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If you’re the parent of a student driver, finding affordable car insurance is likely a top priority. Adding a college student to your insurance policy can drive up the cost of premiums, since they’re generally considered high-risk drivers. And students who purchase their own policies usually pay much more to get covered than when they’re added to a family policy. But there are ways to lower car insurance costs, from choosing a higher deductible to insuring your student based on mileage.

As you shop around, it’s important not to focus only on premiums. In case of an accident, coverage levels and deductibles can make an “affordable” policy suddenly seem quite pricey. We’ll walk you through the process so you can get the most for your money.

Recommended: How to Lower Car Insurance

What Is the Most Affordable Car Insurance?

There’s no one answer that applies to all drivers in all states, because insurers set different prices based on proprietary risk profiles and algorithms. But generally speaking, the cheapest affordable car insurance will be a policy with minimal coverage.

Finding affordable car insurance for college students can be especially challenging, since insurers tend to view them as being higher risk. A student doesn’t need to have accidents or tickets on their driving record to land in the high-risk category. They simply have a short driving history, which works against them.

A comprehensive policy will be more expensive than one that carries the minimum coverage required by the state. Although it can be cheaper to skip full coverage for a college student, keep in mind that they might incur higher out-of-pocket costs for repairs if they’re involved in an accident.

Recommended: How to Get Car Insurance

Does a College Student Need Their Own Car Insurance Policy?

One of the most important questions to ask for personal insurance planning with kids is whether your student will stay on your policy or get their own. The answer depends on their living arrangements while they’re in school. If you have a student listed on your policy and your home is their permanent residence, they should be able to remain on your policy — even if they’re temporarily living in a dorm or off-campus apartment.

Parents’ coverage can still apply to a student’s vehicle if they’re taking it with them to school, even in another state. The insurance company may, however, adjust the premiums for the vehicle based on where it’s located and being used, not where it’s registered.

If a student moves out of their parents’ home and sets up their own permanent residence somewhere else, then they need to purchase their own car insurance policy. Car insurance is typically priced based on the vehicle the student drives, so if they have an older car they may still be able to find affordable car insurance on their own.

Recommended: 10 Tips for the Cheapest Way to Rent a Car

How To Find Affordable Car Insurance for College Students

The best place to start is often with your current car insurance company. Your insurer can walk you through how much it might cost to keep your student on your policy versus having them purchase their own policy. They can also advise you on how much coverage is appropriate to have, based on your student’s driving history and habits, and the condition of their vehicle.

Next, you can shop online to compare car insurance options for students. Getting quotes from multiple insurers is helpful, since you can compare that to what you’re paying currently to see whether any cheaper options exist. You may find that it’s more cost-efficient to move your policy elsewhere so that your child can benefit from cheaper rates.

When weighing insurance carriers, don’t focus solely on the premiums. While that number is important, since it determines what you’ll pay monthly or annually for insurance, it’s not the only cost to consider. You’ll also need to weigh the deductible, which is an amount you or your student must pay before your coverage kicks in.

There are two basic types of deductibles: high or low. Choosing a higher deductible can reduce premiums but means you’ll pay more out-of-pocket if you need to file a claim. A lower deductible can be more manageable for a college student who doesn’t have much savings, but the trade-off is a higher monthly premium.

Even if you’re adding your student to an existing family policy, review the policy and costs with them in some detail. It’s a good opportunity for students to learn about car insurance terms, financial decision-making, and the price of living independently.

Recommended: Does Auto Insurance Roadside Assistance Cover Keys Locked in a Car

Ways To Save Money on Car Insurance

Car insurance costs aren’t necessarily set in stone. There are several ways parents and students can make it more affordable. Here are some practical tips on how to lower car insurance:

•   Ask about discounts. Many car insurance companies offer discounts for students who earn good grades or complete driver education training. Safe driving discounts may also be an option for students with a good driving record.

•   Keep up with maintenance. Keeping your student’s car in good shape can help reduce the risk of an accident caused by a malfunction. You can try saving on car maintenance costs by doing basic things like oil changes or fluid top-ups yourself.

•   Get insured by mileage. Some car insurance companies base their policies on how many miles you drive. If your student is staying close to home and has a fairly short commute to school and work, then you can potentially find affordable car insurance that prices policies based on mileage.

•   Look for group discounts. If you belong to a professional or business association, or an alumni group, for example, you may be able to get a discount on insurance just for being a member. Warehouse clubs can also offer car insurance discounts to members as well.

•   Encourage safe driving. Accidents can make your premiums skyrocket, so it’s a good idea to go over the basics of safe driving with your student. You may also want to enroll them in a defensive driving class to help them feel more comfortable on the road.

•   Look online. You might start your search for good affordable car insurance with your brick-and-mortar insurer, but it’s also helpful to consider what online insurance companies have to offer. You may be able to find cheaper rates on car insurance for students online versus traditional insurance companies.

Recommended: How Much Does Insurance Go Up After an Accident?

Consider Bundling Insurance for College Students

Here’s one more thing to add to your list of insurance tips for first-time drivers: Try bundling. Bundling car insurance with other types of insurance is another opportunity for college students to save money. If your student is getting their own car insurance, they can help keep costs down by bundling it with renters insurance or life insurance.

Renters insurance covers personal belongings when you live in rental housing. It can also provide personal liability protection and pay your day-to-day living expenses if you have to seek temporary housing because your rental unit is damaged.

Life insurance can pay out a death benefit to beneficiaries after the insured dies. A young, healthy college student may not see an immediate need for life insurance, but it can come in handy if they’ve taken out student loans. Students who cosigned loans with a parent, for example, can take out a policy and name their cosigner as beneficiary. That way, parents aren’t left having to pay back the loans themselves.

Recommended: How Long Do You Have to Have Life Insurance Before You Die

The Takeaway

Students who purchase their own policy usually pay much more than when they’re added to a family policy. Either way, you can offset higher premiums by considering less liability coverage, a higher deductible, or a policy based on your student’s mileage. And make sure to ask your insurer about discounts for good grades, defensive driving classes, and company affiliations.

You can simplify your search by getting a quote for auto insurance online with SoFi. We’ve teamed up with Experian to provide free car insurance quotes online so you can find a great deal. You can match up your current coverage to compare rates, pick the option that looks right, and buy coverage all in one sitting.

Get an auto insurance quote with SoFi in minutes!

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Auto Insurance: Must have a valid driver’s license. Not available in all states.
Home and Renters Insurance: Insurance not available in all states.
Experian is a registered trademark of Experian.
SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Editor's Note: For the latest developments regarding federal student loan debt repayment, check out our student debt guide.

President Joe Biden’s plan to forgive up to $10K or $20K of a borrower’s federal student loan debt may have tax implications at the state level. Under the American Rescue Plan Act of 2021, virtually all student loans forgiven in the years 2021 through 2025 are excluded from federal income taxation.

State tax forgiveness is another matter, however. States are not prohibited from imposing and collecting taxes on federally forgiven loans. Read on to learn the tax implications that residents of Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, West Virginia, and Wisconsin may face.

Tax Implications by State

Most states have no plans to tax Biden’s student loan forgiveness plan, according to the Tax Foundation, a nonprofit policy group. But at least eight states may consider federal student loan forgiveness to be taxable: Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina, West Virginia, and Wisconsin. Taxpayers in these states may have to pay hundreds of dollars more in state income tax if they receive thousands of dollars in federal student debt relief.

The Biden administration’s forgiveness plan would provide up to $10K in debt relief to federal student loan borrowers with annual incomes below $125,000 ($250,000 for married couples). Some borrowers may qualify for $20K in debt forgiveness if they’re Pell Grant recipients who fall below the income cap.

Here’s more information about the states that may tax debt forgiveness:

Arkansas

Arkansas does not automatically follow federal tax code changes. This means Arkansas may collect taxes on federally forgiven student loans.

The Arkansas Department of Finance and Administration in a local news report suggested the state is reviewing whether Biden’s debt relief plan carries statewide income tax implications.

California

California does not conform to the student loan forgiveness provisions under the federal American Rescue Plan Act of 2021, according to the Tax Foundation. That means Californians who receive $10K or $20K of debt relief from the Biden plan may have to pay state taxes on the amount forgiven.

Indiana

The Indiana Department of Revenue plans to tax federal student loan forgiveness, according to the Associated Press. Unless state lawmakers change the law, Pell Grant recipients in Indiana could owe about $646, the AP reported.

Minnesota

After President Biden and Vice President Kamala Harris championed their broad student loan forgiveness plan, the state of Minnesota acknowledged state tax implications.

In a note posted on the Minnesota Department of Revenue website as of early September 2022, the state said student loan forgiveness under the Biden-Harris Administration “is included as taxable income on a Minnesota individual income tax return and does not qualify for a subtraction under current Minnesota law.”

Minnesota lawmakers in local news reports have suggested they may change the law to remove the state’s income tax implications.

Mississippi

Mississippi plans to tax the $10K or $20K of federal student loan forgiveness that qualified borrowers may receive in the near future, according to published news reports.

State lawmakers could amend Mississippi’s law to eliminate the income tax liability, but at the moment, Mississippi’s elected leaders have not indicated whether they would do that.

North Carolina

The North Carolina Department of Revenue said federal student loan forgiveness is considered taxable income under state law until further notice. “The Department of Revenue is monitoring any further enactments by the General Assembly that could change the taxability of student loan forgiveness in North Carolina,” the state’s Department of Revenue said in an online post dated Aug. 31, 2022.

West Virginia

West Virginia may tax Biden’s debt forgiveness, according to the Washington Post. West Virginia is reportedly seeking guidance from the IRS on whether it should treat federal student debt relief as income. It’s not clear where West Virginia might end up on the issue.

Wisconsin

Wisconsin may tax federal student loan forgiveness, according to the Tax Foundation’s independent analysis. Local news reports suggest Wisconsin’s Democratic governor supports a legislative change to remove the tax liability issue, but at least one Republican state legislator went on record to oppose such a change.

Other Biden Administration Plans

The federal government offers income-based repayment plans that may lead to loan forgiveness after 20 or 25 years. The Biden administration, however, is proposing a rule that may allow some borrowers on a federal income-driven repayment plan to have their loans forgiven after 10 years.

The Income-Contingent Repayment or ICR plan may cap a borrower’s monthly payment at 20% of their discretionary income in many cases. The Biden administration’s proposed rule would allow some federal student loan borrowers to have monthly payments as low as 5% of their discretionary income.

Impact of Student Loan Refinancing

For those wondering how refinancing affects forgiveness, you won’t be eligible for federal student loan forgiveness if you refinance your student loans with a private lender. What you can do, however, is consider student loan refinancing after taking advantage of your federal options.

Biden’s loan forgiveness plan stops far short of the $50,000 student loan cancellation that some progressive Democrats advocated. This means borrowers with $50,000 of federal student loan debt could refinance their remaining balance after receiving partial forgiveness from the Biden plan.

Refinancing federal student loans may provide borrowers with a lower interest rate, but these borrowers would also be forfeiting other federal benefits they might be eligible for. Public employees with federal student loans, for example, may benefit from the Public Service Loan Forgiveness program. The PSLF program is not available to borrowers who refinance student loans.

Recommended: Will Refinanced Student Loans Be Forgiven?

Federal Tax Break For Paying Student Loans

Eligible taxpayers who have paid interest on a qualified education loan may claim a deduction on federal income taxes, including a tax deduction on refinanced student loans. The student loan interest deduction can reduce your taxable income by up to $2,500 during an annual tax period.

Recommended: Are student loans tax deductible?

Is Private Student Loan Forgiveness Possible?

The difference between private student loans vs. federal student loans is that federal student loans come from the U.S. Department of Education, whereas private student loans come from banks, credit unions, and other private lenders not affiliated with the federal government.

Lenders of private student loans generally have no obligation to offer private student loan forgiveness. Private lenders, however, may reach debt settlement agreements with delinquent borrowers.

Private student loan debt settlement may include partial debt forgiveness, which may qualify as taxable income at the state level. Forgiveness of private education loans are temporarily excluded from federal income tax for the years 2021 through 2025.

The Takeaway

Student loans forgiven before January 2026 are excluded from federal income taxation, but they may be taxable at the state level for some borrowers. At least eight states may consider taxing federal student loan forgiveness. Be sure to check out the requirements of your state.

If you’re carrying more than $20,000 of student loan debt or earn too much money to qualify for Biden’s loan forgiveness plan, student loan refinancing may be right for you. Refinancing what’s left after receiving $10K of forgiveness may allow you to save money before rates rise even higher. You can check if you prequalify and view your rate without impacting your credit score.

Explore student loan refinancing with SoFi.

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SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Parents pay an average of $177 more monthly when they put a teen driver on their auto insurance policy, according to data from Quadrant Information Services. Insurance companies bump up teen driver rates because they represent significantly more risk for claims compared to older drivers. However, parents can help defray insurance costs by practicing safe driving with their teen and looking into the many available discounts.

We’ll do a deep dive into how much car insurance is a month once your teen starts driving. Keep reading to find a breakdown of costs by state and the factors that affect insurance pricing.

Why Auto Insurance Rates Are So High for Young Drivers

Many teens are highly responsible and conscientious behind the wheel. Unfortunately, statistics support the stereotype of young drivers being less safe: Beginner drivers ages 16 to 19 are almost three times more likely to get into a fatal crash than drivers 20 and older. Whether it’s due to recklessness or just lack of confidence and comfort on the road, youth often leads to more insurance claims.

As a result, auto insurance companies charge higher rates for inexperienced drivers. Parents who are doing some personal insurance planning should expect much higher premiums for several years.

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Age at Which Car Insurance Rates Drop Significantly

As teens mature and gain experience on the road, rates drop. So, how much is monthly car insurance for a 16-year-old versus a 20-year-old? That depends on many factors, including their city, state, gender, and vehicle type.

On average, monthly coverage for a 16-year-old costs $534 for female drivers and $599 for male drivers on their own policy. When a driver reaches 20 years old, the rate drops to $258 for female drivers and $295 for male drivers. Once a driver turns 25, their rate will continue to decrease as long as they have few to no claims.

The cost will go on dropping until age 60, at which point prices may start increasing again. Just as younger drivers generate more insurance claims, the oldest drivers do as well.

Recommended: How to Get Car Insurance

Factors Besides Age That Impact Car Insurance Costs

Insurance companies use age as a primary factor in determining risk, but there are additional considerations. Keep these in mind if you’re wondering how to lower car insurance costs for your family:

•   Insurance types and limits. How much coverage you want or need will affect the cost. For example, collision, medical expenses, and gap coverages cost more than the barebones liability coverage required in many states. (If you’re unfamiliar with insurance terminology, this list of car insurance terms can help.)

•   Deductible amount. All types of deductibles in insurance have an inverse relationship with premiums. In other words, if you want a lower rate, you can opt for a higher deductible.

•   Past issues with insurers. For example, if you missed payments with other insurance companies or have gone without car insurance for months at a time, your current auto insurer will assess you as a higher-risk customer.

•   Insured vehicle. The costs to fix luxury and economy cars vary widely. In addition, some cars suffer theft more often. Your insurer will take your vehicle type into account when assigning an insurance rate.

•   Location. Your zip code affects factors such as weather, crime, and repair costs.

•   Personal characteristics. If you’re married and own a home, your insurer will likely charge you a lower rate. In addition, your education level, career, and gender can impact insurance rates.

Recommended: How to Lower Car Insurance

Is Age the Biggest Factor for Car Insurance Rates?

Typically, age will be the most significant factor for car insurance rates, regardless of driving record. Still, age is only one part of the calculation: A driver with a history of accidents and traffic violations will see their rates skyrocket, no matter their age.

Age influences rates more than other considerations partly because of teenage driving habits: Driving at night and on weekends, forgoing seatbelts, texting while driving, and drunk driving all correlate with younger drivers.

Another factor affecting car insurance rates is gender. Although several states have outlawed using gender to set auto insurance rates, insurers in the remaining states base rates on how often men and women get into accidents. For example, recent statistics show women are half as likely as men to die in auto accidents, so they often receive lower rates.

State Insurance Coverage Requirements

Each state has its own laws setting minimum insurance coverage for drivers. That’s one reason why car insurance rates vary significantly from state to state. Idaho, Maine, and Ohio lead the country in least expensive car insurance. At the other end of the spectrum, the most expensive states for car insurance are Delaware, Florida, and Louisiana.

One of the key insurance tips for first time drivers is to only pay for what you need.

Non-Owner State Minimum Liability Only

Not owning a car usually means you don’t need car insurance. But if you regularly rent or borrow vehicles, non-owner liability insurance can cover you in case you inflict property damage or bodily injury through an accident. Average non-owner premiums range from $14 per month in South Dakota to $83 in New Jersey.

State Minimum Liability Only

Every state varies in its stipulations, but usually, you will have to purchase an auto policy covering bodily harm and property damage. The level of coverage is indicated by three numbers.

California’s minimum required coverage, for example, is 15/30/5. That represents $15,000 of bodily injury coverage per person, with a maximum of $30,000 per accident, and another $5,000 for property damage per accident. That’s on the low side. Maine and Alaska have the highest minimum requirements, with 50/100/25.

Drivers in California will pay an average of $49 a month for minimum liability, while in Maine they’ll pay just $35 — despite the better coverage.

Recommended: How Much Does Insurance Go Up After an Accident?

50/100/50 Liability Only

This form of liability insurance covers up to $50,000 of bodily injury for others, with a maximum payout of $100,000 per accident. An additional $50,000 of coverage goes toward property damage for others involved in the accident.

100/300/100 Liability with $500 Comp/Coll Deductible

Also known as full coverage, this policy grants $100,000 for bodily injury with a maximum of $300,000 per accident. Plus, the policy will pay up to $100,000 for damage to other people’s property. Lastly, you’ll receive comprehensive and collision coverage with a $500 deductible.

How Much Is Car Insurance by the Month?

On average, car insurance costs $144 per month for full coverage and $53 per month for minimum liability coverage across the country. However, as noted above, your monthly car insurance premium will depend on a host of factors, including age, driving record, and state.

Average Car Insurance Rates for Young Drivers

When adding a young driver to a family policy, parents should brace themselves for a substantial increase. To give you an idea of what to expect, the table below shows the monthly insurance premiums for a 16-year-old girl in every state (boys pay a bit more). The first figure shows how much she’d pay on her own policy, and the second is the upcharge to add her to the family policy.

State	Teen Policy	Add-on to Parents’ Policy
Alaska	$428	$135
Alabama	$527	$134
Arkansas	$597	$164
Arizona	$618	$190
California	$521	$240
Colorado	$624	$167
Connecticut	$806	$129
Washington, D.C.	$576	$139
Delaware	$873	$128
Florida	$906	$264
Georgia	$554	$147
Hawaii	$126	$5
Iowa	$380	$93
Idaho	$443	$104
Illinois	$635	$162
Indiana	$440	$128
Kansas	$464	$124
Kentucky	$715	$206
Louisiana	$1,086	$343
Massachusetts	$589	$164
Maryland	$478	$181
Maine	$363	$125
Michigan	$683	$320
Minnesota	$408	$139
Missouri	$700	$235
Mississippi	$523	$153
Montana	$577	$147
North Carolina	$325	$166
North Dakota	$551	$100
Nebraska	$577	$135
New Hampshire	$452	$107
New Jersey	$750	$200
New Mexico	$499	$143
Nevada	$767	$202
New York	$512	$168
Ohio	$395	$107
Oklahoma	$597	$165
Oregon	$465	$139
Pennsylvania	$657	$164
Rhode Island	$843	$210
South Carolina	$544	$184
South Dakota	$479	$93
Tennessee	$533	$142
Texas	$670	$204
Utah	$622	$202
Virginia	$450	$160
Vermont	$331	$113
Washington	$476	$165
Wisconsin	$543	$209
West Virginia	$547	$166
Wyoming	$475	$135

Data courtesy of Quadrant Information Services.

Recommended: The Cheapest Way to Rent A Car

Is it Possible to Lower Car Insurance Rates for Young Drivers?

While putting your teen on your auto policy will inevitably raise your premiums, you can mitigate the rate hike in a few ways:

•   Maintain one family policy. Although adding a young driver to your policy is costly, opening up a separate policy for your teenager costs even more. Generally, having multiple drivers on one policy is cheaper than multiple policies. Ask your insurer for quotes for both scenarios to ensure you’re getting the best deal.

•   Rack up the discounts. Many insurers provide discounts to students who maintain at least a B average. College students can qualify for an additional discount, especially if they don’t have a car and their school is at least 100 miles away from home.

•   Compare policies. Shopping around for a better deal can save you hundreds, if not thousands of dollars.

Are There Discount Insurance Providers?

While there is no dollar store version of an auto insurance company (no, not even online insurance companies) most companies offer discounts to teen drivers:

•   Incident-free driving. Incident-free means no accidents or tickets.

•   Driver tracking. Many insurers have implemented programs that track driving habits through a device installed in your car. Teens who avoid speeding or braking hard can receive a discount.

•   Driver education. Teens who take courses in safe driving can earn money off their parents’ policy.

•   Student discounts. High school and college students can earn discounts for receiving good grades, or for going to school 100 miles away with no car.

The Takeaway

Younger drivers pay considerably more for car insurance than older drivers. For example, the nationwide average cost of insurance for a 16-year-old girl, when added to her parents’ policy, is $345 per month. That isn’t bad compared to what the same girl would pay for her own policy: $565 per month. Car insurance premiums tend to drop at ages 20 and 25, assuming drivers have a clean record. By the way, men generally pay more than women until age 35.

SoFi’s online tool makes looking for the best deal on auto insurance easy. Compare rates among the top insurers in your area, and see quotes in a matter of minutes.

See real rates, with no bait and switch.

FAQ

Does car insurance vary by age?

Yes. Car insurance costs vary by age because younger drivers present more risk for insurance companies. Statistics show that the older the driver, the less chance they have of getting into an accident or filing a claim.

At what age is car insurance cheapest?

Car insurance is cheapest for drivers in their 50s. Insurance costs typically decrease with age. However, upon turning 60, insurance costs start to creep up again.

Is male or female car insurance higher?

Typically, men are charged higher car insurance prices than women. Statistics show that younger men get into more accidents, speed more often, and drive under the influence of alcohol more frequently than women. However, starting at age 35, men and women receive almost identical rates.

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Photo credit: iStock/RyanJLane

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SoFi is compensated by Gabi for each customer who completes an application through the SoFi-Gabi partnership.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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