Sending your child off to college is a weird feeling – as a parent you’re proud of the fact that your child was accepted into a university, but you’re also sad to see them go out on their own and leave the home you created for them.
How can you make sure your child is prepared to succeed? Give them the tools to manage their money, teach them how to cook and clean up after themselves, and protect them financially with the right insurance. If an accident occurs or something is stolen like a laptop, the right insurance can help prevent any major financial distress for your child and you.
Here are a few tips to make sure your college-bound child has the coverage when they leave for school.
Auto Insurance:
Is your child bringing a car to school? If so, are they borrowing yours? If your child is bringing their car to school, let your insurance provider know. Records need to show what the car is being used for and the city where it is being driven, as this information is used when rating the car for insurance purposes.
Also, set some rules for who is allowed to drive the car. Any claims made with your car, regardless of who was driving, will cause a significant spike in your insurance rate.
If your child isn’t bringing a car to school be sure to let your insurance agent know, you may qualify for a discount on your auto insurance rate!
Property Insurance:
Have your child make a list of MOSTLY everything they plan to bring. This list will come in handy if there is a case of theft. Having a list of all your important items will help you keep track of them and will make filing a claim easier if something is stolen.
If your child is bringing a computer or any other expensive item, buy extra coverage for it. These days computers can cost up to a few thousand dollars, which isn’t a small price to pay in the event the computer is stolen. Talk to your insurance agent about how much extra coverage you may need.
Health Insurance
Take note of all the in-network health facilities in your child’s new place of living. Going to in-network service providers can save you a lot of money on medical bills.
Preparing for the next stage in life with the right insurance
In addition to everything else you have done for your child throughout their entire life, insurance is another way you can help prepare them for the real world. What other tips do you have for college-bound students? Was there ever an incident where you wished you had insurance in college, but didn’t? Share them in the comment section below!