Insurance discounts reward students+ academic effortsMarch 18, 1997
Insurance discounts reward students' academic efforts
By Allison Curlin
Other than getting good jobs, receiving scholarships or gaining acceptance into graduate schools, students now have one more incentive to make good grades--a discount on car insurance.
The Texas Department of Insurance recently approved the Academic Achievement Discount which grants full-time students maintaining at least a 3.0 grade point average a 10 percent discount on automobile insurance. Giving the student discount will be optional for individual agencies in Texas because current computer systems are not geared for this program and agents would have to give the discount manually.
'It could cost them a heck of a lot of money to change their computer systems,' Rosemary Perez of the Texas Department of Insurance said.
Some national insurance companies with Waco offices such as Safeco and State Farm will offer the discount, while Aetna and Allstate have not decided yet. Prudential, MetLife and Farmers Insurance will not offer the discount. The State Farm discount will not go into effect until June 1, but Safeco is already offering the program.
To be eligible, students must be licensed drivers in the state of Texas, under the age of 25 and classified as a 'youthful driver.' Students must turn in a grade report once a year and maintain a 'B' average.
'I pay about $1200 a year now in insurance, so that would save me $120,' Billy Bennett, a College Station freshman, said.
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