Auto Insurance Factors To Consider When Your Child Goes To College

Posted on: 16 September 2020

When a child grows up and decides to go away to college, there is a lot to think about. If your child is going off to college and plans to drive at all, one of the things you have to think about is car insurance. It does not matter if your child is at home or hundreds of miles away, their protection is of the utmost importance. Learn about some of the factors you should consider.

Separate Coverage

Think about whether it makes more sense to drop your child from the family policy to get their own policy or whether or not a single-family policy makes the most sense. In most instances, it makes more sense, economically to keep everyone together. However, if your young driver has been involved in multiple collisions and their driving record is scarred, it could lower your overall insurance cost if you get them on their own policy. 

Discount Options

If you are still debating about whether or not you should keep a single policy and your child has a clean driving record, remember that discounts apply to the entire policy. For example, when an insurance company issues a student discount, the amount is applied to the total cost of the policy, as a result, everyone benefits. Additionally, insurance companies also offer multi-vehicle discounts, so the savings can add up.

Driving Habits

Consider the child's driving habits, even if they do not plan to take their vehicle to school right away. For example, if you plan to make your child keep their car at home for the first semester but there is a chance they might drive a friend's car, you want to keep them on the insurance policy. In the event something was to happen while the child was driving the other vehicle, they would still be protected. 

Garage Zip Code

It is also a good idea to consider the garage zip code for the location where the vehicle will be stored. Keep in mind, your child's insurance rate will be based on their college location, not your home. If the zip code is rated as a high-risk area, consider investing in an upgraded alarm or other anti-theft device or limiting the number of miles the child drives, as both of these factors can help lower their insurance rate. 

The most important thing to remember about car insurance is that what works for one person may not work for the next. Take the time to review your options and speak with a trusted insurance professional to make the right decision.