What can I do about my college student?

Many parents have to make the difficult decision of whether or not to keep their children on their insurance plan when they attend a college that isn’t close enough to home. Before making a decision, you should think about the following:

Do you know if your child is planning to drive to college?
The two options are to keep them on your insurance or to obtain separate coverage for them. In many circumstances, it may be wiser to keep your children on your policy than separate ones for them. As a first step, your college-aged child may not have the financial means to pay for their own health insurance, so you’ll have to foot the bill. For one thing, putting your children’s names on your insurance policy would offer them more “insurance experience,” which would cut the cost of their own coverage in the future.

How would you handle the situation if your children decided not to drive to college?
This means that you can either retain them on your coverage or remove them from it so that they are not covered. If your children don’t possess a car, it doesn’t mean they won’t be driving someone else’s. For example, if your children get into an accident without insurance and are sued, it is your obligation and your financial burden to cover it.

When your children are at home, why not take advantage of academic breaks? Is it possible to merely cover them for a short period of time?
First, you should talk to your insurance company to see whether they have specific policies for students, which can vary widely. A fixed fee may be agreed upon for a certain period of time while your child is at home, and some are also known to have an annual restricted number of “free insured days” for students.

The cost of student car insurance can be high, but there are various methods to get a discount from your insurance company:
• You can request that your student be considered a low-risk driver even if they don’t have a car with them because insurance firms calculate premiums on mileage.
• Students who maintain a grade point average of 3.0 or higher will often see their insurance payments reduced.
• You may be able to save money if your student attends a free driving safety seminar.
• Discounts are almost usually available with a clean driving record.

Talk to your insurance agent first before making any decisions. Get numerous quotations for different circumstances so you can choose the right policy for you and your kid.

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