Your Child Got into College? Don’t Forget to Tell Your Insurance Agent!
So, your son or daughter got into the university they wanted. This exciting and emotional time is also a major change to your family’s risk profile, and so requires some adjustments to your insurance plan. In order to properly cover your student, we need ask a few questions.
Is your student taking a car to college?
If yes, you’ll need to update the vehicle’s garaging address, you should review your liability limits, and you may qualify for a Good Student Discount.
Garaging Address
Changing the garaging address means letting the insurance company know the location at which the vehicle will be parked most often. Because rates are often dependent on zip code, this type of change can have an impact on your premium.
Liability Coverage
If you’re sending your student to school with a car, you should have at least $250,000 in liability coverage. Increasing your liability limits is relatively inexpensive and helps shield your family from a major financial blow in the event any drivers on your policy are involved in an at fault accident. A liability umbrella can be purchased to further increase your coverage up to a million dollars or more.
Good Student Discount
If your student is under 25 and achieves a 3.0 grade point average or better, they qualify for a discount! In order to retain this discount, you must furnish proof every semester but with savings up to 15%, it’s worth it!
If you’re keeping the car at home, you might qualify for a Student Away at College discount. It’s also a good time to review the coverage on your student’s vehicle.
Student Away at College Discount
In order to qualify for this discount, your child’s school typically needs to be 100 or more miles from home. This discount lowers your premium because it lets the insurance company know your child won’t be driving often but it still provides coverage for when they’re home over Christmas or spring break.
Physical Damage Coverage
If your student isn’t bringing their car along, will it still be driven regularly? Is the car worth enough to require physical damage coverage? If not, dropping full coverage is worth consideration. Check out this article for more info on what full coverage is and whether or not you need it.
Is your student living on campus? Are they attending classes full time?
If your child is living on campus and attending classes full time, your homeowner’s insurance will typically extend personal property and liability coverage to them. If, however, they’re living off campus, attending classes less than full time, or they’ve changed their legal address, they’ll likely need a separate policy. Renter’s insurance provides protection for personal property, such as laptops, books, clothes, furniture, and more, as well as coverage for injuries to another person. If a visitor is hurt in your student’s apartment and your child is at fault, renter’s insurance can help cover the bill. Often costing less than a dollar per day, renter’s insurance provides a lot of protection for a low cost.
As you prepare to drop your new student off at school, there are a lot of emotions and errands to work through. Don’t sweat your insurance…simply contact Atlas. We’ll review your coverage, ensure your family has the protection you require, and apply any discounts you qualify for. Our experienced agents and staff are here to help make your life a little bit easier.
*This information is not a recommendation of coverage. Always talk to an experienced insurance agent before making changes to your coverage.
