As summertime is winding down and your children get back on the school bus or your adult kids head back to college, there are important insurance considerations that you should keep in mind for your family.
Auto Insurance
- Playing Chauffer: For your children who are not of driving age, it may be that time of year when you are doing more driving than usual. Especially given the increased traffic on the roads, it could be a smart time to review your policy with an agent to make sure you are properly protected.
- Teen Drivers: If your teenager will be starting the driver’s license process this year, you should reach out to your insurance agent to learn about discounts available for student drivers with excellent report cards and those who take driver training courses. It’s also valuable to weigh the pros and cons of adding your teenager to your own policy or helping them get their own, which one of our McConkey agents could gladly help you with.
- College Students: Discounts on insurance policies aren’t limited to high school students. Some carriers offer discounts to college students as well. These discounts are related to academic performance and how often the vehicle is used. For instance, if your college student doesn’t take their vehicle with them to school, it can reduce the price of your premium adding the “away at school greater than 100 miles with no car” discount. For college students with access to their vehicle during the school year, flexible jobs such as driving for Uber or Lyft or food delivery can seem very appealing. However, these types of jobs come with many insurance implications that are important to consider before there is a potential accident. Most personal auto policies don’t allow delivery of service for a fee. There again, work with your insurance advisor before getting tangled up in an uncovered claim scenario.
Homeowners Insurance
- Hybrid Schooling: Because of so much at-home learning taking place nowadays and potentially in the future, many families have invested in expensive technologies such as computers, laptops, tablets and more. Depending on how much you’ve spent on these materials, it could make sense to schedule them on your policy. An agent can help you understand your existing limits and see if scheduling would be a benefit.
- College Students: Did you know your homeowner’s policy extends outside the bounds of your home to your child’s dorm room? Given that they may also have expensive technologies or hobbies, it would be wise to see if scheduling their belongings on your policy is necessary. If they are living off-campus, facilitating a conversation with your child and your insurance agent would be beneficial. This promotes a great learning opportunity to introduce your adult child to insurance and the importance of being properly protected with a renter’s policy.
