If your child, who is no longer a child anymore, has recently gone off to college to embark on this new chapter of their life, you might be wondering whether you should keep them on your auto insurance policy or take them off. Although insurance can be costly, especially when you are paying for more than one person, there may be a few advantages to keeping your college student on your policy, some of which we are going to share below.
- You get more savings. According to Progressive, which is one of many insurance carriers out there, “sharing one auto insurance policy is usually more affordable than paying for two, as you’ll split the cost of certain coverages.” While you might be under the impression that you are going to be saving yourself some money, you could be looking at spending more or handing over a financial responsibility to your college student who cannot afford to take over it.
- You have the advantage of sharing cars. When your college student is added to your policy, you don’t have to worry about when your child is driving your vehicle and when they aren’t. So, if you’ve allowed them to take your car for the semester or they tend to drive your car when they come and visit, not only are they covered, but you don’t have to worry about contacting your insurer to notify them of who is driving, as long as they are listed on your policy.
- Don’t forget the convenience factor. While Progressive states that it is easier to manage one policy over two, we can all agree that having to only make one monthly payment rather than having to remember to make two is definitely easier for many. Aside from that, when it comes time to renew your policy, you won’t have to worry about looking over two sets of documents as you’ll only have one to worry about.
- You might qualify for a good student discount. One of the perks of having a college student driver on your policy is that most insurance companies will provide you with a discount on your premium if your student earns good grades while in school. Generally, they must earn a B average or better, however, you would need to check with your own insurance carrier to find out what their terms are to qualify for their good student discount program.
- You may receive a distance college student discount. If your child is attending a school that is over 100 miles away from your home and they are 22 years of age or younger, some insurers will offer you a discount for these students who travel away from home.
While college can be fun and exciting, it is also a new experience for your child and one that can sometimes become a bit overwhelming as they are now taking on new responsibilities they once never had to worry about. So, aside from helping your college student and relieving them of one less responsibility, you may also be helping yourself by continuing to keep them on your auto insurance policy. As you know, insurance is extremely important to have as it is not only required by law but serves as a form of protection in the event you or your college student is involved in an accident. Accidents not only can affect you physically, but also financially so it is important that you are carrying adequate insurance coverage for these unexpected moments.
In the event you or your child who is in college was involved in a wreck in Mississippi and you would like to find out whether your accident claim is worth more than what your insurer is offering you, contact Madison, MS car wreck attorney William E. Ballard today. Not only will he sit down with you and help you understand the process associated with filing a claim, but he will also review with you how you may be able to obtain more compensation for the damage that has been done.
To get a consultation scheduled visit or call Ballard Law, PLLC. at:
108 S. President Street
Jackson, MS 39201