We’re well into August, and those of you with college students will be gearing up for the migration back to campus soon. Whether they are just starting their collegiate journey as freshmen, or are seasoned college veterans approaching their senior year, here are some tips and things to consider that will help ensure that they (and you) are properly covered. And as always, you can contact your Keenan Insurance Agent in Doylestown, PA with any questions.
Think twice before removing your college student from your auto insurance policy. Many people take their college student(s) off of their policy. This may seem like a good way to save money, but once they’ve been removed, they lose the medical coverage that is part of the auto insurance policy. Plus, when your child comes back for holiday breaks, they will have no coverage to drive the vehicle. If your child has his or her own car (which isn’t being used while they are away at school) and attends a college that is at least 100 miles away, they may be eligible for a “resident student” discount.
Does your college student need renters insurance? It depends. If your child lives at home or resides in on-campus housing, they likely have coverage under your homeowners insurance policy. However, if they rent an apartment, condo or house off-campus, they should really have their own renters insurance policy. You might think that their possessions are too meager to bother protecting, but consider this; in the event of a total loss, you would have to replace everything at present value. So that “free” hand-me-down futon all of a sudden costs $300 to replace. Not to mention all of the other furniture, clothes, dishes, jewelry, electronic devices, etc.
Life Insurance for a College Student? Unfortunately, the unthinkable can happen. We talked about college students needing life insurance in a previous blog post, and it is definitely something worth thinking about. Consider this, if you took out a student loan for your child, or co-signed the loan, you would be responsible for paying it off if the worst case scenario occurred. Having your college student covered with a life insurance policy can offer peace of mind. Plus, life insurance policies are almost always cheaper for young people. Securing this type of coverage at a young age can help your college student lock in a good life insurance rate for the long run.
These are just a few pearls of wisdom that you can use to help make sure that you and your college student is properly covered. However, insurance is complicated. Our Keenan Insurance agents in Doylestown, PA offer personalized attention to your situation and can tailor an insurance plan just for you. This helps ensure that you don’t have any gaps in coverage, and no surprises. And as an added bonus, your very own insurance agent can help find discounts that may be available for you.
For more information on protecting your college student, please contact one of our Insurance Agents in Doylestown, PA via our website or give us a call at 215-345-6670.