Car insurance advice for students
If you are attending university this year and own your own car you may wish to think twice about taking your car with you.
A simple change of address can increase your premium by thousands of pounds as found by price comparison site moneysupermarket.com.
In the table below are the premium prices for an 18 year old student male driver with a 53reg Vauxhall Corsa and one years no claims bonus.
| University | Postcode | Premium |
| University of Manchester | M15 6BH | £5,936.45 |
| Liverpool University | L69 3BX | £4,280.46 |
| University of Leeds | LS2 9JT | £3,733.25 |
| University of Birmingham | B15 2TT | £3,389.78 |
| Imperial College London | SW7 2AZ | £3,273.84 |
| Newcastle University | NE1 7RU | £3,147.59 |
| University of Sheffield | S10 2TG | £2,952.14 |
| Nottingham University | NG72NR | £2,783.32 |
| Chester University | CH1 4BJ | £2,533.30 |
| University of Sussex | BN1 9RH | £2,533.30 |
| King’s College London | WC2R 2LS | £2,532.79 |
| Oxford University | OX1 2JD | £2,494.63 |
| Cardiff University | CF10 3AT | £2,448.28 |
| University of Glasgow | G12 8QQ | £2,411.95 |
| University of Bristol | BS8 1TH | £2,308.07 |
| University of Bath | BA2 7AY | £2,140.59 |
| Durham University | DH1 3HP | £2,059.05 |
| Cambridge University | CB2 1TN | £2,000.73 |
| University of York | YO10 5DD | £1,976.07 |
| University of Edinburgh | EH93JG | £1,784.43 |
The University of Manchester tops the list with premiums just under an eye-watering £6,000. As we can see the cheapest university premiums are in Edinburgh so technically students living in Edinburgh could expect a massive £4,000 increase in their car insurance premiums just because they want to study in Manchester.
Peter Harrison of the price comparison site said “The change of address could increase students’ premiums, potentially pushing the total expense of running a car beyond what many can afford.”
On the flip side students in Manchester who wish to study in Edinburgh could save themselves £4,000.
Students are already getting a raw deal in regards to the increase in tuition fees and prices of food, drink and petrol.
How to save money on your student car insurance
There has never been a more important time for students to save money at every opportunity. Therefore we have put together a list of five top tips to help save you a fortune on your car insurance premiums.
- If you can afford to spend some money beefing up the security on your car this could reduce your premiums drastically. Adding an immobiliser or car alarm could help reduce your premiums.
- Take a pass plus course that teaches you advanced driving skills such as driving at night, in poor weather and on the motorway. It could save up to 10% off your premium.
- There are some insurers that can fit a device in your car that will measure how far you drive and at what times. Sticking to driving in the day, limiting your speed and covering less distance will help reduce your annual cost.
- Find an insurer that offers a no claims accelerator policy. This helps you get a full years no claims bonus in just nine months.
- No matter how tempting it may be do not modify your car in any way. Adding expensive alloy wheels, the latest sound system or even a bonnet bulge can increase your premium by hundreds of pounds.
Budgeting tips for students
Whilst we all could do with advice on managing our finances, some students could be in greater need as this may be the first time they have had to budget.
With student loans coming in, and lots going out on books, shopping, petrol and car insurance it can be all too much for some students.
The video below offers advice on managing your money whilst at university without having to miss out on any fun.
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