While sending one’s children off to college can certainly take its emotional toll, packing up your son or daughter’s belongings for their new dorm room can impact your home and auto insurance policies as well!
The Auto Insurance Costs of College Enrollment
As most parents readily recall, the day their son or daughter turned 16 and obtained their driver’s license was the same day they experienced a huge surge in auto insurance premiums. Fortunately, while parents may have had to pay a higher price to cover their young and inexperienced new drivers, the decision to head off to college will provide parents with a bit of auto insurance relief. If students enroll in a college / university that is within 100 miles of a parent’s home, then most auto insurance providers will offer specific student-based discounts and savings. If your son or daughter chooses to take their car to campus, then you can either continue to provide him / her with auto insurance on your existing policy, or you can have your son / daughter purchase their own separate insurance. Regardless of which option is decided, auto insurance discounts for students close to home should still be readily available. In fact, to offer greater incentives for your son or daughter’s collegiate success, remind him / her that their auto insurance provider may even offer advanced discounts for students with high grade point averages; known as “good student” savings, some companies will reduce a successful student’s auto insurance premiums by 10 to 30 percent-or more!
The Home Insurance Shifts of College Enrollment
Once you pack your son or daughter’s belongings to cram them into their tiny dorm room, check to see if your home insurance policy extends protection for their belongings in this new location. Generally, home insurance providers will extend coverage for dorm rooms if the dorm is specifically included as an additional room to one’s home. To ensure that you’re covered, find out if you need to make any policy changes or coverage extensions. If your child, for example, moves into the dorm with the latest and greatest electronics, it may be wise to boost your home insurance coverage to ensure that their pricey belongings are well protected from theft and / or damage.
