Sending your child to college can be exciting, stressful, and maybe a little bittersweet. As parents, we do all we can to get our children to this point.
In addition to purchasing items for the dorm room or apartment, along with books and school supplies, you also want to be sure you have the right coverage when they head off to school.
Here are our top five tips when insuring your college student:
- If your child will be living more than 100 miles away and is leaving the car at home, you might be eligible for a reduced auto rate. If your child takes the car to college, notify us that the car will be garaged in another location.
- Consider obtaining a policy from National Student Services Inc. (NSSI) to cover your child’s computer and other personal belongings. With this company, you can purchase a $5,000 property policy with a $100 deductible for around $100 a year. If your child’s laptop is stolen, for example, the claim won’t affect your homeowner’s policy and your child will only have a $100 deductible.
- If your child is driving someone else’s car, this could be a huge liability for you. We know how college kids like to swap cars, so we recommend you purchase the extended non-owned coverage endorsement to your auto policy while your child is in college. This endorsement provides additional coverage if your child drives a car provided by his employer, drives a roommate’s car, or borrows someone’s car for several weeks or longer.
- Encourage your child not to let others driver his or her car. Regardless of who may be using the car and for what purpose, you (as the owner) and your child are still responsible for the car and what is done with it. Remember, insurance follows the car.
- Increase your life insurance to cover the total cost of your child’s tuition, room and board, transportation, books, etc. Whether you have a college fund prepared for your child or are paying as they go, life insurance is a secure method to safeguard your child’s education.
For our complete list of recommendations on insuring your college student, click here.
Choosing the right insurance agent is one of the most important decisions you will make. The Turner Agency, Inc. is a local Trusted Choice® independent insurance agency headquartered in Greenville, South Carolina.
Serving the Upstate of South Carolina and beyond since 1962, we offer a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs for your business, homes, automobiles, recreational vehicles, secondary homes, and more. Contact The Turner Agency today.
The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only.
