How did a client recently save nearly $1000 a year with appropriate coverage for their child who no longer lived with them?
We were recently contacted by a family who insured their daughter on their policy, though she was no longer attending college and had moved out of the home. In this case they intended no harm but did not realize when the child was no longer in school and not living at home it may put coverage in question. Though I knew we could not duplicate this insurance arrangement and thought we would probably be penalized for insuring the family properly (i.e. putting the daughter on her own policy), I thought it would be a good case study and in doing so might be able to educate the family. Two things that concerned me about their current coverage:
1. Their daughter did not live with them but she was on their auto policy. I felt her coverage could be questioned and a legal battle could come about in the case of an accident. This is a gray area, and we want everything to be black and white.
2. In addition, the husband had his own business and I felt there were some gaps in coverage with his truck being on the personal policy.
We proceeded to quote the policy in a fashion that we felt would have the best coverage and wow, were we shocked! We saved them nearly $1000 a year! This included insuring the truck on a commercial policy and having the daughter covered on her own policy. All bills would be combined together and be sent to the parents. So, the point here is always ask questions and it never hurts to shop around.
