Students owning cars face the issue of keeping their car insured, as it is mandatory for any car owner in the US to carry insurance. Many students are listed as dependants in the insurance policies of their parents. However, some insurance companies insist on removal of a student?s name from the parent?s policy, particularly, when the policyholder has signed a waiver of assurance that the student will not drive a vehicle. In such cases, the students face lapse in coverage, which in the long term can be an obstacle to getting car insurance. It is therefore, imperative for students to have their own insurance policies.
Many insurance companies do not insure students and the ones that do provide it quote high premiums. This is more so when the car owned by a student belongs to the category of classic cars, which are typically old and obsolete models. Some students prefer to buy classic cars due to their vintage value but find it difficult to pay for large insurance premiums on such cars.
However, there are some insurance companies that offer ?third party only? insurance policies for classic cars at reasonable rates. Third party insurance covers students in the unfortunate event of an accident where someone is injured or killed. However, they are not compensated if the damage occurs to their own car. In this manner, students can be covered as third party for other vehicles.
Some companies offer students the fire and theft insurance policy, which is suitable for those that live in poorer, crime infested areas where cars are more susceptible to theft. This policy covers students if their car is stolen or damaged by acts of theft or arson. Classic cars can be easily stolen, as their locking systems are not as powerful as the modern cars.
Comprehensive car insurance is another type of insurance ideal for students, as it covers them against all risks that might occur to them or to other people while they are driving any model of car including classic cars. However, it entails high premiums, the burden of which can be lessened by paying a part of the initial cost of the claim known as ?excess?.
Despite the existence of different policies, it is advisable for students to take certain steps in order to enjoy low cost insurance policies. To begin with, their car should possess low car insurance group number. It is a good idea to take the ?Advanced Driving? test that affirms their driving skills. Fewer miles driven per year can also help students get better deals from insurance companies in terms of low insurance premiums.