E-BIKES are potentially a big insurance issue. First is that most homeowners’ and renters’ insurance policies may limit the amount of coverage for the bikes. Second issue is the size of the motor and how fast the bike might go. This may limit or even exclude coverage from the homeowner or renter policies! The e-bikes may need separate insurance policies on them to be properly covered. Please talk to your insurance agent and make sure they are properly covered!
Car insurance – Does the family have one less driver when a kid is away for college? Maybe. Insurance is rarely 100% black and white. Everyone has a different situation and that creates a lot of gray area! Nothing typically changes IF the child takes their car to college. Unless they intend on establishing residency away from home. That creates a whole different situation. Talk to your agent if this is the case. If the child either leaves their vehicle at home or typically shares a vehicle that is not going with them to school, it might be possible to set the status for that child to be “away at school” or something similar. This may help reduce the cost of their insurance. Not all insurance companies handle this the same way. I do encourage all parents to talk to their insurance agents and ask about it!
Protect your college student’s assets – computer, jewelry, bicycle. I highly recommend a renter’s insurance policy. They are inexpensive and offer coverage for their belongings and liability! They typically have low deductibles if a claim needs to be filed or if their belonging were stolen. They can also be written so that just the child is on the policy. This keeps a potential claim from showing up on the parent’s insurance record. Another policy option might be a scheduled policy for just a few items with stated values for each item. Insurance companies may refer to these policies as a personal inland marine policy, a personal articles policy, or a jewelry policy. Talk to your agent to customize the protection. These often have even lower deductibles than renter’s policies.
Adding a renter’s policy for a freshman in the dorm? Do renters share a renter’s policy if your child lives in an apartment with others? These are common scenarios and great questions! The child could share a renter’s policy with someone else in the same location. I don’t advise this though. It could place your child in a shared liability situation if the roommate caused someone else a loss! Or being a named insured on a policy that had a claim on it and your child had nothing to do with it. Loss of property for example. Each person really should have their own policy unless they are related. This offers the child and potentially the parents the most protection and peace of mind.
Life Insurance – Do the kids need it? Yes! Getting life insurance policies in place as early as possible helps to keep the costs down and often helps reduce insurability issues later. Eating disorders, depression and just bad choices can negatively impact future insurability. It is common for college kids to go through some of these situations. Especially for some, being away from home for the first time.
Last thing I recommend (again) is to talk to your insurance agent about your unique situation! Your situation may be like your neighbor’s or friend’s, but rarely will it be the same. I am always open to being an insurance resource. My kids went away to school, and we dealt with all the above situations. I am happy to share our experiences if it would help.
The Scott Rice State Farm Agency in Downtown Castle Rock can help you with all of your insurance needs and they offer free quotes! Give them a call at (303) 688-8848 or visit scottriceinsurance.com
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