You just received your admittance letter to an Arizona college, and you are Phoenix-bound. Congrats! Arizona State University, Grand Canyon University, Phoenix School of Law and ITT Technical Institute are just a few of the great college choices in Phoenix and Tempe, Ariz.
If you’re moving to Arizona, there are a few things you’ll want to consider. One of them is the right choice of auto insurance once you arrive.
If your campus is at least 100 miles away from your parents’ home and you are on their policy, the Insurance Information Institute strongly recommends alerting their current insurer. Once a teenager turns 18, however, many young adults opt for their own car insurance coverage to reduce their parents’ premiums.
As you leave for college, you may be buying your own car insurance for the first time. And because being a student is usually synonymous with a lack of extra money, every dollar you save on your auto insurance is that much more money you can spend on tuition and living expenses. And did we mention pizza?
When you shop for coverage, it’s important that you know about all the possible discounts you can earn.
1. Good Student Discount. While you’re in college, good grades can help lower your auto insurance premium. Many insurance companies offer good grade incentives until students are age 25.
2. Safe Driver Discount. Going a few years with no tickets, accidents or claims can help reduce your insurance premiums with many companies. If you begin driving with the cost of insurance in the back of your mind, you may be more conscious of always using your turn signals or obeying the posted speed limit.
3. Anti-Theft Device Discount. Many insurers offer discounts if your vehicle has an alarm installed. Talk to your agent about the types of devices that qualify and to see how it could help reduce your premium.
Going away to college for the first time is exciting and challenging. It means you are making important decisions that can affect you for the rest of your life. Don’t skimp on auto insurance by thinking, “I won’t have an accident,” because if you are in a wreck and are uninsured, you may be ticketed or fined and must still pay for any damage you cause, including damage to your own vehicle. No one wants to leave college facing a mountain of debt from an uninsured auto accident.
In Arizona, the minimum liability insurance requirements are:
- $15,000 to cover injuries to another person
- $30,000 to cover injuries to other people, per accident
- $10,000 to cover damages to another person’s property
These coverages are required by the Arizona Department of Insurance, and should be considered a starting point for your auto policy. Keep in mind that if you are financing or leasing your vehicle, your lender might require additional coverage, such as collision or comprehensive policies.
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