College students love cars. The freedom! The love of the road! The unmentionable things that go on in the back seat!
And the cost of student auto insurance. Okay, that's one thing that students dread about buying a car. Why? Plain and simple, young people pay an arm and a leg for auto insurance.
A typical student will fork out from $3,600 to $13,800 a year, depending on the car, driving record, age, and city and state where the vehicle is operated.
"When it comes to student auto insurance, I feel bad for young people, they haven't got a chance," states Cathy Ryan, an independent agent for Hudson & Muma, an insurance company in Detroit.
A college student living near a big city, such as Los Angeles, New York, or Chicago, who drives a sports car such as a Mustang convertible and has a DUI (Driving Under the Influence of drugs or alcohol) or DWI (Driving While Intoxicated), will get rated as a high insurance risk. Add a speeding ticket or two, as well as an accident, and you're looking at paying the highest insurance rates possible.
Even if you are a good driver who happens to sit behind the wheel of a sports car, watch out!
"Young people who go out and buy a Mustang, a Camaro, or a Firebird, they're going to pay through the nose," warns Ryan. "Young people love sporty cars, but the truth of the matter is your insurance company is going to nail you if you drive one."
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