Your kids are finally off to college, and you’re adjusting to life without them around the house. But one thing you may not have considered is how your auto insurance policy will be affected. Many parents assume that their rates will go down when their kids leave for school, but this isn’t always the case. In fact, depending on your provider and the coverage you have, your rates could actually go up! So what can you do to make sure you’re getting the best deal possible on auto insurance for college students?
When your child goes off to college, it’s important to notify your auto insurance company
When your child goes off to college, it’s important to notify your auto insurance company. There are a few reasons for this.
- First, if your child is going to be away at school, they’re likely to be driving less and therefore pose less of a risk to the insurance company.
- Second, if your child is going to be driving a different car while they’re at school-say, a friend’s car or a rental car-then their own personal vehicle won’t be covered under your policy.
- Finally, if your child is going to be living in a different state from you, their auto insurance rates may change. So it’s important to keep the insurance company up to date on where your child is living and what kind of car they’re driving.
By doing so, you won’t have to worry about your teen driver because your child is covered in case of an accident and you’re not overpaying for their insurance.
You may be able to get a discount on your rates now that your child is no longer driving the family car
As any parent knows, college is a time of transition for both students and their families. One key way that this manifests is in changes to insurance coverage. For example, you may be able to get a discount on your rates now that your child is off to college and no longer driving the family car.
Alternatively, if your child is planning to take their car with them to school, you may need to adjust your coverage accordingly. Similarly, if your child is planning to live in a dorm or apartment, you’ll need to factor that into your decision as well.
In short, there are a lot of things to consider when it comes to insurance coverage during your child’s college years. But with a little bit of research and planning, you can find the perfect solution for your family.
If your child takes a car to school, you’ll need to add them to your policy
If you’re like most parents, you spent years teaching your child how to drive. Now that they’re heading off to college, it’s time to trust your teen driver and add them to your insurance policy. Most insurers offer a discount for students who maintain a certain GPA, so be sure to ask about that.
You’ll also need to decide whether to add them as a primary or secondary driver. If they’ll be driving your car most of the time, it makes sense to add them as a primary driver.
However, if they’ll only be driving occasionally, you may want to consider adding them as secondary driver. Either way, be sure to shop around and compare rates before making a final decision.
Be sure to keep track of their grades – good grades could lead to lower rates
Most students are aware that good grades in college can lead to scholarships and a better future. However, few realize that their grades can also have an impact on their insurance rates.
Many insurance companies offer discounts to students who maintain a high GPA, so it pays to keep track of your grades. In addition, some companies will only insure students with certain GPAs, so it’s important to know where you stand.
Of course, grades are just one factor that insurance companies consider when setting rates. However, by keeping your grades up, you can save yourself some money on your premiums.
So next time you’re studying for a test or writing a paper, remember that your grades could have a direct impact on your wallet.
If your child moves back home during the summer, let your insurer know so you can avoid being overcharged
Most college students look forward to summer break as a time to relax and catch up with friends. For many, it’s also a time to head back home and live rent-free for a few months.
If your child is one of the millions of college students who will be spending the summer at home, you may be wondering if you need to let your auto insurer know. The answer is yes. Even if your child doesn’t plan on driving your car, insurers usually consider anyone who lives in your household to be a potential driver.
As a result, failing to notify your insurer of your child’s presence could lead to you being overcharged for coverage. So, this summer, avoid any surprises by letting your auto insurer know that your child will be spending time at home.
There are a lot of things to consider when it comes to insurance coverage during your child’s college years. But with a little bit of research and planning, you can find the perfect solution for your family. Be sure to keep track of your child’s grades and let your insurer know about any changes in their living situation so that you can avoid being overcharged for coverage. And most importantly, don’t forget to enjoy this time with your child before they head off into the real world.
