Car Insurance - Can College Equal Savings?
With many students leaving home and leaving for university or college in the coming weeks, parents should review their home insurance policies to ensure their children’s belongings - such as computers and other electronic gadgets - are adequately covered for loss or damage while they’re away from home.
Aside from the traditional stereo, review insuring expensive items: laptops, ipods, portable TVs, cell phones, stereo equipment, digital cameras, bicycles, clothing, sporting equipment and maybe a car.
While most home insurance policies extend coverage to students living away from home, review what your child’s school limits on student property as well as limits on individual
items. Take an inventory. Ask your insurance agent to find out what’s covered - and what isn’t - under your existing policy. If the value of the belongings exceeds the limits, you should consider buying additional coverage.
And what about car insurance? If a student is taking a vehicle, owned by mom or dad, to college, check to make sure coverage is in place. Some policies restrict family members with less than ten years driving experience from operating the car, except in emergencies. Also, if the student is now the principal operator, a change may be required on renewal. If the student is the owner of the vehicle, the insurance company should be notified of the new residence location, even if the actual mailing address isn’t changing. Auto insurance rates are affected by where the car is garaged at night. In other words, urban parents sending their children to suburban colleges have an opportunity to save… big.
Higher education is usually a high cost. Don’t spend more than you have to.
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