Do you have a child who is going away to college? Will they need a car? Or maybe, they have a car now, but will not need one when they go off to school?
A note from Mike Keating – owner of Keating Insurance and father to three children:
“At one point, we had three children in college at the same time – that was fun! My wife and I always explained to the kids the importance of driving responsibly. Letting others drive their cars opened them up to potential liability. If there was an emergency, that was okay, but as a rule of thumb, they were the only ones who were technically allowed to drive their cars.”
A few of our clients recently asked us if there are any discounts for youthful drivers not needing their car for extended periods of time. The answer is YES, but there are exceptions. <contact us for details, 860.521.1420>.
We would like to share the below article which offers a bit more information. It was written by Mark Fitzpatrick – Should I Take My College Student Off My Auto Insurance Policy?
Families should be cautious with auto insurance matters affecting young adults, especially considering how expensive coverage can be for these higher-risk drivers. One question many policyholders have is: Should I take my insured child off my auto insurance policy when they are away at college? The answer can depend on several circumstances, such as your child’s residence and usage of the car.
In the following paragraphs, we will walk you through the consequences and considerations for both options. In summary:
| Keep them on the policy | Take them off the policy | |
| If | The student will be driving regularly at college, or commuting to or attending a school nearby | The student will be living on campus with no regular access to a car |
| Benefits | Covered whenever the child wants or needs to drive a carExtra coverage in case of an accident as a passengerEarning a student-specific discount for the whole familyBuild continuous insurance coverage history | Saving $1,000 to $2,500 a yearYour child’s possibility of lower costs if they live in a lower-risk ZIP code |
| Considerations | The higher cost of having a student under the age of 25 on your policy | The possibility of lacking coverage when they drive an uninsured car or a friend’s car without consent |