Students generally get a rough deal when it comes to motor insurance. One way to avoid high premiums is to be insured under your parents but even then costs can mount up, especially for younger males. New drivers are also being hit with added fees and insurance taxes. A report compiled by The Insurance Institute of Michigan and the Michigan State police revealed that younger drivers are twice as likely to crash as older motorists. 12% of drivers aged 16 – 24 are involved in traffic accidents each year, over double that of drivers aged 55+. The insurance website states: “A younger person who is the principal driver of a motor vehicle typically pays 40 to 200 percent more for coverage than older drivers.”

One way to ensure a low rate is to be deemed a safe and competent driver. By educating younger drivers they not only receive discounted rates, but learn road safety. Many well-known insurance companies offer reduced fees to drivers who have completed driver’s education classes. Unbelievably, they also offer discounts to students with good grades.

These leading companies offer the following discounts:

Allstate – Good Student Discount

Geico – Driver’s Education and Good Student Discount

Nationwide – Drivers Education and Good Student

AAA- Good Student

State Farm – Defensive Driving Class and Good Student

Esurance – Good Student

While this will vary by state and provider, EDU in review.com states: “Most insurance companies define “good student” as anyone under age 25 in high school or college who maintains a 3.0 GPA or better with a full-time enrollment status. State Farm extends that to students ranked in the top 20 percent of their class and students on the Dean’s List or honor roll.”

If you are finding your insurance rates too high then return to the classroom for a few hours, save money and keep yourself and those around you safe.