Auto Insurance for Graduate Students

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Things to remember...

  • College students studying for their undergraduate degree may be eligible for special insurance discounts
  • When you turn 25, most companies will no longer offer Good Student Discounts even if you’re still in school
  • Graduate students who are enrolled in school full-time may still be eligible for some student-related savings
  • If you’re the member of a student organization, see if you can buy coverage from an insurer offering affinity discounts
  • If you move out of your parent’s home, you need to update your insurance and secure a separate policy

Getting a graduate degree takes a huge commitment of your time.Not only do you have to complete all of the curriculum requirements to earn your four-year undergraduate degree, you also have to spend another two to four years studying advanced graduate-level curriculum.

At the end of it all, you’re rewarded with an average salary hike of about $17,000 per year.

The average adult college student attends graduate school with the sole purpose of making more money later on in life. Having your advanced degree can lead to more job prospects and faster promotions.

For professionals, the degree itself will pay off, but this might mean you need to take out a private student loan to finance your education so you need to update your auto insurance while you’re enrolled in school to save money.

Compare car insurance rates today by entering your zip code into our free rate comparison tool.

How does your age affect your auto insurance premiums?


The average age of graduate students in the United States is on the rise.

Nowadays, high school grads wait to go back to school and undergraduates will wait a few years to establish themselves in a specific field before returning to school. That’s why the average age of people enrolled in a master’s program is 33.

If you’ve been licensed for years and you are paying for your own car, you got to watch your premiums drop while you were earning your four-year degree.

When you were in high school, your rates were exorbitant because you were in a high-risk age group. As you gained years of experience, your risk class dropped and your rates declined.

When is the biggest rate decrease because of age?

All throughout your undergraduate college career, you’ll probably be stuck paying a high-risk rate. In most states, you don’t fall completely out of the high-risk age range until you’re at least 25.

After three years of holding your license, you’ll see a drop, but the biggest rate decrease is after nine years of clean driving.

You’ll have to consider your age when you’re applying for graduate school to really assess what your insurance costs are going to be.

If you’re enrolling in college right away and then you enter a master’s program in your early 20s, you’ll pay higher rates than someone who waited to take advanced coursework until they were in their 30s.

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Why did you lose your Good Student Discount?

If you’ve made the Dean’s List every year and you’re committed to getting good grades, you’re familiar with how much the Good Student Discount can reduce your premiums.

For high school students and college students who get the required Grade Point Average every semester, it’s a noticeable discount of as much as 30 percent off.

When you graduate with your bachelor’s, you’d expect to lose the Good Student Discount, but not when you’re going straight into a Master’s Program right after you walk the line.

Unfortunately, you probably won’t qualify for a Good Student Discount after you turn 25. If you saw it drop off, ask your insurer and see if there are special discounts specifically for graduate students.

Are you living with your parents?


For the first time in over 130 years, more young adults between the age of 18 and 34 live with their parents than with their partners. While this statistic is alarming to some, it’s understandable considering how expensive living expenses are.

Your housing situation while you’re a graduate student will impact your rates.

You might not qualify to be listed as a dependent any longer according to IRS standards, but living at home can still save you in the form of insurance premiums. If you still live at home, you’ll be able to combine your coverage for huge savings.

How can you save money under your parents’ policy?

If you’re under the same roof as your parents or other adult family members, you can purchase a combined plan. With a combined plan, you’ll get a lot of different discounts that you wouldn’t get if you had a separate policy in place.

Here are a few ways that you can save by obtaining coverage with your family:

  • You will receive a multi-car discount when there are multiple vehicles on the same family plan
  • If your parents are getting a loyalty discount from their current carrier, you’ll get the discount as well
  • You will receive a multi-line discount if the named insured also has property insurance or another line of coverage with the company
  • You can keep your insurance history credit for staying insured continuously
  • You’ll get higher limits of liability for less money to protect your assets

Update Your Level of Education

Don’t forget to make the small changes that need to be made to your insurance. Earning your degree can help your rate if you’re on a family plan or you’re on your own insurance plan.

If you update your level of education to show that you possess a bachelor’s degree, it could certainly help reduce your rates.

Try to Get a Discount for Being Part of a Student Organization


When you study for your undergraduate degree, you probably don’t know what career you want to pursue right away.

In an advanced program, you’re studying curriculum focused on what you want to do so you’ll have more opportunities to join professional or student organizations.

If you join one, be sure to look for affinity discounts so that you can get a special group rate for studying for a degree. You might get a discount for being a student, or you could qualify for special reduced rates on your own separate plan.

You may be on your way to a higher salary, but you’re not there yet. The high cost of studying for an advanced degree creates the need to save on other expenses. Get instant quotes for auto insurance coverage online, and save money that you can spend on books.

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