What you need to know about College and Insurance.
If you are about to head off to college and begin your independent life, the last thing that may be on your mind is insurance. We are here to tell you that it should definitely be on your to do list when preparing to go.
You may be deciding whether or not take your car with you or if you should have your own policy. There are definitely pros and cons to both, and hopefully, we can help you decide what is best for you and your family.
Staying on Your Parents Policy
This is the most common practice for college students who still live at home during the summer. There are many discounts available, and since you or your parents may be getting ready to acquire student loans, this should be at the forefront of your mind. Some policies offer discounts if you get good grades. Others offer a discount if you decide to leave your car at home with your parents if your school is over 100 miles from your home. If you took a driver training course, you might also be eligible for a discount. If you decide to take a car with you, then choose a safe and reliable vehicle. There may be even more discounts for this.
Getting Your Own Policy
If you are trying to assert your independence, you might want to get your own policy. There are so many factors that go into this process. Your credit score, type of car, the location, your driving record, and age are all things that are factored into price and eligibility. Often it will be cheaper for you to stay on your parents’ policy as long as you are still a resident of their home.
The optimum time to get your own auto insurance is policy is after you turn 25 as the rates can significantly drop. This is due to your age and driving experience. We can shop around and figure out what option is best for you.
Tips for Having Your Car at Campus
- Do not let anyone else drive your car; you are ultimately responsible for it
- Do not leave valuables in your car
- If you have an iPod in your vehicle, engrave it with your name which will deter theft
- Always lock your car
- Don’t drink and drive
College students haul off to school a costly array of personal possessions. In addition to clothing, furniture, and books, many also will bring expensive personal electronics and sports equipment. With the cost of tuition rising, the last thing students or their parents want to do is to have to pay to replace costly items due to theft, fire, or another disaster.
Will my parents’ plan cover my personal items?
Your personal items that you take with you to campus will almost always be covered under your parents’ homeowners’ insurance policy. (but check with your agent just to make sure.) That being said, it may still be a good idea to purchase a renters insurance policy. Because each situation is different, you have to evaluate it and decide what is best for you.
If you need student loans to help with tuition, it is a perfect time to purchase life insurance. Some loans are not forgiven if an unexpected tragedy should occur. Your parents will not want to deal with that if they lose you. Plus, the younger and healthier you are, the cheaper it is. There is no better time to purchase life insurance.
Now is the time that the rest of your life is beginning. Remember to evaluate your insurance needs now before you get so involved in life that you forget and it is too late. Contact us today to help you sort through it all.