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The average college or university student doesn’t have a lot of cash to spare, yet this demographic is hit with some of the highest car insurance rates in Australia.
Read on to find out how to get access to discounted car insurance for students and how it works.
Traditionally high car insurance rates for students are the result of a few different factors, including the typical age of students, the student party lifestyle and the fact that many college and university students are likely to be P Platers without much driving experience.
However, just because you’re a college or university student doesn’t mean you need to put up with expensive insurance.
Not only can you scale your insurance to fit your budget, but the introduction of telematics insurance products to Australia means that it now may be possible to get cheaper car insurance for students by tracking your driving and proving that you’re a responsible driver.
Which car insurance may be best for students?
There are a few student car insurance plans available on the market, and which of these you choose depends on things including: your budget, what kind of car you drive, whether the vehicle is fully paid up, and how much cover you want in the event of an accident.
Car insurance policies options for college students don’t differ from what is available to the general public.
Four types of car insurance policies for college students are available on the market:
Compulsory Third Party (CTP) insurance
As discussed, CTP insurance ensures that anyone involved in an accident in Australia is covered for their medical expenses.
In the majority of Australian states, this is provided by a state insurer and charged along with your car registration fees when you register a car for the first time, or when you renew your car registration.
Residents of Queensland and New South Wales are able to shop around for their CTP insurance.
Third party car insurance
Third party car insurance covers damages to third party vehicles or property in the event you’re responsible for an accident.
This can protect your from potentially massive claims by third parties if you damage their vehicle or property in an accident, but will not cover any damage to your own car.
Third party fire and theft
Third party fire and theft insurance not only covers damage to third party vehicles and property, but also provides some cover for your own vehicle.
You’ll be able to claim if your vehicle is stolen or damaged by fire.
If your car is damaged in an accident, you will be unable to claim from your insurer.
Comprehensive or full cover car insurance
Comprehensive cover may be the best of the car insurance options for college students.
While it is pricier than the other options, it covers you for third party claims, theft of your vehicle as well as damage to your car caused by accidents, weather or fire.
Comparing types of student car insurance in Australia
|
Type of Insurance |
Damage to your car |
Theft of your car or fire damage |
Damage to 3rd party property |
3rd party injury or death |
|---|---|---|---|---|
|
Compulsory Third Party (CTP) |
|
|
|
|
|
Third party property |
|
|
|
|
|
Third party property, fire & theft |
|
|
|
|
|
Comprehensive |
|
|
|
|
Car insurance rates for students
Car insurance rates are influenced by a wide range of factors, but use of a test case allows for some insight into student car insurance rates.
The table below reflects average car insurance rates for a 19 year old male and female.
|
State |
Male |
Female |
|---|---|---|
|
ACT |
$1303 |
$1374 |
|
NSW |
$1603 |
$1608 |
|
NT |
$2640 |
$2142 |
|
QLD |
$1251 |
$923 |
|
SA |
$965 |
$1026 |
|
TAS |
$1113 |
$1126 |
|
VIC |
$1633 |
$1661 |
|
WA |
$818 |
$834 |
How these rates were calculated
Average insurance rates were calculated by obtaining a range of online quotes.
The four lowest premiums for each gender were used to calculate averages. Quotes reflected pricing on www.comparethemarket.com.au for October 2018.
The car used for quotations was a white 2018 Toyota Yaris 1.3 mpi five door hatchback with manual transmission and petrol engine.
No additional accessories or factory/dealership options selected. Car parked in a garage overnight. No existing accident or hail damage, and car financed by lease.
For all drivers estimated driving mileage was set to 6,000 km annually, and drivers indicated as having no prior claim history.
Identical residential addresses were used for each gender and age group in the relevant state or territory.
Insurance discounts for college students
While students may get discounts on a variety of services and facilities, this may not be the case when it comes to getting car insurance from traditional insurers.
Fortunately telematics has made insurance discounts for students potentially possible for the first time.
By tracking their driving with the UbiCar mobile app and signing up for cover, students can potentially get insurance discounts for good driving.
How it works:
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UbiCar ‘How you Drive’ Comprehensive Car Insurance and UbiCar ‘Pay per km’ Comprehensive Car Insurance are underwritten by RAC Insurance Pty Limited (ABN 59 094 685 882; AFSL 231222) (RACI). UbiCar Insurance Pty Limited (ACN 616 438 503; ABN 83 601 223 858; AFSL 469073) (UbiCar) arranges and manages these insurance products on behalf of RACI.
UbiCar ‘Pay per km for Hyundai’ Comprehensive Car Insurance is underwritten by RACI. UbiCar arranges and manages this insurance product on behalf of RACI. In arranging this insurance Hyundai Motor Company Australia Pty Limited (ACN 58 008 995 588) of 394 Lane Cove Rd, Macquarie Park NSW, 2113 (Hyundai) act for UbiCar, not you. Hyundai and its representatives, as well as your Hyundai dealer have been authorised by UbiCar as its general insurance distributor to deal in this product. They are not authorised to provide any advice on this insurance. If you purchase this insurance Hyundai receives a commission from UbiCar.
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