Teen Going to College

The moment has finally arrived. The arrangements have been made, the bags are packed, the kitchen is fully stocked. It’s time to say goodbye. You feel a strange sense of pride, anxiety, and nostalgia. Can this freshman college student be the one you were just teaching to walk not so long ago?

As a parent, you’ve done your best to prepare your child for these first few steps into adulthood, and you must have done a pretty good job, otherwise they wouldn’t be here. But even as they move forward to make a future on their own, you want to be sure they’re as safe and protected as possible.

At Killingbeck Insurance and Tax Preparation, we can provide you with invaluable guidance about what insurance you’ll need and what you won’t at this critical juncture. When it comes to your new college student’s insurance needs, you’ll want to consider the following points:

  • Auto Insurance
  • Homeowner’s / Renter’s Insurance
  • Health Insurance

Auto Insurance

You might think if your son or daughter goes off to college without a car that you can drop them from your personal auto insurance policy to save money. But what about when they come back home for the holidays and want to borrow your car? What happens if they need to use a friend’s car in case of an emergency?

Even if you’re sending your child off to college without a car, Killingbeck Insurance and Tax Preparation recommends that you keep them listed on your personal auto policy for the following reasons:

  • They’ll be fully covered in the event that they come back home and want to drive your car, or if they’re borrowing a friend’s car that isn’t adequately insured.
  • They’re insured if they get hit by a car while walking or bicycling, or if they’re a passenger in a car that becomes involved in an accident.
  • Keeping them on your auto insurance policy means continuous coverage, which may be beneficial in the future when he or she gets their own auto insurance policy.

Additionally, your child may qualify for a Good Student Discount if he or she maintains a grade point average of 3.0 or higher. The savings can be significant, so contact your Killingbeck Insurance Agent and provide them with a copy of the transcript to ensure that they qualify for the discount.

If your child does take a car off to college, it’s a good idea to keep them on your personal auto policy because, in most cases, it’ll be a lot cheaper than buying them their own insurance. Be sure to notify your agent about the change of address – it could save you money, especially if your child attends school in a less populated part of the state.

However, if the student owns the car and holds the title themselves, they’ll need their own insurance policy. Killingbeck Insurance and Tax Preparation specializes in insuring new college students – we’ll review your situation and make sure your coverage is complete and up-to-date.

Homeowners or Renters Insurance

Attending college requires more than a few significant investments. Say you decide to buy a laptop and printer for your son as a going away present before he goes off to school. Will these valuable electronics be covered in case of theft, vandalism or fire?

If your son is living in a dorm on campus and you have renter’s or homeowner’s insurance for your residence back home, your policy will extend to his belongings, up to a 10 percent limit of your personal property coverage.

Check with your Killingbeck Insurance Professional to make sure your homeowner’s insurance is adequate for just such a situation. You may need to purchase additional coverage to insure certain expensive items like jewelry, electronics, or musical instruments.

If your son lives off-campus, whether by himself or with roommates, you may want to consider setting up a separate renter’s insurance policy for him. Not only will this cover his material possessions, but it will also provide liability coverage in the event that someone is injured in his place. Additionally, many landlords nowadays have made renter’s insurance a requirement prior to signing a lease. These policies are generally very affordable, most starting around $15 a month.

Depending on his situation, there might be a number of factors that need to be considered. This is where Killingbeck Insurance and Tax Preparation really comes in handy. If your child is about to move away to college, contact us so we can help you get the best value and protection for your money.

Health Insurance

In the unfortunate event that your child becomes injured while on vacation in another state, you’ll need to check with your health insurance provider to see if they are still covered. Here are some important points to consider:

  • In most states, full-time students are typically covered up to the age of 26.
  • If you have an HMO and your child’s college is outside the service area, he or she is likely only to be covered for emergency situations. Follow-up care may not be covered unless your child returns to the service area.
  • If you have a PPO and the accident occurred outside of the provider network, benefits will only be paid at the non-preferred rate.

If your child intends to travel overseas during college, be sure to determine whether their health insurance coverage extends to international destinations. Many times it will not.

Killingbeck: Your One-Stop Insurance Shop

A parent’s work is never done. Even when your child grows up and moves away to college, the worries still persist. Get the peace of mind you deserve when it comes to auto, homeowner’s and health insurance protection. When you have a competent professional on your side, there’s one less thing to think about when life’s emergencies come your way.

At Killingbeck Insurance and Tax Preparation, we specialize in family protection plans. We’ve helped thousands of clients just like you prepare for the changing insurance needs required when new students go off to college, while making sure they get the best protection for their dollar. We’ll do what it takes to find you the best discounts. Contact us today at (765) 452-8000 for a free review of your family’s insurance plan.