Thursday, October 7, 2004
More Bang for Your Buck: College Insurance
Between paying tuition and paying for long distance, when you send your kid off to college, something's bound to fall through the cracks. Reviewing junior's insurance policy just might be one of those things. But in tonight's more bang for the buck, we're going to show you how to get your student the best coverage for the lowest price.
(WSVN) -- For kids - college can be some of the best years of your life.
For parents - it can be the most expensive.
Neil: "Our first child off to college, we wanted to make sure it went without a hitch."
Letting go of their first born wasn't easy for Neil and Babs.
Neil: "Taking him to college was a good experience overall but we really felt it the most when we left."
But if they're not careful, mom and dad could also feel it where it hurts most - the wallet. That's why it's important to review your insurance checklist - starting with health care.
Neil: "We actually brought him to up to college at the end stages of mono so we needed to make sure he had everything taken care of as far as health insurance."
Usually, keeping your kid on your health insurance is cheaper than a university sponsored plan.
Not to mention, if you buy coverage on campus, most policies do not include dental or vision.
Eileen: "They usually have a limited prescriptive coverage for instance up to $500 dollars per year."
It's also a wise idea to confirm the coverage is active out of the state and out of the country.
Eileen: "One bout of a appendicitis will cost more than a year's tuition at school if you don't have adequate coverage."
Next on the list, auto insurance.
Neil: "Going to Gainesville which is a much smaller town, a lower liability and luckily his insurance premium did drop and it dropped fairly considerable."
Here, parents will find doing their homework really helps.
If your child goes to school more than a hundred miles away and leaves the car at home, your rates will drop and you will save.
But what about all those fancy dorm rooms. If you're concerned about theft, check your homeowners insurance.
Most valuables are covered except for laptop computers.
Neil and Babs intend to review their checklist. They want to make sure Craig's next four years are safe and successful.
Neil: "Number one, I hoping it's an enjoyable experience for him. We want him to do well in school but also does well with the social aspect that college has to offer."
Also if you're worried your child might need to drop out of school, many colleges and universities offer tuition insurance as way parent's can be reimbursed some of their money.
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