Through Life Series Part 2 – Insurance in Your 20s

insurance in your 20s

Just like many things in life, your insurance needs will change throughout the decades. At Gebco, we want to make sure your needs are being met at every stage of your life. Over the next few months, we’ll be sharing our “Through Life Series” – a blog series that focuses on your insurance needs, by decade. This article will be about insurance in your 20s.

As you move from your teens to your 20s, your insurance needs start to change. Your risk of being in an auto accident declines, but other insurance needs start to crop up, either because you are moving away for college or careers, or due to you “aging out” of some of your parents’ insurance plans.

Renter’s and Homeowner’s Insurance

As you move through your twenties, you are probably trying to make some moves, literally. Getting your own place looks different for everyone. Maybe you live in a dorm through college, but decide to relocate for work opportunities and want to rent a house or apartment. Maybe you decide to move in with friends or even strangers. No matter where you live, if you are a renter you need renter’s insurance.

Renter’s insurance may seem like a useless expense. Maybe you trust the people you live with, or you have a great landlord and live in a low-crime area. But just like car insurance, being covered and not needing it is always better than not having it when something bad happens. There are a variety of incidents and items that renter’s insurance does and does not cover. Each policy is different, and it’s up to you to find a policy or provider that will work best for you.

It is becoming less common for people in their 20s to own a home, but it still happens. It is important for renters to protect their belongings, but when you own a home it becomes your responsibility to make sure your belongings and your house/property are also insured. Each homeowner’s policy offers different coverage for things like your home’s structure, your belongings, and liability.

Car Insurance: Have Your Record or Needs Changed?

Your driving record, the type of car (or motorcycle) you drive, your financial situation – these are just a few things that will change through your 20s, so why not take a look at your auto policy to see if there are more affordable options or things you can do to decrease your rates?

Maybe you’re looking to sell your cool Mustang for a nice sedan or crossover that can haul your belongings to and from college dorms, apartments, or take your friends on that road trip. Perhaps you were in an accident in high school or got a speeding ticket a few years ago, but you’ve improved your record since.

These changes – and more – can affect your auto policy pricing and effectiveness.

Medical Insurance

It is rare for someone in their 20s to have extensive medical problems, but it’s hard to put a price on the value of good medical insurance. Just like with life insurance, medical insurance premiums tend to be lower for younger generations.

If you are a young and healthy individual, having a ton of health insurance is probably not beneficial for you. Enrolling in something as simple as a Telemedicine program could save you money on those annual visits and the few-and-far-between issues.

Save Money – Start Bundling

Many insurance companies offer discounts or incentives if you bundle. Bundling insurance is as simple as it sounds – you are combining your insurance policies, often consolidating them to be provided by one company. You’ve heard the commercials that tell you how you can save money by “bundling home and auto” or combining renter’s and motorcycle insurance.

Gebco Is Here for Life

No matter what stage of life you or your family members may be in, Gebco is committed to bringing you the insurance you need at an affordable price. For all of our insurance offerings, visit our home page or call our offices: 800-464-3226.