Insurance Changes you should make?

Here are some ways to save when your child is away at school: Remove your child from your policy. Many car insurance companies will allow you to remove a child who has left for college — as longs as their school is over 100 miles away. When the college is 100 miles or less, auto insurers believe there is a higher likelihood of the child returning home on a fairly frequent basis and using the household vehicles. Student away discount. If you prefer not to take the child completely off your policy, so that he is shown to have had continuously coverage in case he was to buy his own vehicle and insurance in the next few years, then you still should be able to ask for a reduction in rates. Plenty of auto insurance companies offer a discount (typically ranging from 15 percent to 30 percent off select coverages) for a student who is away at school over 100 miles from your home. Drop child down to occasional driver. If your son does remain on your policy, you may also see if it’s possible to change him from a primary driver to an occasional driver. Definitions of an occasional driver can differ but, in general, it’s someone who drives less than 25 percent of the car’s annual mileage. Good student discount. If your son gets good grades, it can help lower his car insurance costs. Most car insurance carriers offer students up to the age of 25 a discount if their grades meet certain criteria (normally a B average or better). The good student discount can vary and be as low as 5 percent or as high as 25 percent. Each car insurance provider has its own rules and guidelines, so you’ll need to talk to your specific insurance carrier to see what discounts you’re eligible for and how you can get the lowest possible car insurance rates. It’s also a good time to comparison shop to find out if another auto insurer can offer you even cheaper rates than your current insurer. Keep in mind, if you remove your child from your policy, make him an occasional driver or change other portions of your policy while your son is away at college, you’ll need to review your policy again when he returns home for breaks from school, especially if he’s home for a few months in the summer. When your son is home from school, you may need to add him back to the policy, upgrade him to a primary driver on a vehicle, or make other changes for him to be properly covered. I’d recommend that you discuss this with your insurance agent now, when you make changes as he goes off to college, so you’ll know what to expect later. If your kids go to college out of town, call your auto insurer–they’ll still be on your policy, but the policy’s cost should go down. If they move out permanently, make sure to take them off your auto policy. If you transfer ownership of your house, artwork, a car or any other asset into the name of a trust, limited liability company or family limited partnership, you need to add the entity as an additional insured on your policy. If you’ve transferred the home you live in to a trust for estate planning purposes, you want both your name and the name of the trust on the policy....