Student Car Insurance Tips
- Author Hugo Schreuder
- Published January 28, 2010
- Word count 523
When you’re a student, you have quite a bit on your plate to juggle. Classes, homework, jobs, and bills, bills, bills all need your time and attention. It can leave little extra time for working out the finer details of your car insurance cover and all of the ways that your student status can help you save money on your car insurance cover.
You may not have thought that your student status had much of an impact on your car insurance rates. You are not alone. Most students don’t understand how their status affects their car insurance rates, and as a result many students are overpaying for their car insurance cover.
Even if you’re back in school for a second time, picking up new skills or a new degree, you may not have thought about your insurance rates. However, by understanding how your schedule and your habits impact your rates, you can maximize your savings on car insurance. This is certainly an important motivator in these tight economic times.
The first step is to understand how your car insurance company calculates your premium levels. Many traditional insurance providers are using standardised premium calculators. These tools work by utilizing a profile of the average driver in Australia, and using statistical formulas to generate a rate for you based on average driver behaviours.
However, as a student, you may not fit the model of the average driver. Thus, when you purchase car insurance that uses a standardised generator to calculate your premium payments, you are probably paying too much for your insurance. To save money, you will want to seek out an insurance provider that uses a customized model.
Customized insurance models are becoming more and more popular in Australia. The technology for insurance calculations has developed to the point that a completely customized insurance risk profile can be created for you in just a few moments with a series of questions. These questions focus on issues that other insurance companies ignore, like parking habits and where the car spends most of its time.
In this way, you can earn lower premiums simply due to your driving and parking habits as a student. For example, if you live on campus and only drive one or two days a week, you have a much lower risk profile than a daily commuter. Also, if you keep your car in a covered garage, you have a lower risk profile than a student parking in risky or dangerous areas on the street. If your insurance company customizes, you can earn lower rates as a result of simply lifestyle habits like these.
The number of Australians in school continues to increase, particularly at VET schools. This means that there are likely to be plenty of students like yourself who are overpaying for their car insurance cover. Yet you don’t have to tolerate consistent rate increases and indifferent pricing models. You simply need to find an insurance company who cares enough to provide customized pricing models so that you can maximize the value of your student status in the form of lower premiums for your car insurance.
Youi offers tailor-made car insurance that could save you lots of money. At Youi we ask the right questions so that you don’t pay for car insurance you don’t need. You interested? Go to youi.com.au for a smarter way of doing Cheap Car Insurance.
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