Educating Your Child About Insurance Before They Leave For College

/in , , , , , /by

Insurance for College Students in Woodinville, WAAttending college is an exciting time for your child. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before your child leaves the nest, here are three things to consider when it comes to having the right insurance policy.

1.) Auto Insurance Policy

  • If they are taking their car to college, be sure to update their auto insurance policy. This can easily be taken care of by reaching out to your insurance agent! You’ll want to ensure your child is protected if they get into an accident or experience theft. If your child is attending college out of state, talk with us to see if anything changes on their auto insurance policy.
  • Not taking a car? We suggest still keeping them on your auto insurance policy if they plan to drive when they return home for a visit or in the event they need to borrow a friend’s car on campus.
  • Ask for discounts. See if your child qualifies for any additional discounts.
    • Discounts may include:
      • Good student discount
      • Distant-student discount.
      • Pay in full discount
      • Safe driver discount
      • Data tracking discount

2.) Educate On Liability

College is an amazing social and learning experience. Be sure your child understands the serious consequences of drinking and driving, buying alcohol for kids underage or the other risks that are associated with drugs and alcohol. One poor decision could impact the rest of their life.

3.) If worried about theft while living off-campus, invest in a renters insurance policy.

  • If your child owns valuable items like laptops, televisions, printers, cameras or other expensive items, invest in a renters insurance policy.
  • Construct a full inventory of your child’s items that include model and serial numbers.
  • If your child is living with roommates, remember each child needs their own policy.
  • A renters insurance policy offers more than just covering your property. It can provide important liability coverage.

If my child experiences theft, will I be fully reimbursed?

This is where actual cash value and replacement insurance coverage comes into play. Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Actual cash value is the cost to replace the item minus any depreciation. So, if your child had wear and tear on an expensive electronic device, your insurance would pay out the cost of the electronic minus the depreciation. Talk to your agent for clarification.

Whether it’s changing your child’s auto insurance or investing in renters insurance, let our local experts at ISU Insurance Solutions Group help you find the best insurance to fit your needs. For more information about ISU Insurance Solutions Group, visit our website.

When to Add a Teen Driver to Your Insurance Policy

/in , , /by

Teen Driver Insurance Policy in Woodinville, WAFor your teen, learning how to drive is one of the most exciting times of their lives. Finally, a means to freedom so they think. We all remember the excitement of getting our driver’s permit, then our driver’s license. While your teen driving has its benefits, it also comes with a great amount of responsibility. Reminding your child that driving is a privilege and not a right can help them to remain in control and not distracted while driving.

For you, it is important to understand when to add your teen driver to your insurance policy.  While each state requirements vary, in most cases your auto insurance policy will cover your permitted driver until they acquire their driver’s license. At that point, you’ll want to add them as a driver to the insurance policy even if they do not have their own vehicle.

Avoiding adding your teen driver to the policy is not only against your insurance policy language, but can lead to a dreaded claims denial if your teen is involved in an accident and it is determined you purposefully avoided adding them. Be sure to contact your agent to discuss your options and determine when the best time to add the driver to your policy is.

Some things to keep in mind:

  • Some carriers offer Good Student Discounts if your student keeps their grades up.
  • If your teen child is doing delivery as a job such as pizza delivery or newspapers, this requires a special commercial policy.
  • Even if your rates go up because your child is on your insurance policy, if they have their own vehicle this could net you a multi-vehicle discount on your policy.
  • Having your teen on their own policy will likely lead to higher premiums.

Keeping your teen safe on the road is your number one priority. Keeping your family insured with the right coverage is ours. If you have a teen driver in the household, be sure to contact our agency to discuss what options might be right for your situation.

If you have questions about your auto insurance, call the insurance agents at ISU Insurance Solutions Group. We have years of insurance experience and can help you insure everything from your home to your auto or business insurance. We live where you do and are an independent insurance agent, so we can help you find the right company to fit your needs. You can also check out our website, 24/7.

Do You Know What Determines Your Car Insurance Rate?

/in , , , /by

Car Insurance Woodinville, WAWe bet you’ve wondered how car insurance premiums are calculated. Do you ever have discussions with friends of similar age and driving history and find you’re all paying very different premiums for what would appear to be similar coverage?

Insurance premiums are based off of many factors, all of which play a role in your total premium for your auto insurance. A single difference of any of these can give dramatically different outcomes. Some factors insurance companies use to calculate premium can include:

  • Gender, age & marital status
  • What’s your past driving history?
  • What’s your claim history?
  • Your Zip Code where the vehicle is garaged
  • Your credit score
  • How many miles you commute
  • Will you or do you have other policies with the same insurance carrier such as home or renters insurance?
  • Are you currently insured?
  • What types of overage do you want? What limits?
  • What limits did you have on your previous insurance policy?
  • Type and age of vehicle being driven (think safety equipment)

Insurance companies do their best to determine a premium for your situation and calculate a premium that will be profitable for them. It may surprise you to know that many insurance companies try to earn just a few cents on each dollar of premium they collect.

While it is impossible to guess what you are going to be paying each year, you can improve your odds of getting a great rate and terrific coverage by calling a local independent insurance agent. ISU Insurance Solutions Group represents multiple insurance companies, so we can provide you with comparison quotes from several of the top insurance companies in Washington.

If you have questions about your car insurance, call ISU Insurance Solutions Group. We have years of insurance experience and can help you insure everything from your home to your auto or business insurance. We live where you do and are an independent insurance agent, so we can help you find the right company to fit your needs. You can also check out our website, 24/7.