July/August 2016

Prepping Your Kids for College

BYStaff
College is an exciting time for parents and students. In addition to buying textbooks and bedding, parents also should think about insurance and finances for their soon-to-be college student, including understanding what your insurance covers and talking to your child about being financially responsible. Here are a few tips to get the conversation started. 
 
Insurance Know-How
Many auto insurance companies offer discounts for good or distant students (those at a college a certain number of miles from home). Don’t make the mistake of dropping coverage for students at school without a car. They will need insurance while home on breaks, and a lapse in coverage could impact their ability to get insurance later, as many companies require continuous coverage.
 
Also, don’t forget renters insurance. While your home insurance covers your student’s belongings in an on-campus dorm, it may not cover belongings in an off-campus apartment. Renters insurance protects belongings if they are lost or destroyed, covers guests in case of injury, and provides coverage if they are unable to live in their home during repairs.
 
Good Credit
Often, college students have their first credit card conversations on campus. Most colleges allow carriers to visit campus and present enticing offers to students who sign up without understanding the full cost or consequences. Before heading off to school, talk to your student about the benefits of having a credit card, interest accrual, and how to manage it.
 
You already might have set up a personal checking account for your child to access from a debit card while at school, so taking on additional credit may not be necessary. If you both decide that a credit card with a small credit line is beneficial, help your student shop around for the best card that caters to first-time (ever) cardholders.
Learn More
For more information about auto or renters insurance, visit AAA.com or talk to a AAA Insurance agent at 1-800-782-3941.  
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