It’s exciting to see your child go off to college this fall. You are likely making preparations to get dorm room supplies for your child as well as possible loans or scholarships. The last thing on your mind this moment to worry about is your kid’s car insurance policy.
Regardless of what academic year they are entering, whether it’s freshman or senior year, you will have to decide how you are going to handle their car insurance plan. Are they going to drive more or not at all? Are they allowed to own cars on campus? These and much more are the kind of questions you’ll find yourself asking.
Policy for students below 25 – who are deemed high-risk drivers – will cost a whole lot more. Nevertheless, if your child intends using his vehicle often, it would be worth paying more on your policy. Whether you choose that they remain on your coverage only when they are home for summer vacation or covered on your plan all year long, ensure you look at both sides before making your choice.
We are here to assist make your choice as smooth and less demanding as possible, so you can put more attention on helping, your ward shop for textbooks and comforters.
– If your child plans on taking a vehicle to college – keep them on! Upperclassmen in most colleges are allowed to have vehicles, particularly if they stay off campus.
– If you wish to save thousands of dollars – take them off! You could be able to save anything between $900 to $11,300 depending on the student’s driving records and the state. That’s some real money, not pocket change.
– If your child would be commuting to school – keep them on! Let’s assume that the child goes to school from home; they’ll need the vehicle to get to college.
– If the child is an underclassman and would live on campus – then, take them off! Many colleges do not allow underclassmen to have vehicles. Particularly if the underclassman would be on the meal plan and won’t have a need to drive to the grocery store, it is most likely best to leave the vehicle behind.
– If you wish for the student to be covered as a passenger – let them stay in your policy. If the child is involved in a crash as a passenger, he would have additional coverage if he stays on an insurance coverage.
– In case there’s an emergency – let them stay! If the child is ever required to drive, and there is an emergency, he will need to have an insurance coverage.
– If you wish for them to build a record of uninterrupted insurance policy – let them stay! This will lower their premiums when it is time for them to shop for their own coverage in a few years.
Choosing whether or not you need to keep your child on your auto insurance requires a lot of thought and weighing out of alternatives. While you will be saving plenty of money taking your student off your insurance coverage, you will be taking risks in other areas.
Your deciding factor – be it peace of mind or lesser costs – should require several collaborative conversations and planning with quite a lot of people. Speak with your child, your insurance provider and relevant members of staff at their prospective college to determine which alternative works best for your coverage, your family and state.