/aYes- n/a
The HartfordYes- 3%NoYes- n/a
TravelersYes- 7%Yes- n/aYes- n/a
USAAYes- n/aNoYes- n/a
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However, in general, you may need to meet the following criteria in order to qualify:

  • Be a full-time student
  • Be a “good” student, such as having an A or B average or be on the Dean’s list
  • Be under the age of 25

You can get car insurance for college students away from home with available discounts if you’re still financially dependent upon your parents.

What GPA do I need for insurance discounts?

Typically you’ll need an A or B average which will be at least a 3.0 GPA to get good student car insurance discounts.

This video talks about some discounts that you might be able to take advantage of.

These discounts can vary by insurance company, so you should take the time to learn more about the specific requirements for each insurance company’s unique car insurance student discounts.

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Other Student Discounts for Car Insurance

As a student, you may not need to use a car regularly. Many full-time students live on campus. Some may be close to public transportation and make regular use of a bus or light rail system for transportation to and from school.

There is a long list of car insurance student discounts, but whether you qualify for a student discount or not, you may qualify for other types of discounts offered by different insurance companies, including:

  • Infrequent Driver Discount – suitable for a driver who only drives the family car during school breaks
  • Low Mileage Discount – suitable for drivers who make use of other forms of transportation for most of their transportation needs and rarely or infrequently drive
  • Youth Driver Discount – suitable for younger drivers who still live at home and may still be on their parent’s policy

Considering that the average age of a medical student is 24 years old, that’s about to set you up for a big decrease in rates as insurance companies decrease how much your policy costs as you get older.

While some car insurance discounts are suited for students, others are designed to help all drivers save money on their car insurance costs.

You can look for a range of other discounts with different insurance companies, including:

  • Multiple Policy Discount – such as if you have a life insurance and car insurance policy with the same company
  • Multiple Vehicle Discount – suitable for drivers who may own two vehicles or who are married and want to put their spouse’s vehicle on their policy
  • Safe Driver Discount – designed to provide you with savings for each year that passes without an accident or traffic citation on your driving record
  • Driver’s Safety Course Discount – provides you savings on your insurance premium by taking a certified driver’s safety course

All but two states require you to keep a minimum amount of liability coverage on your car, compiled here by the Insurance Information Institute. But that’s all you need for an older vehicle that you aren’t financing.

If you’re still a student and have an older vehicle, you might be able to save a lot of cash by dropping full coverage and only keeping liability on the vehicle.

Older Students Have Lower Car Insurance Rates

It can be a struggle to pay for your car insurance today, but you should be aware that car insurance rates are higher for younger drivers.

How much is the average car insurance for a college student? We’ve pulled some GEICO car insurance quotes for college students for you to see an example of how much you’ll have to pay for car insurance.

GEICO Average Car Insurance Rates for Students
GEICO Car Insurance Policy Billing CylcleGEICO Average Rates per Billing Cycle
GEICO monthly rates$157.98
GEICO six-month rates$947.90
GEICO annual rates$1,895.80
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With most car insurance companies, rates decrease significantly once a driver reaches a certain age. This commonly occurs when a driver turns 25, but the age can vary slightly from insurance company to insurance company.

The table below shows car insurance rates by age and gender, and you can see the big decrease that happens between 17-year-olds and 25-year-olds.

Average Annual Car Insurance Rates by Age and Gender
CompaniesAverage Rates for a Single 25-Year Old FemaleAverage Rates for a Single 25-Year Old MaleAverage Rates for a Single 17-Year Old FemaleAverage Rates for a Single 17-Year Old Male
American Family$2,288.65$2,694.72$5,996.50$8,130.50
State Farm$2,335.96$2,554.56$5,953.88$7,324.34
GEICO $2,378.89$2,262.87$5,653.55$6,278.96
Liberty Mutual$3,959.67$4,503.13$11,621.01$13,718.69
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Car insurance rates decrease 53-75 percent for females and 60-81 percent for male drivers from 17-25. If you are a good driver and have not seen your rates decrease since turning 25, you may benefit from shopping around for new rates with other insurance companies.

The Right Deductible Will Lower Car Insurance Rates

Discounts are one way to save money on the cost of car insurance. As a medical student living on a tight budget, you do want to take advantage of as many discounts as possible to reduce the cost of your car insurance premium.

However, this is not the only way to reduce the cost of your car insurance premium. Another way to reduce your insurance expense is to increase your deductible. Keep in mind that you will be required to pay your deductible when you file a claim.

If your insurance deductible is too high, you may be forced to pay for some expenses out-of-pocket that you may have otherwise filed a claim for.

On the other hand, you also want to consider how frequently you file a claim. If you are like most drivers, you file a claim once every several years at best, if you have ever filed a claim at all.

A higher deductible creates a lower premium, which means regular savings to you. There are other reasons to increase your auto insurance deductible.

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Other Factors That Affect Your Car Insurance

There is a range of factors that affect your insurance expense. Your age and gender are among the most commonly known. However, many other factors also affect the premium amount, and some of these are within your control to alter.

Consider factors such as:

  • The car you drive
  • Where you live
  • The coverage amounts you have selected
  • One’s driving history

By learning more about how car insurance rates are calculated, you may find that making a small change in your life can yield significant savings.

For example, you may choose to live off-campus along a bus route that takes you to campus. This may qualify you for savings based on the location where you live as well as for a low mileage discount.

Further, by driving less, you may limit your exposure to accidents and citations, improving your driving history over time.

You may also trade your vehicle in for one that is more affordable to insure. These different steps each can save you money. Combined, they can yield significant savings.

The single biggest factor that increases your medical student car insurance rates is your driving record.

One at-fault accident or speeding ticket will raise your rates, but one DUI after a late night out to celebrate acing a test will cost the most. NOLO notes that, in addition to a rate hike, you may even lose your license for a while.

You can take the first step to identify medical student insurance savings by shopping around for rate quotes and determining which car insurance company offers the right combination of discounts for maximum savings.

Car insurance can be expensive, but it doesn’t have to be. Before you buy medical student car insurance, it pays to shop around.

We can help you find the best car insurance for college students. Enter your ZIP code in our FREE comparison tool below to find affordable medical student car insurance quotes.

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