Graduating From College
What College Graduates Need to Know about Insurance
Congratulations! Graduating from college is an impressive accomplishment.
Most college graduates don't study insurance in college so there are some important things that you should be aware of. The different types of insurance that you should think about purchasing, and the what, when, where & why of them.
The first thing I recommend is finding a licensed insurance agent you can trust. As a recent college graduate, You are probably still considered young and although you may not have acquired many assets as of yet, you still have a lot to lose if a liability lawsuit should arise.
There are four types of insurance you'll want to consider after college graduation:
- One Insurance Source
Almost every state in the United States require that if you have a car you have auto insurance. We can only speak about New York Auto Insurance so if you live in another State we suggest checking with the Department of Motor Vehicles in that State or find a licensed agent in the State you will be living in.
New York requires that every vehicle have liability insurance and there a minimum limits required. If the vehicle you drive is titled and registered to your parents then you are most likely listed as a driver on their policy - or you should be. If the vehicle is really your vehicle then you should have an auto policy in your own name. This is especially true if you are moving out or purchase your own vehicle. You will start to build your own insurance and credit history by having a policy in your own name.
Depending on your age, years of driving experience and driving record your own auto policy is probably going to be more expensive than when your parents insured it. However, as long as you were listed as a driver on your parents or someone else's policy that will count as having prior insurance and it will be a considerable savings for your. You also may need a renter's policy in which we will talk more about later, but then you could get a multi-policy discount too. There are several other discounts you also may qualify for speak to your agent or give us a call for more information.
Another reality is that your auto insurance needs are different than your parents. For example, they might be financially able to have a large deductible on their policy. But that might not be best for you right now.
Now is the time to call Tanner Insurance Agency. Because we represent a wide variety of insurance companies, you'll have many options to choose from.
Options and Discounts. Tanner Insurance Agency will present all of them to you. We'll make sure you get the best auto policy coverage value for the least amount of money.
If you are temporarily moved out of your parents house just for the time you were at school your 'stuff'' should be covered on your parents homeowner policy. However, once you graduate from college, many graduates make the move permanent and get their own place. Once you do that you will need to make sure your belongings are protected. Things like:
- Laptop or PC
- DVD Player
- IPod and other music players
- Cell Phone
- Game systems
- Bedroom set and other furniture
- Microwave and other kitchen appliances
- Watch / Jewelry
(You might not think they're worth much but they are - especially when you think of how much it would cost to replace them.)
A couple of friends help you move to your new garden apartment. Great!
You're moved in, you've managed to save a couple of bucks and it's two weeks before you start work. So, you take a short trip with some friends to Cancun. You have a blast and return home on a Saturday night.
You're still smiling at the memories of the trip as you walk up the stairs. Maybe you're even chuckling as you put the key in the door and open it.
Then you stop laughing. You stop smiling. You mouth goes ajar and you can't believe your eyes.
Your place has been trashed. Everything you had is gone - your laptop, DVD player, game system. Everything.
That's a bad enough feeling. And it happens. But eventually you realize all of your things are replaceable. Or are they?
Did you have renter's insurance?
Renters insurance covers your belonging against many unexpected things that could happen like vandalism, theft, fire, if lightening strikes and your TV or other electric item gets fried. Your belongings are typically covered anywhere in the world while temporarily away from the residence. So if you are on vacation and lose your luggage or your laptop gets stolen - most likely it would be covered on your renters policy.
If you thought about it at all, you may have thought insurance was the responsibility of the landlord. It's not. The landlord's policy covers the building only. It's a renter's policy that will help pay for the replacement of all your personal items.
The other important coverage renter's policy provide is personal liability. This coverage follows you everywhere. So not only if someone slips and falls in your apartment (yes you can be sued for that) this policy will pay to respond to legal paperwork, protect you in a court of law and pay any claims. The same is true if you are in the grocery store and accidentally run your shopping cart into someone else's car or over their foot - again this is the insurance policy that will pay to respond to legal paperwork, protect you in a court of law and pay any claims. With no deductible.
Renter's insurance policies are very inexpensive and flexible payment options are available. Tanner Insurance Agency will give you peace of mind about your belongings and your liability. We'll help you sort it all out. As with auto insurance, we're big on discounts. We'll make sure you get them.
I was going to say that Health Insurance is probably the most important insurance that you need to have - but I really feel all of the policies we have talked about so far are important. However, if you are sick and aren't collecting money than you can't pay for the other things you need to protect like your apartment, your stuff or your car.
According to Forbes - 18-29 year olds make up about a third of the Nations 47 million that are uninsured. Which probably has a lot to do with cost.
When you were a full time student you were probably covered on your parents health insurance policy or they had a policy for your until somewhere between the ages of 22 to 25. So, check on with them to see if you have coverage and when it runs out.
However, after you leave school and your home, you're responsible for insuring your health. Being without health insurance makes you vulnerable. Very vulnerable.
Health insurance can be confusing with the new Government Healthcare options and there are specific rules and regulations that you will want to be aware of. We can put you in touch with someone who specializes in Health Insurance and can be your trusted advisor for this very important life decision.
One Insurance Source
When you make the transition from college to "real-life," everything changes.
Now you're responsible for protecting yourself and your family....
Your choices are difficult and you need an expert on your side. Don't fool yourself and pretend you know insurance. It can be complicated business. Plus, your needs can constantly change as your life changes. There are many other insurances that you should consider - like Life Insurance and Disability Insurance. Maybe now that you are a College Graduate you are starting a new business there are many other conversations we need to have so please contact us.
Work with someone who specializes in College Graduates. Contact us at Tanner Insurance Agency, Inc. today.
The saddest words this agent ever hears are "I knew I should have done something." All you need to do is one simple thing... contact us.
We're your one stop insurance shop. We'll do all the work for you. Complete the protection analysis form today, or call us now 1-888-484-2467.