Drivers under the age of 25 pay some of the highest costs for car insurance of any age group. Most college students are on a tight budget, so the last thing you want to do is spend a fortune on car insurance each month.

Here are some tips for keeping your monthly car insurance payment affordable!

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Drive Safely

Here’s the most obvious tip: drive safely! Racking up a bunch of speeding tickets or car accidents will cause your rate to skyrocket.

In addition, tickets and accidents can be quite costly themselves. Instead of wasting $200 on a speeding ticket, don’t speed. A car accident could cause your car insurance rate to jump AND you could be stuck paying expensive car repairs and medical bills.

Get Good Grades

Many car insurance companies offer discounted rates (typically 15%-25%) to full-time high school or college students with a 3.0 GPA or higher.

The theory behind this idea is that students who earn good grades are responsible and are more likely to be careful drivers.

Drive Less

Another way to earn a discount is by driving significantly less. Even if your insurer doesn’t offer a discount for this, you’re less likely to get in a costly accident if you drive less.

If you’re currently living on campus, consider leaving your car at  home. You can walk, bike, or take the bus instead. An extra bonus: you’ll save money on gas and parking fees.

car insurance cheap college students

Drive an Older Car

Want really cheap car insurance? Drive an older car. Don’t buy an SUV, convertible, or sports car if you want to pay a reasonable rate for your insurance. I drive a 2000 Oldsmobile and only pay $50 per month for car insurance.

Shop Around

Compare rates for different car insurance companies and consider whether or not staying on your parents’ insurance is the best option. If your parents pay a low amount for car insurance, staying on their plan might be for the best.

However, if your parents have been in a lot of accidents or pay high rates for some other reason, you’re probably better off removing yourself from their insurance and purchasing your own.

Raise Your Deductible

One easy way to lower your premiums is to raise your deductible. This will allow you to keep more money each month, but keep in mind that this means you’ll likely pay more in the event of an accident.

Make sure you have enough money in emergency savings to cover your deductible. For example, if your deductible is $500, you should have $500 saved just in case.

Cheap Car Insurance

Car insurance doesn’t have to cost a ton of money each month even if you’re under the age of 25.  There are plenty of ways to keep it affordable.

Try driving less, shopping around for the best rate, driving cautiously, earning good grades, driving an older car, and raising your deductible.