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<h2 class="wp-block-heading" id="mntl-sc-block_1-0">What Is a Good Student Discount?</h2>
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<p id="mntl-sc-block_1-0-1">A good student discount is an auto insurance policy discount available to young drivers who earn good grades in school. Teen drivers aged 15 to 19 have the highest rate of accidents of any age group, which is why insurers tend to charge more to cover them. However, insurance companies assume that young drivers who are responsible when it comes to their studies are more likely to be responsible drivers. As a result, they are less likely than teens with poor grades to file claims on their car insurance, so they deserve to pay lower insurance premiums.</p>
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<h3 class="wp-block-heading" id="mntl-sc-block-callout-heading_1-0">KEY TAKEAWAYS</h3>
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<li>Good student discounts reward high-school and college-age drivers who earn good grades with lower premiums on their car insurance.</li>
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<li>Individual insurance companies that offer good student discounts set their own guidelines for the required grade-point average and the amount of the discount.</li>
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<li>Completing driver education, driving safely, avoiding accidents and traffic violations, and piggybacking on a parent's policy are all good ways for young drivers to keep their premiums low.</li>
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<h2 class="wp-block-heading" id="mntl-sc-block_1-0-5">How a Good Student Discount Works</h2>
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<p id="mntl-sc-block_1-0-6">Car insurance policies protect you against damage from collisions, theft and other incidents. You'll pay regular premiums to keep your policy in place. In the event of an accident, you can file a claim to mitigate the costs associated with repairs and vehicle replacement.</p>
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<p id="mntl-sc-block_1-0-8">Some insurance companies offer a variety of discounts on your premiums based on factors like your claims history and association memberships. One common option is a good student discount, which offers high school and college students a break on their premiums as long as they meet certain requirements. Insurers set their own eligibility guidelines, including age range, education status, minimum grade point averages, and any terms that may disqualify a student.</p>
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<p id="mntl-sc-block_1-0-10">Good student discounts—and any other applicable rebates—are a boon to teens and parents in the United States, as car insurance for teen drivers tends to be more expensive than premiums for other age groups. That's because young drivers lack driving experience and are more likely to get into car accidents and commit traffic violations.</p>
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<h2 class="wp-block-heading" id="mntl-sc-block_1-0-12">Requirements for a Good Student Discount</h2>
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<p id="mntl-sc-block_1-0-13">Insurers that offer good student discounts set their own rules and requirements. Typical requirements include:</p>
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<li>You must be under 25 years old</li>
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<li>You must be a full-time high school or college student</li>
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<li>You must maintain at least a "B" average or demonstrate a certain level of performance on standardized tests like the SAT or ACT</li>
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<p id="mntl-sc-block_1-0-17">You typically need to provide proof of your academic performance to receive or continue receiving a good student discount. For instance, the insurance company may require a school transcript or a report card, and may allow alternative proof from homeschooled students.</p>
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<p>Tip: Some good student discount programs may be combined with others, including driver's education discounts and rebates when students are away at school. Ask your insurer what discounts are available to you.</p>
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<h2 class="wp-block-heading" id="mntl-sc-block_1-0-21">Examples of Good Student Discounts</h2>
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<p id="mntl-sc-block_1-0-22">State Farm offers up to a 25% discount on premiums to full-time students up to age 25 who earn good grades. GEICO offers up to 15% off certain coverages for full-time students who maintain a B average or better. If you're not sure whether your insurer offers a good student discount, it's worth asking to confirm the details.</p>
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<h2 class="wp-block-heading">How Much Is the Good Student Discount?</h2>
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<p>As with so many questions about the cost of car insurance, the answer depends on factors like your insurer, state, driving record, and vehicle. The age of the drivers, their education status, and their academic performance may also affect the amount of the discount. It's best to shop around by requesting quotes from several car insurance companies to find the best coverage for your needs.</p>
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<h2 class="wp-block-heading">How Else Can Young Drivers Save Money on Car Insurance?</h2>
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<p>While a good student discount is helpful, insurers say the best way for young drivers to keep their premiums low is through safe driving. Being added to a parent’s policy rather than having one’s own policy can also save young drivers money through the multi-car discount. Other discounts may be available when you increase your deductible, complete driver's education, or leave your car behind when you attend college.</p>
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<p>You can also look into graduated driver licensing systems, which provide longer practice periods, limit driving under high-risk conditions for newly licensed drivers, and require greater participation from parents as their teens learn to drive. Research suggests that GDL systems, available in all states, can reduce both overall crashes and fatal crashes among 16-year-olds.</p>
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<h2 class="wp-block-heading">Which Company Offers the Cheapest Car Insurance for Young Drivers?</h2>
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<p>The cost of insurance depends on your state, vehicle, driving record, and a host of other factors, so it's best to request quotes specific to your needs from several insurers so you can compare your options. However, when Investopedia analyzed the cost of car insurance for teens from six major insurers in June 2023, Progressive offered the lowest-cost coverage.</p>
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<h2 class="wp-block-heading" id="mntl-sc-block_1-0-30">The Bottom Line</h2>
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<p id="mntl-sc-block_1-0-31">A good student discount is one way for young drivers and their parents to save money on car insurance. To maintain the discount, the young driver needs to meet eligibility criteria including age, student status, and academic performance.</p>
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<p></p>
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<p>To read the full article, <a href="https://www.investopedia.com/terms/g/good-student-discount.asp">click here.</a></p>
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