The start of the academic year is a tough time for many parents when it comes to managing the costs that come with sending a child to school university.
Besides tuition fees, there’s the realisation that all the electronic gadgets such as tablets, phones and laptops, along with cars and sports gear constitute a very hefty financial investment – one that will remain constant throughout your child’s education years.
Portable assets
It’s easy to underestimate the combined value of your child’s portable assets. When you add up the value of gadgets such as tablets, smartphones and watches, sports gear and apparel as well as branded bags, textbooks and stationery, it’s soon apparent that you need a good insurance plan to mitigate the risk of theft, accidental damage or loss which could leave you seriously out of pocket.
It’s advisable to consult with your insurance broker to check that such items can be covered under your current home insurance policy, and especially to review and understand the “All Risks” section of your household contents cover.
In some policies, you need to specify items that are typically removed from your home such as smartphones, smartwatches, laptops etc under your ‘All Risks’ cover.
Remember that household contents cover is applicable to items that stay within your home. But as soon as an item is removed from your home for whatever reason, it ceases to be covered unless its specified under ‘All Risks’.
Student Vehicles
It’s every young person’s dream and every parent’s nightmare – the keys to your child’s first car.
Make sure your child’s car remains safe on campus by following these important tips:
Check the terms and conditions of your insurance cover. If your child is the regular driver of the vehicle, it must be noted on your motor insurance policy as it is a key aspect when insurers rate a policy. Failure to do so would be viewed as non-disclosure that could potentially lead to a claim being repudiated at claims stage.
Telematics is a young driver’s best friend when it comes to building a track record and profile with an insurer. Stick to the speed limits, avoid harsh braking and turns, drive responsibly, attend an advanced driving course and use Uber instead of driving late at night and get a better premium rating based on responsible driving behaviour.
Comprehensive motor insurance is the widest level of motor insurance cover available, covering accidental damage to your vehicle in addition to third party, fire and theft. Check your cover, some of the more ‘no frills’ policies require you to ‘buy up’ for additional cover such as towing fees, hail damage, roadside assistance and so on.
Adhere to the provisions of your insurance cover such as security requirements – a tracking system, immobiliser and parking in safe, locked premises at night.
Don’t get sucked into low premium pitfalls – while premiums may be cheaper, the catch comes in with reduced cover and/or a very high excess in the event of a claim.
Don’t buy a high-powered, expensive first car, as an inexperienced driver is unlikely to handle the power and speed. Safety and reliability should be a primary consideration, so be sensible in your choice.
When it comes to protecting your child’s portable assets and car, a professional insurance broker has the experience and specialist knowledge to help you find the best cover that’s the right fit for your needs and circumstances.
Phone Melissa on 044 382 0550 today to ensure that your child is off to a smooth and safe educational New Year.
