When it finally comes time for your child to go away to college or university, you are going to have to get used to a few changes around the home. There will be a few considerations that you need to take into account and one of them will be insurance. If your child was insured under your car insurance, it can be tempting to take them off the policies since this should result in lower premiums. However, this might not always be the best idea.
Car Insurance and Students
If your child was on your car insurance before because he used the car regularly, then you definitely need to let your provider know that he will be away at school. Keeping young, inexperienced drivers on a car insurance policy can be pretty costly so check with your insurance professional to see if your insurance company offers a discount on your child’s rate while they are away.
If your child takes the car to school with him, let your insurance professional know. Insurance rates are partially based on where the vehicle is most frequently driven so this could be a significant change to the policy and your insurance company needs to know.
Home Insurance and Students
As far as home insurance is concerned, check with your insurance provider. Your child may be covered under your policy to a certain extent if he lives on campus. This coverage could extend to your child’s belongings and will likely have a limit. However, there may be exceptions to this rule such as when your child leaves campus for a long period of time like with a traveling abroad program. There may also be certain items that will not be covered such as jewelry and sports equipment. Like before, your best course of action is to shop around a little until you find the best deal on home insurance quotes.