A child graduating can be an exciting time, but is your auto, life, and home insurance in order? Whether it is off to college or graduating from college your insurance needs can change. For instance, are you a co-signer on a college loan for your child? If so, you may want to re-evaluate your life insurance. Being a co-signer on a loan could leave you with a liability if something tragic were to happen. A terrible situation can be made worse without proper life insurance. This doesn’t just have to be a college loan, it can be a car loan or a first mortgage as well. Changes to your insurance do not only have to do with financial obligations.
Do I need to make changes to my auto and home insurance?
Most likely you will have changes to your auto and home insurance with a child graduating. Will you child be going to school without access to a car? If so you may be eligible for a reduction in your auto insurance premium. Many companies will let you list a child away at school without a car with a reduction in cost. Will you be gifting the car your child for graduation? This would be an instance when your child would need insurance in their own name, if the name on the title was changing. Similarly it is a good idea to check with your home insurance. Does your home insurance have enough coverage to replace your child’s items while they are away? In addition, is liability for your child while away a necessity or just a good idea?
What should I do with my child graduating?
One thing you can do is contact us. We would be happy to help you make sense of how your child graduating may affect your auto, life, and home insurance. You can reach us at 412-344-2800 or via our client center. You can also reach out to us via Facebook, Twitter, Instagram, or YouTube. We would be happy to help you out. There are a lot of problems that we can help you find solutions to. Just click the words to reach us.