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 school supplies and items for the dorm room, be sure you have the right insurance coverage when your child heads off to school. Here’s a list of our top five insurance recommendations when sending your child to college:
- 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 is taking a car to college, let us know that the car will be garaged at 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 add 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 drive 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.