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College Grad – What You Need To Know About Insurance

Learn how to protect yourself and your family before it’s too late. Read through our graduating from college soon insurance tips.

Congratulations on graduating from college! Now It’s time to take control of your own financial destiny.

Graduating is a milestone. It means now you are completely in control of your own finances. One of the first financial decisions you will be making is what type of insurance coverage do you need and where you are going to buy it. Your insurance decisions depend on what is going on in your life. Do you own a car? Are you going to live at home or are you moving to your own place? Where is your new job located? In your home state or somewhere else?

Auto Insurance

If your graduation present included a new car or even if your parents signed the title of your old car to you upon graduation, you will need to buy your own auto insurance. While in college,  you were probably on your parent’s auto policy. That’s because their policy covered resident relatives. However, when you move out and/or get title to a vehicle, you’re no longer covered on their auto policy.

 

Chances are your auto insurance needs are very different from your parents. Often your parents have lots of assets like their home, expensive cars etc. Because they own assets your parents will carry higher liability limits than you need. Remember you are just starting out, so you can save some money by buying lower limits and getting a lower deductible on your car insurance. If you are moving to a different state for that first job, your parents’ insurance agent may not be licensed in that state, you’ll need to check with him or her and find out.

 

You could just buy your own auto insurance online. A lot of people do that. But I can tell you they often spend more money for less coverage. Auto insurance varies state by state. As an insurance agent we talk to and insure hundreds of people every year. If you want to become an expert at something you need to practice for 10,000 hours or more. Trust me Bancorp’s personal lines team has plenty of practice getting you the best policy for your needs at a fair price. Why not use an expert, you’ll save time, money, and you’ll know you are working with someone who knows what they are doing.   You’ll have many options to choose from.

 

Also, auto insurers offer discounts. You can bet we’ll hunt every one of them down for you.

 

Options and Discounts. Bancorp® Insurance 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.

Renter’s Insurance

You’ve just moved into your first apartment, the old couch, and used furniture does not look like much. But you really need to look at everything in your apartment from the viewpoint of how much will it cost me to replace everything should I lose it all. That includes your clothes in your closets, dresser drawers, jewelry, camera equipment, sports equipment, musical instruments,  kitchen dishes, pots, pans, microwave, etc. Not to mention the TV, laptop, printer, game systems, pictures on the walls and everything else that makes your new apartment a home. Most people never realize how much stuff they have accumulated over a lifetime, even when you are just starting out. When you start adding it up mentally you can get to $50,000 to $100,000 pretty darn quick.

 

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. Your 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 belongings (clothing, books, electronics, furniture – everything) not only in your apartment but in your locked car and anywhere else you take them. It protects your things against fire and other occurrences beyond your control—including vandalism and theft.

 

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.

 

It will also pay for an attorney and protect you in case someone gets injured while in your apartment and/or you get sued if damage caused by you impacts neighboring apartments.

 

Bancorp® Insurance 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.

Health Insurance

Statically one of the highest uninsured populations is your demographic. Why often when you’re just starting out your first job may not provide health insurance. If this is the case talk to your parents about staying on their health coverage. The Affordable Care Act law made is possible for your parents to cover you up until age 26. If you are over the age of 26 and your employer does not provide health insurance then you will be eligible to buy your own health coverage from the Federal Health Insurance Exchange, HealthCare.gov.

 

I know you are thinking to yourself, I hardly ever get sick. But you don’t buy health insurance for the common cold. You buy health insurance for the big expensive health issues like breaking an arm when you tumble off that mountain bike, or suddenly you have, to have your appendixes removed. You want to buy health insurance to cover the big costly things, not the little stuff that you can take care of yourself. A catastrophe health insurance plan may be the coverage for you. The bottom line is you have options;  we can help you look at all your options and pick which health care plan fits you.

 

Give us a call. One of our agents can help you find the best health plan, with the best value for this time in your life.

One Insurance Source

Despite what the ads will tell you insurance is complicated. Insurance companies insure different target markets, many of them do not want to insure the 20 something. But they will not tell you that, you’ll just get charged extra. If you take the first quote you get you will not know if you are paying a good price or a higher price.  Familiar names you know from advertising may not be the company for you.

 

This is one of the reason consumer’s hire an insurance agent. Here at Bancorp Insurance we know the business, we know which companies want to insure you the new college graduate, just starting out. 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 at 800-452-6826.

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