Student Away at College

Oct 23, 2015

  1. mattt
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    mattt New Member

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    Do u guys keep the kids on the policy and list them as away or simply take them off the policy and add them back on if they come back for the summer? I'm competing against an agent that is taking them off completely and I obviously can't compete with having them away at school without car on the policy as that discount isn't that great.
     
    mattt, Oct 23, 2015
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  2. insurance1822
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    So I just slipped by having an E&O with this!!! Literally just yesterday!!

    These people I insured had a son whom they didn't list because he wasn't licensed, didn't drive & was apparently staying at school (my producer wrote this policy 3 years ago.) They didn't have the son listed on their prior insurance either. The kid ended up getting hit by a car while walking & the car drove away. The kid had major medical bills. Now (3 years later..) the kid gets an attorney & tries to collect on the medical/UM of his parents policy who'm I insured. The carrier (looking to deny the claim..) wanted all the signed apps. THANK GOD I had them. Now...the carrier is going to end up paying out on the medical/UM because they're stating the son maintained residency w/ them. Without signed forms i would have been DEAD in the water. It's the most scared I've been in my whole career. It's NOT worth it
     
  3. mattt
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    mattt New Member

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    Thanks for the story. I bet that was a stressful period of time. I thought I should just walk away but hate throwing business away. Good to know about the uninsured motorist. I had a similar situation with a client on a bicycle but they were listed.
     
    mattt, Oct 23, 2015
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  4. insurance1822
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    The carrier is going to be on the hook anyway for first party benefits if they can prove the kid maintained residency at the parents home. So your loss ratio will be exposed (although if something major happens the extra few hundred in premium won't really help the big loss...) so really....if you just get them to sign the app then f*ck them and do it. just make sure you keep the signed app.
     
  5. JohnWalker
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    Was the kid excluded or just left off the policy? Excluding drivers is super important to maintain good loss ratios... Especially when dealing with non-standard auto :D
     
  6. insurance1822
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    it was preferred business...so he was not excluded.
     
  7. shawnmwalker
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    He was just not listed.
     
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