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presently insured ? In the follow paragraph, we will walk you through the consequences and considerations for both options. In drumhead :
Keep them on the policy
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Take them off the policy
|If||The student will be driving regularly at college, or commuting to or attending a school nearby||The student will be living on campus with no regular access to a car|
|Considerations||The higher cost of having a student under the age of 25 on your policy||The possibility of lacking coverage when they drive an uninsured car or a friend’s car without consent|
Take your student off your policy if:
If they will not be taking an automobile to school — particularly if they ‘ll be living on campus and not visiting home often — then it may be better to take your child off your policy. This can possibly decrease your rates by $ 1,000 to $ 2,500 per annum, depending on your student ‘s age and drive record, said Ron Hettler, president of the united states of the Hettler Insurance Agency in Lubbock, Texas .
“ however, be aware that many carriers will not allow you to even temporarily exclude a accredited driver in your family who is already listed on the policy, ” said Hettler .
If your student is allowed to be excluded from the policy, our suggestions are:
- Remember to contact your insurer to add your child back to the policy prior to coming home if they plan to drive while home, such as during winter or summer breaks.
- Discourage them from driving a friend’s car while away at school; the friend’s insurance should provide primary coverage for your student if they are involved in an accident or moving violation. But the friend’s auto policy may lack adequate coverage to safeguard your student and anyone else involved in an accident that they cause.
Kristofer Kirchen, president of the united states of Tampa, Fla.-based Advanced Insurance Managers, LLC, said students should get their own disjoined policy if they permanently live elsewhere ( not in their parents ‘ home plate ), particularly if their new ZIP code yields lower rates and they have a vehicle titled in their own appoint .
” The biggest things that come into play are mansion, ownership and usage of the car. If the parents still have an concern in the cable car, I would recommend it stays on the parents ‘ policy, ” said Kirchen .
To determine which option is best for you, consult with your policy example arsenic soon as potential and review your coverage choices cautiously.
Keep your student on your policy if:
If ( a ) your scholar plans to bring a vehicle to college and use it, or ( b-complex vitamin ) they are commuting to or attending a nearby school that allows them to come dwelling much and use the cable car, then you should keep them on the policy .
Whether they plan to drive or not while attending college, many experts suggest keeping your child active and listed on your policy because the student will be:
Covered if/when they:
- Return home and need to drive
- Drive a friend’s automobile while away
- Are forced to drive due to an emergency
- Are struck by a car while on foot, on a bike or as a passenger in another person’s vehicle
Earning family premium deductions (if eligible), including:
- A good student insurance discount
- A distant student discount (in general, attending school full-time at least 100 miles away and under 23 years old is required), which can save families hundreds of dollars more, Passmore said.
And last but not least, your child will be building a record of continuous insurance coverage, which can possibly reduce premiums when it ‘s time for them to obtain their own policy. In fact, some insurers will reject applicants with no previous history of continuous coverage. If your student will remain on your policy, here are a few things you need to keep in mind:
- Inform your insurer of your child’s school status, but indicate your home as their primary address. Students who attend college full-time, even out of state, can typically retain coverage on their parents’ policy if the parents’ residence is their primary address.
- Ask your insurer if it can assign your child to the least valuable vehicle you own, which can help decrease premiums.
- Stress safe and responsible driving habits, including abiding by rules outlined in the policy, no driving while texting or under the influence of alcohol or drugs, and no lending of the car to a friend.