As a parent you've stayed up many late nights caring for your baby. Now, it’s hard to believe that your little baby has grown into a young man or woman. Your child has now become very independent, it’s difficult for you to adjust to and you know that eventually your child will leave home. For now, it’s still important for you to educate your child with the knowledge that he or she will need to become a responsible adult. We hope that these articles will provide your teenager with valuable information regarding college, life insurance, driving a car and much more! We encourage you to check out this link as new articles are added periodically.

• Insurance for College Students
• Learning About Life Insurance
• What is Auto Insurance

INSURANCE FOR COLLEGE STUDENTS

Heading off to college is an adventure. However, the adventure should not include unpleasant surprises about insurance against auto accidents, or the loss or destruction of personal property.

Here are some things you should know about insurance coverage before you leave for school.

Automobile

If your parents auto policy covers children now, it will provide the same coverage while you are away at school in the United States, Puerto Rico or Canada.

Your parents’ auto liability insurance policy will cover any accident for which you might be held responsible while driving somebody else’s car, up to the policy’s dollar limits. The liability policy covering the car driven generally must pay first. Your parents’ policy will pay for expenses in excess of those paid by the policy on the non-owned car you were driving. However, your parents’ policy will pay on a primary basis for damage to the non-owned car itself.

Several insurance companies offer “student away at school” premium discounts when you are covered by a policy attending college, away from home without a car. Some companies offer 10 percent discounts to college students classified as “youthful drivers” who maintain grade averages of at least “B” or 3.0 on a 4.0 scale. Your parents’ agent can tell them if their company offers this discount.

Personal Property

A student’s personal property -- clothing, bicycle, musical instruments, computer equipment, stereo, etc. – can be expensive to replace if damaged, destroyed or stolen.

Your parents’ home insurance policy automatically covers the personal property of dependents temporarily living away from home. The coverage is limited to 10 percent of the personal property coverage provided by the parent’s policy. If your parents have $70,000 in personal property coverage, for example, the policy will replace your property up to $7,000. There are certain exceptions, so it’s a good idea for your parents to talk to their insurance company or agent about coverage for your personal property away from home.

If you should need more personal property coverage than what your parent’s policy affords, an option is to buy a separate renters policy. Premiums for these policies average approximately $20 per month.

Source: Texas Department of Insurance

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As we age, our financial goals and responsibilities change. Some of us may be more financially secure than others. It all depends on how you’ve planned for your retirement years. You may have a pension plan, CDs, a 401K, and a nice savings account, but have you thought about how your loved ones would be taken care of when you are gone? You may already have a life insurance policy, so consider this: Is it enough? Or, if you don’t have a life insurance policy don’t let your age discourage you. Life insurance policies are a lot more affordable than you think, to learn more about life insurance products available at Germania Life, click here.

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WHAT IS AUTO INSURANCE?

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:

• Property coverage pays for damage to or theft of your car.
• Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
• Medical coverage pays for he cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you are financing a car, your lender may also have requirements.

Most auto policies are for six months to a year. Your insurance company should notify you by mail when it's time to renew the policy and to pay your premium.

Source: Insurance Information Institute, Inc.

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Germania Insurance
PO Box 645
Brenham,TX 77834-0645
Phone (979) 836 - 5224
Toll-free (800) 392 - 2202
Fax (979) 830 - 7547