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Save Money on Insurance When You Send Your Kids to School

May 28, 2015

Although it may seem unthinkable now, if you’re the parent of an incoming college freshman, your loved one will be leaving the next in just a few months. While the experience of the last summer together may be bittersweet, you will have one cause for celebration when junior heads out the door.

You’ll save a ton of money on car insurance….if you send them to school without a car. The best part is, you don’t even have to take them off your insurance.

Alert reader Gail Coskey told me she notified her insurance agent that her son was going away to school in fall and her agent was able to do a maneuver that kept Gail’s kid on her policy so that he’ll be insured to drive in the summer, but won’t be considered a risk while he’s away.

She says the change will save her family $350 a year.

If you have a college student who will be studying abroad for an extended period, you can save even more, Coskey said.

Of course, your mileage may vary.

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One Comment leave one →
  1. Lyss Julie permalink
    May 28, 2015 12:33 pm

    Cool!

    Gail, I am curious for my future knowledge. Does he come off of your plan for the school year? For example, if he borrows a friend’s car and drives it in October or in January, is he still covered by your insurance?

    Thx for the tip. Hopefully I’ll remember it in four years J

    >

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