clock May 20, 2014 comments No Comments flowchart Automobile InsuranceFamily & Home CareHomeowners InsuranceOur Blog tag LiabilityRenters

High School… then College… now Real Life!  May and June are very busy months for some households. Graduations are happening every weekend! Next step, high school students are enjoying their last summer till they go off to college and succumb to dorm life. College students are wishing they were celebrating their last summer, but instead they are heading off to a job and worrying they’ll never have a day off again! Hello real world!

If you are a parent, you are so thrilled there is a chance your son or daughter is moving out. If you are the graduate, you too, may be thrilled to move out, but the unknown of the real world is frightening. Insurance for college graduates is not all that complicated.  Let us take some of the worry away by providing some helpful insurance tips for college

It’s time to grow up and get your own insurance!

If you still live with your parents and drive a vehicle they own, you do not need your own auto insurance just yet. Phew!  If you do not live with your parents or you own your own vehicle, you will need to purchase your own car insurance. Car insurance for college graduates can be a basic policy or can include bells and whistles depending on your car and your budget.

Where do I start?

It’s important to understand the coverage you are thinking of purchasing. Loiselle Insurance is a Trusted Choice Agency, which means we write with over 20 companies. We comparison shop and provide you with a choice of companies for you to choose from. We will work with you and provide some options depending on what coverage fits best and how much you would like to spend. You may have to start small and purchase a policy that can grow with you if you decide to add or increase coverage down the road. The most important thing for now is to understand what coverages are available and which you can afford to have. Finding the best value is often better than finding the cheapest price.  Other things that can help lower your car insurance cost is keeping a good driving record, establishing good credit, opting for paperless billing or automatic electronic payments, and maintaining continuous insurance by paying on time.

Leasing Vs. Buying

You just graduated, and you were offered this amazing, life-changing job. Congratulations! You have decided to purchase a new vehicle. We would all love a Maserati but sometimes that’s not in the cards! However, a decent car that gets to and from work is doable. Leasing sounds great, but is it the right choice? Buying is sometimes more expensive, but it might be cheaper for insurance. We wrote a blog about leasing a vehicle  on this topic a few months ago, that will allow you to determine if leasing is the right option. Remember: Car insurance is more expensive depending on the type of car. For instance, a car with a high rollover rate might mean more expensive insurance or a high valued luxury vehicle might also mean increased insurance rates. Buy one that has a high safety crash rating and you will pay less for insurance. Your insurance agent will be able to provide you with this information.

Moving into an Apartment?

You will have to cook your own meals, and do you own laundry, and you should think about protecting your belongings you currently have. When you lived under your parents’ roof, your laptop, jewelry, and that cherished football jersey you paid an astronomic amount for, were covered under your parents homeowners policy. Unfortunately, when you move out, nothing is covered unless you purchase renters insurance. Rhode Island renters insurance for college graduates can be as little as $15 a month! Renters insurance also provides liability coverage. Purchasing healthy amounts of liability on your auto and rent will protect you if anyone gets hurt. For instance, you and your friend are having a great Friday night watching the Red Sox. Your friend had a little too much to drink and decides to drive home. He was the cause of a serious or even fatal accident. You could be held liable because he was drinking at your apartment. The injured party can sue you for your negligent actions. You may be saying to yourself, I don’t make enough money to be sued! It’s important to carry as much liability insurance as you can afford because something such as this can turn into a lifelong financial burden. Your earning potential will only grow, and lawsuits are able to garnish your future wages. The bottom line, make sure you have proper liability coverage so you can enjoy your future paychecks to the fullest!

Loiselle Insurance Agency wants to congratulate all its recent graduates! We are here to help with any questions you may have regarding your future endeavors! If you are a recent graduate and interested in getting a quote for your own insurance, please fill out a quote request on our website and we would be happy to walk you through the process of buying insurance for the first time!

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