Do You Need Car Insurance for Your College Student This Summer?
If you have children away at college, it’s likely they’ll still want to borrow the family car during summer vacation or holidays. Therefore, it’s important to talk to your insurance agent before you loan out the car keys to make sure everyone has the coverage they’ll need.
First, find out if your child is currently covered under your existing auto insurance policy. If you told your agent that your child was leaving for college, he or she could have been excluded from the policy to lower your premium. Call your agent to make sure that he or she is included on the policy for the summer. It’s important to lift any exclusions before your child drives your car. If he or she is in an accident but is excluded from your auto insurance policy, your insurance company will not pay for the accident.
If your child is listed as a part-time driver on your current policy, you may have to tell your insurance agent that he or she will be driving this summer. Notification policies vary depending on the insurance company, so be sure to discuss your particular terms with your agent. If your child is listed as a full-time driver but doesn’t live at home during the school year, you should also discuss this fact with your insurance agent. Changing your child’s status to a part-time driver could significantly lower your annual premium.
For children who own their own cars, the rules are a bit different. Your children should already have purchased car insurance in their own name. However, it’s good to remind them to let their insurance agent know where they will be living for the summer. If they are moving from an urban area to a rural area, for example, their rates may go down for the summer months.
Some colleges won’t allow underclassmen to bring their own vehicles, so your child may have left his or her car at home. In this case, you should notify your insurance agent when the car will be in use. Even if your state requires that the car is continuously insured, many agents can offer discounts if the car will only be used during the summer and on holidays. Of course, you or your child may have to notify the insurance agent when the car is being used.
No matter who is paying for car insurance, your insurance agent should be asked about good student incentives. If your college student has a high GPA, he or she could qualify for a substantial discount. Keep in mind that a transcript may be required each semester to maintain the reduction in cost.
When insuring your child, it’s important to make sure that he or she has the necessary coverage before getting behind the wheel. Give ACF Insurance Services a call today at 919-878-7786 to help you find affordable Raleigh Auto Insurance coverage for your entire family this summer.