Auto and Renters Insurance for Recent College Graduates

Disclaimer: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.


Between the midterms and the late-night study sessions, applying for jobs, and going out on internships, there’s no question about it. Navigating college is stressful.


But you made it! Congratulations, college grad.


Now that you’re out of school with no more term papers and deadlines to worry about, there are a few other things you need to knock off your to-do list. Namely, finding insurance to ensure you’re protected for whatever life throws your way.


Here’s what you need to know.


What Insurance Do You Need After College?

While you might not be ready for things like life insurance or homeowners insurance quite yet, as you go out on your own there are two policies you should definitely consider: auto and renters insurance.


Renters Insurance

Until now, you probably lived in a dorm room or some other type of shared housing with other students. Now it’s time to get your own apartment!


You might think your belongings are all covered under the landlord’s insurance. Unfortunately, this is not the case. The landlord’s insurance only covers the building itself - not any of your possessions. In the event of a burglary, weather event, or even a fire, this is an important distinction to make.


Renter’s insurance will protect you from losing everything you have worked so hard to get.


When you apply for renter’s insurance, you should take photos and thoroughly inventory everything in your apartment. That way, you have the information you need on hand if you need to submit a renters insurance claim.


Auto Insurance

Auto insurance isn’t just something that’s nice to have - it’s legally required to keep your car on the road. Typical auto insurance has a few types of coverage: liability, uninsured and underinsured motorist coverage, comprehensive and collision coverage.


Liability insurance is the part that’s required by law in practically every state. You’ll have to carry a minimum amount of liability coverage, and while you can get a cut-rate policy that carries a minimum amount of liability coverage, this isn’t always the smartest move.


Don’t choose the cheapest policy just because it will cost you the least amount of money per month. It’s better to choose a policy with a higher limit to better protect you after an accident that’s your fault.


And if you reward yourself for all your hard work in college by buying a brand new car? There’s nothing wrong with that - good for you!


However, keep in mind you’ll pay higher premiums in the form of physical damage and collision coverage. This covers the cost to repair the damage to your own car, and since a new car will naturally be more expensive to repair than your old beater, guess what? The premiums are going to be higher, too.


Insurance for Recent College Graduates: The Bottom Line

Graduating college is exciting, but it can also be expensive. If you have student loan debt or even if you don’t, adjusting to life after college can be stressful and costly. Car and renters insurance might not seem like top priorities, but having policies in place to protect your financial interests as you set out on your new career is a smart move. Not only that, but many companies offer a significant credit if you choose to bundle both renters and car insurance with the same company.


Not sure where to look or even how to get started? Contact Northern Insuring Agency, Inc. We’ll make sure you have the right coverages to handle “adulting” like a champ.


Get in touch today for a quote. We’ll simplify the complicated…for insurance.


7 views0 comments