Hat tip to Talitha Oliveri for pointing out this auto insurance comparison site (we had been looking for one like this for years that didn’t require setting up an account!!!). Your students are required to enter the following information, which will help them understand the factors that impact insurance rates, and they receive actual quotes from leading insurance companies:

• Car information
  • Type of car
  • Leased vs. financed
  • Purpose of vehicle
  • Miles driven
  • Anti-theft device (yes/no)
• Driver information
  • Gender
  • Date of birth
  • Educational level
  • Marital status
  • Military (Y/N)
  • Housing (Rent or Own)
  • Currently insured (Y/N)
    • If yes, lists a bunch of insurance companies
  • Age of first license
  • In the past three years, have you had a moving violation or been in an at-fault accident (e.g. speeding, DUI)?

I created a spreadsheet to allow you to create a variety of scenarios for your students. I created one example using a typical used car, Honda Civic EX with my current zip code.  I then changed one variable at a time to see how the monthly premium changed. The four variables I changed were:

• Changed from Male to Female
• Changed birthdate to change age from 17 years old to 21 years old
• Added auto infraction within the past three years to YES, DUI >0.08, January 2017
• Changed car to 2016 Masserati Quatroporte 8 cylinder 4D Sedan

You also could have the students work with their parents to use their actual family situation to see how adding them as an additional driver impacts the quotes that they receive from carriers. Jessica assures me that she will be incorporating an activity like this into the one-semester course. Enjoy!

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Interested in more insurance ideas for your students? Here’s a popular Question of the Day: How Much Do Auto Insurance Premiums Rise When A Teen is Added To the Policy?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.