Clarke & Sampson Blog

What College Graduates Need to Know About Insurance

Posted by Keegan Wetzel

Dec 16, 2014 4:37:43 PM

    

You have just graduated college and are ready to take on the real world! Alright so that sounds simple enough, but there are plenty of different responsibilities ahead to handle that do not include writing papers or taking exams. A common difficulty many young adults face with newfound independence is figuring out their how to responsibly handle finances, and selecting insurance options is a large part of this process – We at Clarke & Sampson are here to help make that process much easier. With some thoughtful planning, obtaining the right insurance is more simple and affordable than you may think.

Auto Insurance

When you began driving in high school it is probably likely that you weren’t taking care of your own car insurance. Instead you were probably listed on your parent’s auto policy because that provides coverage for resident relatives. So you have moved out of the house. Now what? It is possible to remain on your parent’s policy, but if the title of the vehicle is now in your name, you aren’t qualified to be covered on your parent’s policy.

Having to select the appropriate auto policy can be a daunting task for somebody who has never had to make that decision for themselves before. Again, this is one of the aspects we can help with! Our independent insurance services provide numerous options, allowing you to shop from several carriers to find the coverage and affordability that best meets your needs. It is best to learn at this time that different auto options vary in the coverages they offer, along with any other additional benefits of specific plans.

Be wary of companies whose main selling point is the price. These plans often come with coverage limitations that aren’t explained fully because people are blinded by how affordable they are instead of focusing on the protection they offer. Also, if at all possible, avoid buying the state minimum auto insurance limits. If you are in an accident and have the state minimum limits of coverage, you could be paying to cover the damages for several years to come. For recent graduates, we recommend auto limits of 250/500/100; this may seem like confusing insurance jargon to you, but we at Clarke & Sampson are at your service to help you understand these things better. No question is a bad question; do not hesitate to give us a call so we can help you get a better grasp on how and when you are covered.

Renters Insurance

Presumably you are now living on your own and paying your own rent – no big deal if you aren’t, the following information will be useful for your general understanding of insurance basics. If you are paying your own rent you need to get renters insurance. Renters insurance provides coverage for your personal property as well as liability protection. You may think that because you’re just getting started with living on your own there isn’t much you have that can be stolen, but don’t be so sure. Almost every college graduate has a TV, computer, iPod, kitchen items, desk, and bed along with other furniture they have accumulated over the years. In the event of a covered loss, your insurance replaces these items so you don’t have to.

The liability portion of insurance keeps you protected against accidents or injuries that you could potentially be held accountable for. In the event of a covered loss, your liability insurance will cover the damages up to the policy limit. Something else important to keep in mind is that the personal liability protection you receive in a renters policy is not limited to the premise that is being rented. For example, if you host a party and one of the guests sprains their ankle after getting a little too expressive in their dance routine, your personal liability makes sure you are covered in the event of a lawsuit. Personal liability insurance will also pay for an attorney to protect you. Considering the fact that lawsuits are more common, and expensive, than ever, this coverage is a smart investment for renters.

Health Insurance

With the new Affordable Care Act legislation in effect, you are able to stay on your parent’s health insurance policy until you are 26 years old if your parent’s plan provided coverage for you before you began living on your own. Whether you are married or not, wherever you live, and whatever your income may be, if you are under the age of 26 you can stay on your parent’s health insurance plan (Healthcare.gov).

Considering you’re probably have several more years of coverage availability on your parent’s plan, now is the perfect time to learn more about how different health plans compare regarding their coverage and benefits. You will become more knowledgeable on the subject and figure out a financial plan to account for health related expenses.

Insurance with Clarke & Sampson

We understand that having to handle your insurance for the first time can be somewhat overwhelming. Our staff is full of professionals who are extremely knowledgeable of insurance, and know what coverage plans better fit people at different stages in their lives. Please contact us today at (703) 683-6601or click the button below so we can help you protect yourself and your property in the process of adjusting to living on your own.

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