This would be a real easy article to write if we could just tell you the one company in Pennsylvania that has the cheapest rates in Pennsylvania. Unfortunately, it’s not that simple as there are a lot of unknown aspects like the neighborhood you live in, what deductibles to use for physical damage coverage, your driving record, and what liability limits you need, that all go into determining the rate you pay. We will try to teach you about the best ways to save money and will hopefully give the reader some help in finding cheaper rates.
For students in college, one of the more important factors that aid in calculating auto insurance rates is where you live. Cities with larger populations likely pay more, whereas areas with less crime or weather claims have the luxury of cheap car insurance rates.
The following table sorts the most expensive places in Pennsylvania for college students to buy an auto insurance policy in. Philadelphia is listed at #1 having an annual price of $1,997 on average, which is about $166 each month.
|Rank||City||Average Per Year|
|10||Municipality of Monr||$1,081|
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Rate information is comparative as zip code location can increase or decrease coverage rates greatly.
The make and model of vehicle requiring coverage is a large factor that determines whether or not you can buy the cheapest car insurance for college students. Vehicles with limited top-end speed, good crash test ratings, or a low likelihood of having liability claims will cost substantially less to insure than high performance models.
The information below estimates car insurance costs for a selection of the most budget-friendly automobiles to buy insurance for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$11,189|
|Honda Accord LX 4-Dr Sedan||$11,198|
|Honda CR-V EX 4WD||$11,358|
|Ford Escape Limited 4WD||$12,192|
|Dodge Grand Caravan SE||$12,459|
|Ford F-150 STX Super Cab 4WD||$12,623|
|Ford Edge Limited 2WD||$13,125|
|Toyota RAV4 2WD||$13,293|
|Chevrolet Malibu LS||$13,301|
|Ford Fusion S 4-Dr Sedan||$13,293|
|Chevrolet Impala LT||$13,302|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$13,293|
|Jeep Grand Cherokee Laredo 4WD||$13,298|
|Chevrolet Silverado LS Extended Cab 4WD||$13,293|
|Toyota Tacoma Double Cab 4WD||$13,302|
|Ford Explorer Limited 2WD||$13,457|
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Data based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Pennsylvania minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate information does not factor in vehicle garaging location which can alter coverage rates greatly.
Based upon these rates, cars like the Hyundai Elantra, Honda Accord, and Honda CR-V are most likely going to be a few of the less-costly vehicles to insure for students in college. The price for an auto insurance policy will be more expensive just due to the fact that there is more claim risk for college students, but generally speaking those particular vehicles will have the cheapest auto insurance rates that you’ll find.
Full coverage rates compared to liability only
Lowering the price of insurance is the goal of the majority of people, and one good way to pay less for insurance for college students is to buy liability only. The example below compares insurance costs with liability coverage only compared to full coverage. The data assumes no claims or driving citations, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
Averaged for all ages 20 through 70, comp and collision coverage costs $1,844 per year over liability only. A very common question is when is it a good idea to stop buying full coverage. There is no written rule to drop comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than about 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
For example, let’s say your vehicle’s book value is $3,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would get paid by your company is $2,000 after the deductible is paid. If you are paying in excess of $200 a year to have full coverage, then you might want to consider buying only liability coverage.
The information below highlights how deductible choice can change yearly insurance costs when researching cheap insurance for college students. The data assumes a married female driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could cut expenses by $314 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $472 by choosing a $1,000 deductible. Younger drivers, like the Age 20 chart data, could lower their rates as much as $668 annually just by choosing higher deductibles. When increasing deductibles, it is important to have additional savings on hand to cover the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Can you find cheaper Philadelphia car insurance?
Philadelphia, PA insurance rates are determined by lots of factors which can substantially decrease or increase the policy price. Simply improving your credit, buying a new vehicle, or having an at-fault accident can trigger rate changes that can make some companies more affordable than the competition. And not only may your rating factors change, but companies change premium rates multiple times each year to help ensure profitability. Larger than normal claims can result in more expensive premiums, while profitable underwriting may result in lower-priced Philadelphia car insurance rates.
The bar chart below shows the companies that have the cheapest car insurance in Philadelphia, PA for a 30-year-old male driver with no violations or accidents, and a high credit rating. When comparing rates based on his current risk factors, General Casualty might offer the lowest car insurance rates in Philadelphia at $1,700 per year. This is $43 more than the average policy premium paid by Pennsylvania drivers of $1,657. Travelers, Penn National, Erie, and USAA are the remaining cheapest Philadelphia, PA auto insurance companies.
In this example, we will give the driver from above a chargeable accident, bad credit, and a few traffic violations. Since each company has a unique approach to set policy rates, getting updated rate quotes will most likely result in a new list of the cheapest Philadelphia car insurance companies as shown below.
Amica now has the best price in Philadelphia with Atlantic States, Donegal Mutual, Penn National, and GEICO completing the list. This example illustrates why Pennsylvania drivers need to perform an extensive rate comparison to get the best insurance rates for college students. Car insurance prices are determined by many things and can decrease or increase without notice, so the best option when you last compared rates may now be costing you a lot of money.
The agents shown below are a good start to aid you in deciding which insurance coverage will be best for you, since lots of drivers aren’t clear which coverage they need and would like to have the advice of a professional agent when trying to find the best insurance rates for students in college. It’s not always simple to do it yourself, so insurance agents licensed in the state of Pennsylvania can give you peace of mind knowing your coverage gives you adequate asset protection. To locate a Philadelphia auto insurance agent nearest to you, click the button at the bottom or click here to compare prices now.
Allstate Insurance: Bruce Datil
4201 I St – Philadelphia, PA 19124 – (215) 288-7992
Kevin Lowber – State Farm Insurance Agent
1347 E Hunting Park Ave – Philadelphia, PA 19124 – (215) 533-9010
Accu Insurance Agency
7010 Elmwood Ave – Philadelphia, PA 19142 – (215) 726-0270
K and A Insurance Agency
5520 Wayne Ave – Philadelphia, PA 19144 – (215) 991-4900
Michael DeCarlo – State Farm Insurance Agent
326 S 19th St Ste 2 – Philadelphia, PA 19103 – (215) 772-0100
How to find the cheapest car insurance for college students
The list below summarizes many thrifty ideas that can help you find lower-cost coverage.
- At-fault accidents can raise rates significantly
- Do not waste money insuring older vehicles for full coverage
- Buy safe vehicles
- Frequent claims may make car insurance unaffordable
- Buy your auto and home insurance from the same company and save
- Tickets and violations raise rates
- Shop around for cheaper prices
The last tip is particularly important, as we stressed in this piece. Rates can change significantly in a year, so don’t be hesitant to buy a different policy if a cheaper price is available.
Having a favorite company is fine, but it’s not a good idea if that devotion results in you overpaying money that could be used for better things. It only takes a couple minutes to compare prices and find cheaper insurance for college students in Philadelphia.