How College Can Cut Your Car Insurance Bill

CARAnother good reason to go away to school.

If you?re the parent of a student who?s attending college at least 100 miles from home, and who won?t be bringing a car along, call your insurance agent pronto. You may be due for a break on your auto policy.

Most insurers will either recalculate your premiums or give you a discount, says Jeanne Salvatore, chief communications officer at the Insurance Information Institute, an industry organization. Allstate, for example, says the discount can be as high as 30%.

Even if your student will be taking a car to college, you might still save, depending on where that college is. Insurers look at where a car ?resides? in determining premiums, Salvatore notes.

So, if the car will be moving from a busy city to a quiet college town, you could see a reduction in your premium.

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