Congratulations! Graduating from college is a huge accomplishment. The next few months are going to be filled with so many firsts, from your first career job to a new apartment or vehicle, life is sure to be full of changes. As you transition from college student to full-fledged adulthood, you want to make sure to not overlook one of the most important firsts.
Insurance.
Insurance may not be as exciting as buying your first new car or starting your dream job, but it is an important “first”. Having insurance can help set you up for success and protect the life that you are building. We have all heard horror stories about someone who was not covered when disaster struck, and they lost everything. Do not let that be you.
Let us consider the different types of insurance a new graduate might need…
Chances are that you probably have had a vehicle and auto insurance long before graduation. If so, you may want to take a moment to review that insurance policy. There are many factors that play into your auto insurance coverage that can change when you graduate school:
- Away at school – If your insurance was factoring in that you were away at school and you no longer are, your policy may need to be updated to reflect the change.
- Discounts – You may have been getting discounts for being a college student or for having good grades, since you have graduated these discounts could be disappearing soon. You should discuss what that means for your premium costs with your insurance agent and evaluate other ways to save.
- Coverage options – Many college students elect to have only liability insurance in an effort to save money while in school. Now that you have graduated, you may wish to reevaluate your coverage options. Your insurance agent can assist you in reviewing coverage options for your needs and budget.
In addition to these, you may be getting a new vehicle or relocating post-graduation and your auto insurance should be updated to reflect those changes.
Moving into your first apartment can be a very exciting time. In the midst of packing, coordinating, and moving it is important to consider insurance protection for your new place.
New renters are often unaware that their landlord’s insurance does not cover their belongings. In the event of a burglary, fire, etc. renter’s insurance can protect you from losing everything you have worked so hard to obtain.
You should also create an inventory of your items. Include the date of purchase, cost or value or item, any warranty information, and any make/model information. Take videos or photos of the items, as well as any receipts and upload them to a digital storage location, or better, yet ask your independent insurance agent to keep this documentation in your file. In the event of a covered loss, this will assist in your replacing the items quickly and accurately.
Many graduates see life insurance as something they can always get later on in life. They consider it non-essential insurance for now. The reality is that is simply untrue. Life insurance is vital insurance coverage for everyone and there are several reasons why you should consider it now rather than later.
Life insurance is often less expensive when you are younger, and you may have more coverage options. Many policies have exclusion factors such as illness which can happen at any point in your life. Not to mention, as a recent graduate you likely have a large amount of student loan debt that would be passed on to your parents, spouse or children in the event of your passing. A life insurance policy could assist your loved ones in not having to worry about that and allow them to focus on honoring you in your passing.
In most cases, your new job will offer you employee benefits as part of your hiring package. This could include health insurance, dental or vision coverage, disability, and life insurance. If you are given this option, electing to enroll in these coverages is a great choice. You could find that your premiums will be more cost-effective than going it alone and finding your own coverage.
However, some graduates may not be given this option. Whether you are still searching for your new job or are starting your own business, health insurance should be something you still want to consider. In this case, think about having a conversation with your insurance agent. Health insurance can be confusing, and you will want to make coverage choices that are right for you. Your insurance agent can help walk you through the steps and explain anything you need them to while finding you the coverage your desire that also fits your budget.
Graduating from college is a huge accomplishment and you should be very proud of yourself. As you move on to this next chapter of your life, having the right insurance partner can help your feel confident in your coverage and set you on the path for success.
With Gannon Associates Insurance, you have a whole team of dedicated professionals assisting you with your insurance needs. From our 24/7 call line to our online customer portal and mobile app, everything you need is at your fingertips. If you prefer more face-to-face interaction, our agents are available to meet with you and help you find the policies that may fit your needs. Visit www.gannonassociates.com or call us at 844-GANNONS to learn more.
