Congratulations, little Janey or little Johnny did it! They're going to college. You've made all of the arrangements and checked off every list. You are prepared. But have you checked your insurance policies or know about any discounts you may have? Well, we have some Insurance Tips for you.
Auto Insurance Tips and Discounts
Student Away at School
If you send your child to college without the car, you could be eligible for the "student away at school" discount. The requirements for this discount vary from one insurance company to another. Still, typically the student has to be under the age of 25, more than 100 miles away from home, and with access to the vehicle while home during school breaks, vacations, and holidays.
Do not be tempted to remove your child from the insurance if they are not taking the car to school with them. You will need to have coverage for them when they are at home.
Good Student Discount
Discounts are available if you or your child is enrolled full-time in school and meets certain requirements. Typically, the student must maintain at least a B average and be 16 - 25 years old. Discounts can range between 8%-25%.
Student Address & Claims
If your child is taking the car to college, ensure the insurance company has the correct address because where they live can determine a rate change. Your insurance may not pay a claim if there is an accident and they do not have the proper rate for the city/state.
Time To Compare Rates
Now is a good time to compare rates and find out about other discounts that could be available. After all, you are getting ready to spend an absorbent amount on your child's future. Let's save you some money in the present.
Renters Insurance
Did you know your child's personal items are covered under your homeowners insurance policy if they live in campus housing? This, however, is not the case if they are going to live off campus, and that is where they will need renters insurance.
Renters insurance provides protection of possessions from fire, vandalism, theft, and other damages.
Most apartment communities and landlords already require proof of insurance for renters. If you want to protect your child's things and save money, you can bundle your current insurance with a multi-policy discount.
Tuition Insurance
Did you know there is such a thing as tuition insurance? Tuition insurance is available to provide reimbursement coverage if your child has to withdraw from school suddenly. Some policies can reimburse up to 100% for all non-refundable costs like tuition expenses, academic fees, on/off campus housing expenses, etc.
In conclusion, having the right insurance is important for you and your family. Even more important is the right insurance for the right budget. If you want to know more or talk with a licensed advisor, please call 216-785-1476.
Our advice and consultations always come at no cost to you.
Want to know more?
At Bedrock Financial Group, we're a Veteran and First-Responder-owned full-service insurance agency. We provide complimentary consultations and no-cost Medicare reviews. Our home office is located in New Albany, IN. We have a Senior Resource Center in Stanford, KY, and another office coming to Asheville, NC. We also offer the following services:
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If you have Medicare questions, you can call our team at 502-200-1516. If you want to schedule an in-person Medicare Benefits Review, please call 833-905-1060. If you would like a comprehensive overall review, call 833-905-1060 or email hello@mybedrockfg.com with your contact information, including your name, city, state, and phone number, and we will connect with you.
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