It’s time for THAT talk . . . No, not THAT one. The insurance one. We have provided some insurance FYI’s for parents to know for their kids. Here are some important insurance information to keep in mind for your kids no matter what age they are.
AUTO
Teenage drivers represent the highest risk segment of the population. Help reduce the cost of your auto insurance premium when you have teen drivers on your policy. Note: Discounts vary by insurance carrier.
- If your child has successfully completed a Driver Education Training program, provide us with a copy of the certificate.
- Good student discounts (3.0 or better) may be applied if you provide us with a copy of your child’s report card.
- Rates may be lowered if your student is attending college without a car and that is 100+ miles away from home.
- Pick a safe car- the model car that you choose for your child drive will affect the cost of your insurance.
HOME
Most students are not homeowners but they do have “stuff” that needs protection.
- If your student owns anything of significant value, they should be covered under a separate endorsement. A student’s possessions are covered by the parent’s policy if they live at home or in a college dorm room.
- When a student moves off campus it is a good idea to purchase them separate renters insurance as they will not be covered by the family policy.
Life
If something should happen to one of the family breadwinners having a life insurance policy in place is one way to guarantee the resources for your child to finish college. Additionally, it is also a good time to consider a life insurance policy for the student.
Health
Connecticut Public Act 08-147 requires that dependent children are allowed to remain on their parents’ health plan until age 26. They do NOT have to be a student to comply with this.
To qualify for dependent status a child must be:
- Less than 26 years of age.
- Unmarried.
- A resident of Connecticut unless enrolled as a full-time student or under the age of 19 and living with a custodial parent out-of-state.
- Not be covered under a group health plan through the dependent child’s own employment.
