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8/17/2012 - Insurance preparations with school back in session


College students and their parents should discuss insurance changes.

With the days of summer winding to their conclusion, parents and students are gearing into back-to-school mode. While preparation for classes often involves textbooks, new clothes and supplies, there are various insurance implications to consider as well.

One of these is for auto insurance. Students may be able to earn discounts for maintaining a high grade point average or completing a driver safety course.
In addition, if students will be living away at school, parents should talk to their insurance agent to adjust their coverage. If their teen - who might be a higher-risk driver - is not able to drive a vehicle while at school, parents may be able to adjust their coverage to save money.

Something else parents may want to review now that their kids are headed back to class is their homeowners insurance policy. Given that it may be several months before they are home again, they will likely be taking valuable items with them, such as their computer, bike, stereo system and other valuables. Parents may be able to cover these items through their property insurance policy. There may be limits for this coverage, so talking to an agent is recommended before making any assumptions as to what is and is not insured in a dorm.

The Insurance Information Institute offers free web-based software that can help parents and college-bound kids get an idea of how much their stuff they want to insure is worth. Click here for details.

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