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Save Money On Car Insurance When Kids Go To College

Is your teenager about to go off to college?

It could possibly save you a fortune on your car insurance.

According to KTNV.com, when your student goes to college, it could work out in your favor in any one of several different ways:

Fortunately, there are several ways a college-bound child can work wonders for your car insurance rate:

If your child won’t be driving, you could save a fortune by excluding them from coverage while they’re away. Students who live and work on-campus probably won’t need a vehicle, and in a number of major metropolitan areas public transportation is the best (and cheapest) way to get around. If your insurer doesn’t allow exclusions for students, search for a company that does with free car insurance quotes from InsWeb.com.

Many college-bound students still need to drive — just not as often. For these students, pay-as-you-go car insurance is ideal. It tracks a driver’s usage and adjusts premiums accordingly, rewarding low-mileage drivers with rock-bottom rates. Progressive and GMAC offer pay-as-you-go car insurance in more than a dozen states.

By requesting a distant student discount from your insurer, your premium will drop dramatically and your child will be covered while home during holidays. Also, if your child qualifies for a good student discount — usually a ‘B’ average or better — you could save up to 10%.

Sending your child away to college provides a golden opportunity to shop around for car insurance quotes and save money. With an inexperienced driver out of your household, many car insurance companies could be willing to offer you a much lower rate than you pay currently. Shop around and see how much you could save.

If you find yourself thinking about the high costs of college, perhaps finding out that you can possibly save on your car insurance will help!

Don’t Forget Insurance For Your College Student

They are finally out of the house – and off to college!

Time to stop worrying about them?

No chance.

Even though your teenager is finally out of your house and off to college, there are still things to worry about – from the cost of teenage car insurance to renters insurance for their dorm room to health insurance for college students.

According to Minyanville.com:

Many people forego health insurance because of its perceived high cost. The health of most 18- to 21-year-olds makes insurance an affordable safeguard.

Your student’s college may have negotiated a group rate with a carrier that probably costs less than individual coverage. An individual policy allows you to tailor coverage to the needs of your student. If your student has no chronic conditions such as asthma or diabetes, consider a plan with a high deductible, moderate co-pay and hefty catastrophic coverage. Deductibles can range from $500 to $3,000. Be sure to compare premiums and deductibles.

Shop around for a plan that provides health and wellness checkups. Don’t over-insure, but be sure to cover any known conditions. Remember that the first step into adulthood may be uncertain and your student may simply need to talk to someone about academic pressure in a new environment. Many plans cover visits with a mental health professional up to a pre-determined amount.

There also temporary health plans offering coverage for 30, 60, 90 or 180 days. Such plans can provide stopgap coverage as you investigate permanent coverage or can be used to cover the gap between graduation and your student’s first job.

The key: Shop around to find the best coverage for your student’s needs at a good price. The insurance industry is highly competitive and carriers offer an array of plans to match various budgets.