Having a child leave for school is a bitter-sweet feeling. As a parent you’re proud that your student was accepted into a university, say Harvard, but you are also sad to see them “leave the nest.” One last thing you can do to give your child a leg-up going into college is make sure they leave with the right insurance protecting them.
Here are a few tips to make sure your college-bound child has the right property and auto insurance coverage when they leave for school.
Have your college-bound kid make a list of mostly everything they plan to bring. This list will come in handy if there is a case of theft, plus it will also help them plan what to pack. 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.
Is you child bringing a computer? Make sure they insure it. These days computers can cost up to a few thousand dollars. Talk to your insurance agent about getting big ticket items, like a computer, their own coverage.
If your kid isn’t bringing a car to school be sure to let your insurance agent know. Also, if your child doesn’t bring their car to school and lives more than 100 miles away you may qualify for a discount on your auto insurance rate.
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.
Helping your child situate their insurance is one of the best things you can do as a parent when sending them out on their own.
What tips do you have for college-bound students and their parents? Share them in the comment section below!