Perspective

What to know if your child is headed to college this month

Saturday, September 1, 2018by  PEMCO Insurance

student loading laundry basket into car.Taking a car to school? Living on or off campus? PEMCO follows your kids as they move from home to college. Before the big farewell, you may want to give us a call:

Car on campus. Talk with your PEMCO agent to let us know about the change in garaging location. We may be able to reduce your rate if your child is going to school in an area with less traffic congestion.

No car on campus. Don't be tempted to drop coverage for a student with no wheels of their own. If your child uses the family car during visits home, you'll want to keep coverage in place. It's also important if your child borrows a friend's car or serves as a designated driver and, it turns out, the car's owner doesn't have insurance or has too little to cover damages in an accident.

Living on campus. Your homeowners policy covers belongings for students living in dormitories or sorority or fraternity houses. The limit is 10% of your policy's personal property coverage (e.g., if you have $250,000 in coverage, your student would have $25,000). The only caveat: Your student must have lived at the temporary residence sometime within the past 45 days for coverage to apply (usually only a concern for study abroad courses).

Living off campus. As long as your student still receives mail at your home, comes home during the summer or considers your home his or her permanent address, your homeowners policy covers belongings the same as if he or she were living on campus. You may want to check with your PEMCO agent to make sure your policy's liability limit is adequate for the type of rental your child will be living in. Also, as your child grows more independent and becomes self-supporting, you'll want to talk with your PEMCO agent or call 1-800-GO-PEMCO to see if it's time for them to get their own renter policy. 

 

AUTO INSURANCE SAVINGS FOR YOUR STUDENT

Be sure to ask if you qualify for these discounts:

Good student discount. Save with a GPA of 3.0 or higher.

Distant student discount. Your student qualifies if he or she attends college 75 miles from home and doesn't have a car at school.

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