Insurance Information for Young Adults

THINGS TO THINK ABOUT WHILE IN HIGH SCHOOL

JUST GOT YOUR DRIVER’S LICENSE?

If you will be driving your parent’s car, you need to discuss being added to their policy as a driver. If you own your own vehicle, you will need to discuss purchasing an insurance policy of your own.

The Steven’s Driver Training Program is a good way to learn and reinforce driving skills. Please visit their website at www.skidschool.us to learn more. If your parents have insurance through our agency with Co-operative Insurance you may apply for a discount on the registration cost. Please contact our office.

THINGS TO THINK ABOUT WHILE IN COLLEGE

PERSONAL BELONGINGS WHILE AT SCHOOL

You may or may not have coverage from your parent’s homeowner’s policy while you are away at school and living on campus in the dorm. Each company has different guidelines, offering different coverages and has their own exclusions. If you live off campus in an apartment you need to explore the option of purchasing a renter’s policy.  This is a discussion that needs to occur between you, your parents and their agent prior to you going off to school.

BRINGING A CAR TO SCHOOL

Each company has their own rules and guidelines regarding taking a car to school. If you and  your vehicle are listed on your parent’s policy, they need to check with the company to see if they allow it, how much it will cost and what changes need to be made.

BORROWING A FRIEND’S CAR

You may or may not have coverage for borrowing a friend’s car at school. The answer depends on the situation and your current policy. It is best to check with your agent or your parent’s agent before going to school so you know what you are and aren’t covered for.

THINGS TO THINK ABOUT BEFORE MOVING OUT ON YOUR OWN

AUTOMOBILE INSURANCE

Many parent’s automobile policies will not cover you once you have moved out of your parent’s household. It is important that you look into this prior to moving out. You may need to purchase your own policy or get the vehicle retitled to your name only. Each situation is different and your agent will be able to assist you with an answer.

RENTER’S INSURANCE

With most homeowner’s policies, once you have moved out of the household your parent’s policy will not provide personal liability coverage or personal property coverage for you and it is necessary that you purchase your own renter’ insurance policy. Please contact us today to talk about your options.

PURCHASING A HOME

Among other things, purchasing a home requires purchasing an insurance policy for it. A homeowner’s policy provides coverage for the residence dwelling, personal property inside, and personal liability coverage if anyone gets hurt on the property and it is your fault. If you are financing your house, a lending institution will require that you have insurance as well.

GETTING MARRIED

When you get married and are in the same household as your spouse, most companies require that you combine your automobile insurance policies into one policy. If you and your spouse have separate policies, “insurance stacking-taking advantage of two policies on the same claim” can occur which companies do not allow.  Plus you can take advantage of the multicar discount on most policies.

LIFE INSURANCE AND SAVING FOR RETIREMENT

If your death may cause hardship to your spouse and or your family, you should consider life insurance. Please contact our office today to dicuss your options.

CAREER IN INSURANCE?

There are many different types of jobs in the Insurance Industry. These are just a few examples: Customer service, accounting, claims adjuster, underwriter, marketing, sales, agent, producer, principal (agency owner). You can work for a company, which is the entity that provides the policy and settles the claims or you can work for an agency that works with clients to get the insurance written for them with a company and helps them determine what coverage they need, what type of insurance risks they have.

The following skills are desired in the insurance industry: organization, team work, writing and communcation skills, coversation skills, friendly and professional personality, willingness to learn, telephone and reasoning skills, leadership qualities, motivation and passion for your job and helping others.

A college degree is generally desired for most careers in the insurance industry. However starting with an internship in high school or college will also be a plus to a potential employer.