The words "affordable" and "insurance" really shouldn't be used together, in particular when you are looking for the cheapest car insurance for college students. In an attempt to save some money, let's take a look at some of the factors that have an impact on insurance rates, and find some ways to reduce the cost of the next policy you buy.
Finding good, cost effective auto insurance is confusing at best, and determining which companies offer the cheapest car insurance rates for college students in Nevada will take a little more work. Insurance premiums will more than likely be a little bit more expensive than the average price in Nevada because of the higher likelihood of claims related to selling insurance for students in college, but economical coverage should be available if you compare enough companies.
Each company has a proprietary formula to set their prices, so let's begin by examining the car insurance companies that tend to be cheaper in Nevada.
Find the Cheapest Car Insurance for College Students
|Rank||Company||Cost Per Year|
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Travelers offers some of the cheapest car insurance rates in Nevada at around $930 annually. Allied, Capital, Oregon Mutual, and American Family are also some of the cheapest Nevada car insurance companies.
As depicted above, if you are a customer of American Family and switched to Allied, you might achieve a yearly savings of around $245. Nevada drivers with GEICO could save as much as $283 a year, and Progressive policyholders might cut rates by $289 a year.
To find the cheapest coverage for you, click here to get a free quote or click through to the companies below.
Understand that those prices are averages for all drivers and vehicles and and are not calculated with a price surcharge for college students. So the company that has the cheapest price for you may not even be in the list above. That illustrates why you need to compare rates from multiple companies using your own personal information and vehicle type.
The make and model of vehicle you are buying coverage for is probably the biggest factor that determines whether or not you find low-cost auto insurance for college students. Vehicles with lower performance, excellent safety ratings, or a track record of few liability claims will cost less to insure than adrenaline junky models.
The data below features coverage rates for the most budget-friendly automobiles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$1,733|
|Honda CR-V EX 4WD||$1,757|
|Ford Escape Limited 2WD||$1,763|
|Volkswagen Jetta S 2.5 Station Wagon||$1,886|
|Ford Edge SE 2WD||$1,905|
|Ford Explorer XLT 2WD||$1,929|
|Dodge Grand Caravan SE||$1,935|
|Nissan Altima 2.5 4-Dr Sedan||$2,058|
|Chevrolet Impala LT||$2,065|
|Toyota RAV4 Limited 4WD||$2,058|
|Chevrolet Equinox LT 2WD||$2,067|
|Ford F-150 FX4 Super Cab 4WD||$2,084|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$2,089|
|Chevrolet Malibu LT||$2,084|
|Toyota Camry XLE||$2,187|
|Toyota Corolla S||$2,195|
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Table data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate quotes do not factor in garaging location in Nevada which can change rates noticeably.
Based upon the rates shown, you can assume that vehicles like the Honda Accord, Honda CR-V, Ford Escape, Volkswagen Jetta, and Ford Edge will be some of the less-costly vehicles to insure for students in college. Rates will be more costly just due to the fact that there is more inherent risk for college students, but in general those vehicles will most likely have the cheapest auto insurance rates compared to other vehicles.
For students in college, one of the big considerations that aid in calculating the amount you pay each year for auto insurance is where your car is garaged in Nevada. Areas with more people or higher crime rates like Winchester, Spring Valley, and Enterprise will most likely have higher rates, whereas areas with less people or fewer weather incidents benefit from lower coverage costs.
The information below rates the most costly cities in Nevada for college students to buy an auto insurance policy in.
|Rank||City||Premium Per Year|
|7||North Las Vegas||$1,844|
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Premium costs are approximated as zip code location can increase or decrease prices substantially.
The example below illustrates how choosing a deductible can raise or lower insurance premiums when getting quotes for cheap insurance for college students in Nevada. The prices are based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.
A 40-year-old driver could pocket $298 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $452 by selecting a $1,000 deductible. Even younger insureds, like the age 20 example, could shave as much as $1,002 or more by choosing a larger deductible amount.
When using a larger deductible, it's a good idea to have additional funds in a savings account to allow you to cover the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Impact of violations and accidents on rates in Nevada
The recommended way to find the cheapest car insurance rates in Nevada for students in college is to pay attention while driving and not have accidents or get tickets. The example below illustrates how speeding tickets and accident claims influence premium costs for different age groups of insureds. The data is based on a single female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
The data above shows the average cost of car insurance in Nevada per year with a clean driving record and no accidents is $1,514. Receive two speeding tickets and the average cost surges to $2,029, an increase of $516 each year. Now get one accident along with the two speeding tickets and the annual cost of car insurance for college students in Nevada increases to an average of $2,546. That's an increase of $1,033, or $86 per month, just for not driving attentively!
Here's why price comparisons are so important
Nevada car insurance rates are determined by lots of factors that may substantially change the price of your policy. Improving your credit rating, moving across town, or getting a DUI can cause premium changes resulting in some rates now being more affordable than others. In addition to those changes, car insurance companies amend pricing every year or even multiple times each year to help ensure profitability. Higher than normal claim frequency or severity may cause higher rates, while a profitable period can produce cheaper Nevada car insurance rates.
As an example, the chart below shows rates for the cheapest car insurance in Nevada for a 35-year-old female driver with no prior accidents, a clean driving record, and a good credit rating. If we compare prices based on her current risk factors, Allied may have the lowest car insurance rates in Nevada at $911 each year. This is $663 less than the average price paid by Nevada drivers of $1,574. Travelers, Capital, Oregon Mutual, and Progressive are the rest of the cheapest Nevada auto insurance companies.
Let's now give the driver from the above example an at-fault accident, a lower credit score, and a blemish on her driving record. Due to the fact that each insurance company has their own process for determining prices, comparing rates may now show a significantly different list of the cheapest companies as shown below.
GEICO now has the cheapest price in Nevada with Travelers, USAA, Nationwide, and Capital now rounding out the top five. This example demonstrates why Nevada drivers need to shop around when trying to get the most budget-friendly insurance rates for college students. Insurance rates are impacted by many factors and can increase or decrease at any time, so the most economical company six months ago may now be priced much higher than other options.
How to find economical car insurance for college students
The list below details some of the better thrifty ideas that can help you buy more affordable coverage.
- Improve your credit rating
- Do not get traffic violations
- Avoid preventable accidents
- Increase your policy deductibles
- Buy a car with high safety ratings
- Shop around and save
The last tip in the list is extraordinarily critical, as was affirmed in this article. Insurance prices change frequently, so you should be ready to change insurance companies if you find a better deal. Loyalty to a specific company is fine, but it's not a good idea if it's costing you a small fortune year after year. Now is a great time to shop around to find cheaper car insurance for college students.