It's that most magical time of year, when college kids are gearing up to head off to school and parents are running themselves nuts trying to make the arrangements! If you've got a teen heading off to college you've already got a lot on your mind-but don't forget to add your car insurance to the list!



There are a couple of things you need to know about your kids and their car insurance when you've got one flying the nest for the first time. First and foremost, before you panic, yes, your college aged driver can probably stay on your policy. Most car insurance companies don't particularly care how old your children are, as long as they're living in your house and driving a car with your name on the title you're free to cover them with your own coverage. (Vehicle insurance is so much easier to negotiate with than health insurance!)

If your driver is going to be living at home and going to school you shouldn't have to make many changes to your policy, although it's still a good idea to let your insurance company know. On the other hand, if they're going to be living on campus over 100 miles away and you're only expecting them home on vacations and weekends you might be eligible for some major discounts. Since your child is considered a "high risk" driver until they turn 25 cutting back on the amount of time they spend behind the wheel is going to do wonders for the relative risk of your policy.

If your child is going to be taking the family car away to college you definitely need to let your insurance carrier know. When you relocate to a new "garaging location" (where the car spends most of its time) your car insurance rates can change based on the campus's safety rating. Inner city schools are going to cost more than rural, suburban campuses, and vice versa. There are companies that make it their business to track the number of car accidents that happen in these places, and your insurer is going to use that information to determine the rates they're going to charge you.

If you've decided to send your child to school with their own car and take your name off the title, you may want to think twice. Although the idea of complete and total responsibility might sound good, taking your name off the title is almost guaranteed to send their car insurance rates soaring. Insurance statistics show that girls can expect their insurance to go up 50% and young men 100% when they come off their parents' policy. When you're already scraping for change to supplement your meal plan this can be a pretty hard hit to the pocket.

Unless you're determined to remove your teen from your policy the best thing you can do for them is leave your name on the title as long as possible.

You've got a lot to do to get your college student out of the house. Consider getting their car insurance straightened out to be one last act of love-and one more thing to keep empty nest syndrome at bay!