It’s graduation season! Congratulations to the class of 2019, whether you’ve just finished high school, college, technical school, or a post-graduate degree! Now, it’s time to plan for your future. You can start taking over all of the fun tasks that come with “adulting,” too—including your insurance. We have a few tips that should help you navigate homeowners’, renters’, and auto insurance post-graduation. They work for parents of recent grads, too!
Before You Drive Off to School
Going away to college is such an exciting experience! For many students, it marks their first taste of independence in a new environment. Not every school allows incoming freshman to bring vehicles with them, though. After all, parking on campus is a precious commodity. Depending on where you’re going to college, you may not even need a car! Avoid expensive parking permits and take advantage of public transit if you’re in a more metropolitan area. Apart from the basic life experience you’ll gain, this could also save you (and your parents) a lot on car insurance. While you’ll want to remain on the family’s auto insurance policy for when you come home on break, many companies offer the option to list student drivers who are away at school. It sounds like a small distinction, but it can come with big discounts.
Choose the Right Insurance for Your Living Arrangement
So many things change after graduation—including your living arrangement(s). Depending on where you’re moving, this may also mean a change in insurance. If you’re going away to college and staying in a dorm, your parents’ homeowners’ insurance policy should actually cover your possessions against theft or other damage. However, if you’re planning on renting a place off-campus, then you’re going to need your own renters’ insurance policy to offer the same protection. Fortunately, this is one of the most inexpensive policies available, so even college students can afford it! Just contact Freedom Insurance Agency once you get your lease, so we can help you obtain a free quote.
Be Careful with Your Side Gigs
This goes for both parents and students post-graduation. Before you start a side gig working for Amazon or UberEats, you may want to double check your auto insurance policy—or your parents’. Many people have personal protection only, which doesn’t cover accidents/injuries that occur when you’re using the car for commercial purposes. Therefore, if you’re out on a delivery and something goes wrong, you could be paying for the damages out of pocket.
A similar gap occurs when we’re talking about homeowners’ insurance and renting. Whether you’re just renting out your kid’s room while they’re away at college or trying the AirBnB thing for some extra money, make sure you have the right provisions on your policy. Even if you’re only charging a nominal fee, this can still be considered commercial activity—and excluded from traditional home coverage. Just talk to one of our local agents before you let anyone move in.
Now that we’ve covered your insurance basics, we hope you enjoy your summer! Take a break after graduation before all the real “adulting” beings. Remember, you can always call Freedom Insurance Agency with your questions. Whether your plans include staying in Carroll County or spreading your wings, we’ll help you in any way we can.