Insuring your varsity-bound child

With the year well on its way, schools have opened and tertiary institutions are welcoming their students back. If you have a child going off to study, chances are they have some valuables that they are taking with them. How many of us have actually considered what will happen should these items get damaged or lost/stolen?

Insurance is there to assist you to get back to the same position you were in before the damage or loss of your valuables. Often, insuring the items your child takes with them to their campus is an afterthought that only arrives when you have to replace or repair the items.

Don’t just invest in their education, make sure that their tools are also looked after!

• Get your car insurance in order!
  If you are sending your child to university with a car, or if they will be driving the family car to classmost days, you will need to note your child as the regular driver on your insurance policy, as this may affect your premium and ultimately your cover at claims stage.
  
  Inform your insurer of such changes – and remember to update the overnight or daytime address, if necessary.
  
  Added bonuses: Besides ensuring accurate information and a hassle-free claims process, adding your child under your cover and specifying them as the regular driver will them build their own (accurate) risk profile for their future insurance policies. Also,  don’t forget that the more you insure, the more you save!
• Get their contents covered!
  Aside from expensive books, students carry other expensive items with them on a day-to-day basis; and if they will be living in away from home, they may have more valuables in their care than a day student. For instance, their electronics, jewellery, furniture, sports equipment etc. will need to be covered.
  
  It would be advisable that you check with your insurer whether you need to take out a home contents policy or cover the items under an All Risk policy. It is important to be fully aware of the terms and conditions that apply, and to have the right cover for your child’s things in the event of theft or damage.

When getting the right cover, be sure to have the items’ receipts handy so as to insure the goods for the correct replacement value.

The most important thing to do when sending them into the world of studying, is to remind them to take care of their property as best as they can!

Getting your insurance policy sorted and corrected before sending your child off to varsity should be part of your back-to-school to-do list. Doing this will ensure that your child has the right protection in place while they’re away from home.