What are the criteria for removing our college-age student from our Auto Policy while they are away at school?

Young adult drivers can be expensive to insure. We have a lot of calls from parents wondering when they can remove their college-age child from their policy. Typically, students must be attending college more than 100 miles from home without a car on campus to qualify. While removing your student can decrease your rates by as much as $1000, take into account these suggestions when making your decision.

Breaks: Your student will need to be added back to the policy when home for winter and summer breaks.

Driving other vehicles: Your student should not drive a friend’s car while away at school as the friend’s auto policy may lack adequate coverage for your student and anyone else if an accident occurs.

So, when should we remove our young adult children from our policy? The three important things to consider are: residence, ownership and vehicle usage. Young adults should get a separate policy when they permanently live outside their parent’s home. In some cases, their new zip code could yield lower rates. It is also important that the vehicle be titled in the young adult’s name, ie parents have no interest in the car. Lastly, parents are no longer driving the young adult’s car themselves.

Things you should know about water backup

1. It doesn’t come standard
Typically, it needs to be added by endorsement by your agent. At St. Joseph Agency, we typically add it to homeowners policies and have seen many claims resulting from water backup. The last thing you want is a basement full of water and no money to cover the cleanup. Time is also a factor. If the standing water is not taken care of immediately, it can do more damage to your home.

2. It’s relatively cheap to add
It can be anywhere from $50 to $250 for $5,000 – $15,000 of coverage. Repairs can be expensive when you factor in the costs of these claims. Whether the sump pump goes out, or the line is blocked, a lot can be lost and need to be replaced. With a 1,000 square foot basement with average furniture, the claim can be upwards of $10,000.

3. Water backup is common
Everyone has a potential of having a water backup problem. It is one of the most common claims in Indiana for homeowners, second to wind and hail. According to our insurance companies, it accounts for 25% of all claims made on homeowners policies.

4. Water backup is different than a flood
Water backup will only extend coverage for losses arising from water originating from inside the structure from pipes or pumps. A flood typically happens when standing water builds from outside the home and seeps in through the walls of the basement. A separate flood policy would need to be added to extend coverage for this type of loss.

How to best prevent water backups

-Don’t pour grease down the drain.
-Only flush toilet paper. Anything else can cause blockage.
-Consider updating your plumbing system. Minerals from water can cause buildup in pipes. If the system is old, it makes the risk more likely to occur.
-Have a plumber inspect your sump pump annually. You should install a backup battery and sump (or water-powered sump) should either fail.
-Make sure you have a backwater prevention valve. Some older houses may not have these.

What is a Probationary Driver’s License in Indiana?

It is important to note that in Indiana, all licensed drivers under age 21 have a Probationary Driver’s License. This license comes with a variety of restrictions including:

No use of telecommunication devices while driving except to call 911.

No driving between 10 pm and 5 am for 180 days after getting the license. After your teen has driven for 180 days, and until he or she becomes 18, he or she may not drive during the following hours:

  • Saturday and Sunday, between 1 am and 5 am
  • Sunday through Thursday, after 11 pm
  • Monday through Friday, before 5 am

These rules are waived if he or she is traveling to or from work, a school-sanctioned activity, or a religious event; or if accompanied in the front seat by someone with valid driving privileges who is at least 25 years of age or a spouse with valid driving privileges at least 21 years of age.

No driving with passengers for 180 days after issue of Probationary License, unless

  • Accompanied in the front seat by a licensed instructor,
  • Accompanied by an individual with a valid driver’s license who is at least 25 years of age or a spouse who is at least 21 years of age.
  • Accompanied by siblings, step or half siblings or spouse during the hours allowed by law without another accompanying individual.

For more information about licensing teen drivers, visit www.in.gov/bmv.

 

Away at School Discount/Risk of Removing Child Away at School

What are the criteria for removing our college-age student from our Auto Policy while they are away at school?

Young adult drivers can be expensive to insure. We field a lot of calls from parents wondering when they can remove their college-age child from their policy. Typically, students must be attending college more than 100 miles from home without a car on campus to qualify. While removing your student can decrease your rates by as much as $1000, take into account these suggestions when making your decision.

Breaks: Your student will need to be added back to the policy when home for winter and summer breaks.

Driving other vehicles: Your student should not drive a friend’s car while away at school as the friend’s auto policy may lack adequate coverage for your student and anyone else if an accident occurs.

So, when should we remove our young adult children from our policy? The three important things to consider are: residence, ownership and vehicle usage. Young adults should get a separate policy when they permanently live outside their parent’s home. In some cases, their new zip code could yield lower rates. It is also important that the vehicle be titled in the young adult’s name, ie parents have no interest in the car. Lastly, parents are no longer driving the young adult’s car themselves.

When should I add my newly licensed teen driver to my Auto Insurance policy?

Having a new teen driver in the house is an exciting time—another driver to run errands or pick up siblings is handy for parents. And the new-found freedom for teens cannot be denied. The first question many of our clients ask is when do I add my teenager to our Auto Insurance policy. The short answer is once they obtain their Probationary Driver’s License. But here are a few tips during this transitional time.

Your teen can be issued a Learner’s Permit at 15 years old if he or she is enrolled in a driver’s education course. At 16, he or she can apply for a learner’s permit without being enrolled in a driver’s education course. We recommend making a copy or snapping a picture of the Learner’s Permit once it is issued. This document uses what will become your child’s Indiana Driver’s License Number (DLN) which is a main component of adding him or her to your policy.

Once your teen has successfully completed an approved driver education program, and is 16-years and 90-days-old, he or she may obtain a Probationary Driver’s License. If your teen did not complete an approved driver education program, he or she must be at least 16-years and 270-days-old (approximately 16 years and nine months) to obtain a probationary driver’s license, if he or she otherwise qualifies.

Once that exciting day arrives and your student has his or her Probationary Driver’s License, call us at St. Joseph Agency at 317-564-4949 with the DLN number and we can add your student to your policy. We will also need the student’s birthdate and identify which car he or she will be driving. At that point, you have a licensed and insured driver in your home!

Do I need an Umbrella?

Imagine your son or daughter’s friends enjoying a pick-up basketball game in your backyard when the old, rusted goal becomes unhinged, drops on a player and injures him or her.

Or, you are in an at-fault auto accident where the other individual is injured.

If any of these injuries far exceed the base limits of your auto or homeowner’s policy, an umbrella policy can cover the claim made against you on behalf of the wronged party. First, your insurance may pay the settlement amount up to the limits of your coverage. If the settlement amount exceeds your coverage limits, your umbrella policy will pay once your basic liability limits have been exhausted. It can also protect you from bodily injury liability claims and property damage liability claims. In addition, Umbrella policies provide a broader form of coverage and can help cover legal fees, false arrest, libel and slander. Umbrella insurance can come into play if you are found liable and need to pay damages, or if you are sued and need to pay for your legal defense.

An umbrella policy also helps you protect your assets. Your car, house, investments and retirement accounts, as well as your normal checking and savings accounts and even future income, are all considered assets. If you are sued for a large amount of money and do not have enough liability insurance or an umbrella policy to cover those costs, your assets can be exposed.

People typically choose to buy an umbrella policy because they want to prevent the possibility of financial ruin due to one misstep or unforeseen accident. Coverage for an umbrella policy typically starts in the range of $150-$200 for a $1 million policy.

GCHS Student Earns Scholarship from Foresters Financial

Congratulations to recent Guerin Catholic graduate Carly Demas who won a $2000 Foresters Financial™ Competitive Scholarship! Carly is studying at Indiana University.

Each year, Foresters Financial™ offer 250 tuition scholarships up to $2,000 to eligible students pursuing post-secondary education at an accredited university, community college or trade program. Eligible students include Foresters policyholders as well as children and grandchildren of policyholders.

This year, the winners average achievement levels included approximately 102 community service hours (per winner) in activities they created or held a leadership position.  Most winners were involved in around seven community service activities and had a GPA of 3.79 (on a 4.0 scale).

The application is open from December 1, 2018 until February 28, 2019. For more information and to see if you qualify, visit foresters.com.

Three Cathedral students earn $2500 in scholarships from Catholic Financial Life for the 2018-2019 school year.

Three Cathedral students earned $2500 in scholarships from Catholic Financial Life for the 2018-2019 school year. High school and college scholarships are awarded based on service. The average hours of service for these Cathedral High School students was 59. (L to R): Sophomore Maddie Cler earned a $500 high school scholarship. Seniors Ben Treece (Butler University) and Kate Burnside (Colorado University) earned $1000 college scholarships.

Catholic Financial Life (CFL) sets aside a percentage of its earnings each year for Catholic grade school, Catholic high school and college scholarships for students who have a life insurance policy with CFL. This summer more than $264,000 will be awarded in educational scholarships to members for the 2018-2019 school year! Of the 244 high school applicants nation-wide, 164 received an award. One hundred sixty-five seniors competed for 80 college scholarships.

Seven Bishop Chatard High School students earned $4000 for the 2018-2019 school year from Catholic Financial Life.

Seven Bishop Chatard High School students earned $4000 for the 2018-2019 school year from Catholic Financial Life. Six underclassmen earned $500 each and averaged 87 hours of service while Senior Rachel Doyle (IUPUI) earned $1000 with 155 hours of service. (L to R): Rachel Doyle, Tom LeMark, Isaac LeMark, Max LeMark, Lucy Kellison and Margaret Doyle. Not pictured: Incoming freshman Kylie Nagel.

Catholic Financial Life (CFL) sets aside a percentage of its earnings each year for Catholic grade school, Catholic high school and college scholarships for students who have a life insurance policy with CFL. This summer more than $264,000 will be awarded in educational scholarships to members for the 2018-2019 school year!

High school and college scholarships are awarded based on service. Of the 244 high school applicants nation-wide, 164 received an award. One hundred sixty-five seniors competed for 80 college scholarships.

Six Roncalli students earn $3500 in scholarships for the 2018-2019 school year from Catholic Financial Life.

Six Roncalli students earned $3500 in scholarships for the 2018-2019 school year from Catholic Financial Life. Five underclassmen earned $500 each and averaged 50 hours of service while Senior Ethan Newett (Purdue University) earned $1000 with 66 hours of service. (L to R): Aidan Newett, Will Schoettle, Ethan Newett and Tyler Newett. Not pictured: Incoming Freshmen Brady Newett and Colin Newett.

Catholic Financial Life (CFL) sets aside a percentage of its earnings each year for Catholic grade school, Catholic high school and college scholarships for students who have a life insurance policy with CFL. This summer more than $264,000 will be awarded in educational scholarships to members for the 2018-2019 school year!

High school and college scholarships are awarded based on service. Of the 244 high school applicants nation-wide, 164 received an award. One hundred sixty-five seniors competed for 80 college scholarships.

From life insurance to retirement planning, education savings, and more, Catholic Financial Life has been helping its members protect their financial lives for nearly 150 years. With assets of $1.38 billion and 110,000 members across the United States, Catholic Financial Life’s strength comes from being a different kind of financial community.  As a member-owned organization, we are accountable to our members. Our longevity is a testimony to their loyalty, and our success is a result of being a trusted financial partner.

Seventeen Archdiocese of Indianapolis Students Awarded $3900 in Scholarships from Catholic Financial Life

Seventeen Archdiocese of Indianapolis Students were awarded $3900 in Scholarships for the 2018-2019 school year from Catholic Financial Life. Most students earned $200 scholarships while one high schooler from Seton Catholic School in Richmond earned a $500 scholarship.

Gemma LeMark, Christ the King Catholic School; Thomas Davey, Immaculate Heart of Mary Catholic School;
Casey Newett, Harold Schoettle and Mary Schoettle, Nativity Catholic School; Quentin Gibson, St. Francis and Clare School;
Mary Belby and Patrick Belby, St. Luke Catholic School; Allison Donnelly, John Doyle, Dalton Fugate, Avery Nagel, Marissa Post and Jacqueline Quadrini, St. Pius X Catholic School; Alexander Gillum, St. Therese of the Infant Jesus (Little Flower) Catholic School; and Josey Meeks and Katelyn Meeks, Seton Catholic School, Richmond.

Catholic Financial Life (CFL) sets aside a percentage of its earnings each year for Catholic grade school, Catholic high school and college scholarships for students who have a life insurance policy with CFL. This summer more than $264,000 will be awarded in educational scholarships to members for the 2018-2019 school year!