How to Save Big on Insurance for Your Student
In the later years of life you are faced with new decisions and possibilities. Few people actually consider their financial and insurance situation when the children leave for school. Truthfully, this big life transition calls for an honest assessment of your insurance needs. Consider these five areas of insurance.
- If the kids are off to college or moved out, there are many changes that need to be made to your insurance policies. Your child no longer needs to be on your auto insurance policy for one thing. The exception, if they are driving one of your cars while at college. Otherwise, you can save money by taking them off of your policy.
- Some auto insurance companies will give you a discount just for having more candles on your cake. An older age could mean you are a safer driver in your insurance companies' eyes and could net you an auto insurance discount.
- If you change to a job close to home, begin telecommuting or are retired, you may also end up paying less for auto insurance. The less you drive the less chance you have to get in an accident.
- Find out if your child’s possessions are covered while away at college. Some home insurance policies will cover this while others do not. If not have your child purchase renters insurance in their name. Renters insurance is typically very inexpensive.
- Most health insurance policies only let children stay on the policy until about the age of 25. If you have younger children attending college they can go on a student plan sponsored by the school which in some cases may be less expensive than keeping them on your existing health insurance policy. Some student plans may not be extensive enough to stand on their own and may be used as a supplement to your health insurance policy.
When you find yourself with an empty nest, take the time to reassess your insurance policies and get insurance quotes to make sure you are not overpaying for auto insurance, home insurance or any other policy you currently use or will need in your new phase of life.
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