Summer will soon be behind us, and before we know it, kids will return to their regular school routines for the year. Whether you have a kindergartner just starting school for the first time or a child entering college, it’s likely an exciting time for parents everywhere.
While shopping for school supplies and getting in those last few visits to the beach, don’t forget there are also some insurance assessments you should be doing to start the school year off on the right foot.
Here are some insurance tips to keep you and your loved ones protected this school year.
Insurance Tips for Families
Auto Insurance
Rushing around to drop the kids off on time, taking them to practices and meet-ups after school and navigating the increased amount of traffic on the roadways make it an opportune time to reconsider your coverage limits and policy specifics.
If your teen is approaching driving age, it may be time to start thinking about adding them to your auto insurance policy. Although this will likely increase your insurance premiums, it is typically cheaper than having your teen purchase an auto policy in their own name. Here are six auto insurance tips to consider when adding a teen to your policy.
- Be prepared for higher premium costs. On average, annual premiums increase when a teen is added to your insurance—primarily because teenagers are inexperienced drivers and, therefore, more likely to get into accidents. This increased risk translates into higher costs, and premiums may not come back down until your teen is in their 20s.
- Pick the right car. Although your teen may be hoping for a shiny new car, putting your teen in a used car is often the less expensive option. The type of vehicle also matters. Sedans, minivans and SUVs generally have the best rates for teen drivers.
- Enroll your teen in a safe driving course. Even though it may not be a requisite for getting their license, a safe driving course will help teach your teen the rules of the road and how to be a safe driver
- Consider having your teen postpone getting their license. Younger drivers generally have higher car insurance costs than older drivers. Therefore, if your teenager doesn’t need to drive right now, you may want to consider having them postpone their license for another year.
- Increase your collision deductible. Increasing your comprehensive or collision deductible can help you save on monthly premium. However, keep in mind that your out-of-pocket costs will be higher if there is an accident.
- Lay out clear safety expectations. Talk to your teen about the importance of safe driving habits, such as obeying traffic laws and never texting and driving.
Finding Discounts
When adding a teen to your auto policy, you may be eligible for discount programs that will help offset the cost increase. Students with high GPAs may qualify for good student discounts. Other discount options include low mileage plans, programs that monitor your teen for safe driving behaviors and bundling options.
College Students
Parents may think if their college student doesn’t bring a car to campus, they no longer need to be on the auto policy. However, removing your child from the policy means when they return for weekends, holiday breaks or serves as a designated driver for friends, they are driving without coverage.
Typically, full-time college students can remain on your policy if the primary address is the parent’s home. However, if your child owns the vehicle and has the title, they are responsible for their own auto policy.
Health Insurance
The school year typically comes along with a list of yearly physicals and required immunizations. While these routine visits are typically covered, don’t forget that common colds, sports injuries and a bump on the playground could also happen. You want to be sure you have necessary health insurance in place to keep you from any financial stress to cover those medical bills.
You don’t need a benefits-providing employer to protect your family with full-coverage health insurance. At Acentria, all of our quotes are customized to fit your lifestyle, situation and needs. Request a quote to see how we can help you find an ideal individual health insurance plan.
Homeowners Insurance
Believe it or not, there are some school-related items that can be covered under some homeowner’s insurance policies. With more and more pricey technologies and gadgets being used today it’s important to protect your investment from theft including pricey computer systems, laptops, and tablets.
Get Started With Acentria
Contact us to get specific answers and information about your coverages. Our agents take the time to truly understand your needs and help design coverage plans that keep you and your family protected at all times.
