Teen is Going to College
The moment's come. The bags are unpacked, the bed is made, pictures are on the wall, and the snack-shelf is fully stocked. It's time to say good-bye. And in your stomach, you feel an odd mixture of pride and joy, anxiety, and... sentimentality. Can this bright young college student who is positively vibrating with excitement REALLY be your little one who just learned to walk?
It's hard to let go.
But as a parent, you've spent the last 18 years raising your child to be ready for these first steps into a life of their own. And you did a great job - otherwise, they wouldn't be here.
Still, you want to make sure they're fully protected as they sail off with their wishes, dreams and hopes.
Wedgwood Insurance Limited can provide you with guidance on what insurance you'll need and what you won't need for this life altering event. Following are some points to consider when it comes to your college student's insurance needs:
You might think that if your student goes away to school and doesn't take a car, you can drop him from your auto policy and save some extra money. But what if he comes back for Christmas break and wants the car to visit friends?
If your student doesn't take a car to school, we recommend that you keep him listed on the policy for a number of reasons:
- He'll be fully protected if he returns home for a weekend visit and wants to drive.
- Even if he doesn't take a car to school, he'll be protected if he's hit by a car while walking or bicycling, or while being a passenger in somebody else's car.
- Keeping him on your auto policy maintains continuous insurance coverage, which may be beneficial when he gets his own auto insurance policy.
You can also apply for the Away at University Discount if your child attends school 200 kilometers or more away from home.
If your student takes a car to school, she or he must remain on your auto policy. In fact, to ensure that you are properly protected, we will need to amend the rating on your policy. Be sure to notify us about the new garaging address as it may save you money: For example, if you currently live in St. John's and your son/daughter is taking a vehicle to Corner Brook to attend University or college, then you will discover that the cost of insurance is in fact less expensive.
If your student owns the vehicle and holds the title, they'll need their own auto policy.
Wedgwood Insurance Limited specializes in properly insuring your college student. We will review your situation and make sure all coverage is current and adequate.
Homeowner's or Tenant's Insurance
You've bought your daughter a brand new laptop computer and a printer as a going away present. He or she is going to Memorial University as a full time student. Will these valuable electronics be insured from theft, vandalism or a fire?
If your child continues to live in your household, his or her belongings are covered under your policy up to a specific limit.
If your child stays in a residence on campus and you, the parents, have tenants or homeowner's insurance for your home, your insurance policy will extend to cover their belongings, up to an identified limit of your personal property coverage subject to the policy deductible.
Check with us to make sure the personal property limit on your homeowner's policy is adequate. You might need additional coverage to insure expensive items like jewelry, musical instruments, or certain sports equipment.
If your college/university student lives in his or her own place off-campus, or shares an off-campus house or apartment with friends, things get a little trickier. You might have to set up a separate tenants policy for your student. That will not only cover his or her "stuff", but also provide liability coverage in case somebody gets hurt in their place. In addition, many landlords have made tenants insurance a requirement of the lease. Tenants insurance policies are usually quite affordable.
Depending on your child's particular situation, there might be some other variables that need to be considered. This is where an independent insurance brokerage (like us!) really comes in handy!
If your student is about to move into his or her own place, give us a call. We can help you navigate through the insurance-jungle and make sure you get the best value and protection for your money.
One-Stop Insurance Shopping
Having a child go off to school is a roller coaster ride. There is so much to think about, not to mention the whirlwind of emotions. Get yourself and your student the peace of mind you deserve when it comes to your auto and homeowners insurance protection. When life's emergencies are dealt with by a competent pro, it's one less thing to think about.
Our team at Wedgwood Insurance Limited specializes in family protection plans. Our family-oriented brokerage has helped thousands of clients get prepared for the changing insurance needs of new college students and their families, while making sure they get the best protection for their insurance dollar. We know where to look to find the discounts!
Contact us today 709-753-3210 for a free review of you and your student's insurance plan.