It’s that time. You have been looking forward to and dreading this moment for the past 18 years.You have already dealt with applications and acceptance letters, housings and meal plans. Now you are here, about to drive away leaving your baby at college and ready to take on the world.
As a parent, you wonder what you can do to make sure that he is fully prepared for the wild ride that is ahead of him. Although you can’t prepare him for all the he will come across, you can make sure that he is fully protected with good insurance.
At Resource Insurance Group, we want to help protect your child even when you can’t be right by his side. We can help provide him with excellent coverage for his auto, renters and health insurance.
Auto Insurance
Besides turning her old bedroom into a den, one of the first things you may be looking forward to when you child leaves for college is taking them off your auto insurance policy. Unfortunately, you may want to think twice about that. Although taking your child may save you some money on your premium, we recommend that you keep her on your policy until she is ready to purchase one of her own, even if she will not be taking a car to school.
Some of the reasons why you might want to keep her on your policy, even if she isn’t taking her own car include:
• She’ll be fully protected if she returns home for a weekend visit and wants to drive.
• She will have insurance protection when she’s driving a friend’s car while away, and that vehicle isn’t adequately insured.
• Even if she doesn’t take a car to school, she’ll be fully protected if she’s hit by a car while walking or bicycling, or while being a passenger in somebody else’s car.
• Keeping her on your auto policy maintains continuous insurance coverage, which may be beneficial when she gets her own auto insurance policy.
If you are still looking for a way to lower your premium, consider the Good Student Discount. She will be eligible if she is a fulltime student and maintaining and GPA of 3.0 or higher. Simply bring us a copy of her transcript or a letter from an advisor and you may be surprised by how much you can save.
You can also consider then Distant Student Discount if your child attends college 100 miles or more away from home.
If your student takes a car with him to school, you have the option of leaving him on your auto policy or letting him purchase his own. Generally we recommend that you keep him on your policy since is usually much less expensive than for a young student driver to have his own policy. Either way, be sure to notify us about the new garaging address: Not only do insurance companies prefer that, but it may also save you money, particularly if your student attends college in a less populated area of the state.
Even if your student is attending college out of state, you can still maintain them on your auto policy as long as their primary address is the parents’ house. However, be sure to check the other state’s minimum auto liability requirements and update your policy to comply.
We can help you find a plan that is perfect for you, and your child. Simply call if you have any questions or are ready to make any changes that need to be made to ensure that your child is fully protected.
Homeowner’s or Renter’s Insurance
Although your child may be ready to take this giant step into adulthood, you may still worry about him. He is, after all, still young and inexperienced. What would you do if he accidently leaves his dorm room unlocked and someone steals that new laptop and printer you got him?
Fortunately, if you have a homeowner’s or renter’s insurance policy and your child is living in an on-campus dorm, their belongings are covered up to a 10% limit of your personal property coverage.
Check with us to make sure the personal property limit on your homeowner’s policy is adequate. You might need additional coverage to insure expensive items like jewelry, musical instruments, or certain sports equipment.
Please note: Will your child return home or travel abroad for longer periods of time as part of their college experience? If they leave their belongings behind in a dorm or fraternity / sorority house for more than 45 days, your homeowners policy will no longer cover those belongings.
In that situation, it's important to either ship the belongings home during extended absences or temporarily store the items in a commercial storage facility.
If your student is living off-campus, we recommend that they purchase a renter’s insurance policy themselves. A renter’s insurance policy is usually quite affordable, as low as $15 a month, and will protect your student’s belongings from theft or damage. It will also provide liability coverage in case someone is hurts at their place.
Before your child moves away from home, call our office and we will help you come up with a plan to cover him or her in any circumstance that they may find themselves. We are here to help you.
Health Insurance
No matter where your child is, you want her to be safe from harm. But if she is hurt in any way and needs medical attention while away at school, she will need a plan for how to deal with doctors and hospitals. You can make sure she has the right tools by providing her with quality health insurance.
You will need to check with your insurance provider and determine the following:
• As a full time student, he or she may be covered under your policy up to a certain age limit in Auburn.
• If covered, be aware of how your coverage works in a different state:
o If you have an HMO and your student's college is not within the service area, you will only be covered for emergency situations. However, follow-up care may not be covered unless you go back to your service area.
o If you have PPO and the accident is outside of the provider network, benefits will only be paid at the non-preferred level.
One-Stop Insurance Shopping
Having a child go off to school is a roller coaster ride. There is so much to think about, not to mention the whirlwind of emotions. Get yourself and your student the peace of mind you deserve when it comes to your auto, homeowners and health insurance protection. When life's emergencies are dealt with by competent professionals, it's one less thing for you to think about. Let Resource Insurance Group be your one-stop insurance source.