Here are some essential insurance tips every college student should know:
Consider Staying on Your Parents Policy
If you’re moving into a dorm and under a specific age, there’s a good chance that with most insurers you’re automatically covered by your parents’ homeowners policy. For example, at Erie Insurance, full-time students under the age of 24 are automatically covered by their parents’ homeowners policy. However, it is important to note that most insurers often carry special limits for specific personal property, make sure you check the policy for the specific coverage amounts. If you have a prized possession that is worth more than the policies listed limit, you definitely want to have your parents reach out to their agent to consider additional coverage.
If you are moving out and going into an off-campus apartment you may want to consider a renters policy. It’s important to remember that often landlords’ policies only cover the dwelling, which does not include your stuff.
If you’re leaving your car behind, make sure your parents reach out to their agent as there may be some discounts or lower premium they could qualify for!
If you’re bringing your car with you, that’s where we recommend discussing options with your parents’ agent to help you figure out if it is more cost effective to stay on your parents’ policy or pursue your own policy.
Compare Quotes
Now, I’m a bit biased, but it is a good idea to shop around and get multiple quotes when exploring getting your own policies. Pay attention to the coverages offered by different carriers along with the rates.
While you’re shopping around you may find yourself asking “how much insurance do I actually need?” Thankfully, you can reach out to a local ERIE agent and they can help walk you through it!
Explore Discounts Offered
Getting the best bang for your buck comes with exploring what types of discounts different carriers offer. Discounts for different payment plans, good driving, vehicle safety options and more are all discount options to look into when choosing an insurance carrier.
If you need a renters policy as well, keeping it with the same carrier as your auto insurance could get you a multi-policy discount. Better yet, in some cases the discount you get on your auto policy actually pays for some or all of the renters policy.
Understand Your Insurance Needs
Insurance is not a one-size-fits-all situation. What fits your lifestyle and budget is something that should be discussed with a trusted insurance advisor. They can help answer the questions you have and take a deeper dive into the unique endorsements and offerings companies have to help you build the correct policy for you.
Another important tip is don’t just settle for the cheapest policy. It may be the best for your wallet right now, but in the event of an accident you could end up in a severe financial bind. Depending on the value of your vehicle, you may also want to ensure you have comprehensive and collision coverage.
Maintain a Good Driving Record
This one is a big one. All insurance policies will evaluate rates based on driving history, so always make sure to maintain that good driving record (plus it can land you some discounts). Tickets and accidents can have a large impact on your rates, so always practice good driving habits.