SIFE Financial Corner

U-News Staff

Car buying advice Insurance tips

Whether used or brand new, every vehicle requires auto insurance.

There are several important things to consider when purchasing car insurance. The right company, price and discounts are a just a few important factors.

There are a variety of ways to save money if you are college student, so when researching, consider the following:

Keep your options open to at least three to four car insurers.

This can help save money by comparing different companies and what they cover.

Not sure which one to choose? Consider getting under the same insurance company as a family member, because some insurance companies will provide discounts.

  • Knowing what your insurance covers will also help save money. It’s mandatory in all states for a vehicle to have a minimum of liability insurance. Even though the insurance covers one vehicle, different factors increase the total cost like the price of the collision coverage, medical payments and property damage liability.
  • While it is dangerous to be underinsured, having too much insurance can also be an expensive mistake. Without insurance, personal property is at risk if an accident is your fault.
  • Some insurance companies allow student eligibility for student discounts. Ask the insurance company about discounts for student status. There may be a mandatory class for the discount crash course at a local driving education class.

The SIFE Financial Corner is created by members of UMKC Students in Free Enterprise.

For more information, find us on Facebook and Twitter, or attend our weekly 7 p.m. Tuesday meetings in the Brookside Room of the Administrative Center.