Kelly Stone (Class of 2020)
Mrs. Martelle's personal finance class has had two guest speakers from the Vermont Department of Insurance and Banking. Pat Murray and Brenda Clark, insurance representatives, visited the class to provide students with essential information regarding financial decisions. Their presentation was about all types of insurance, but mainly auto insurance. Brenda and Pat work up in Burlington, Vermont, so it was nice for the class to have these visitors despite the long drive. The presentation itself was very informative and intriguing.
Every student in class appeared engaged in the presentation. At the end, everyone got to play a short game that gave them even more information about car insurance, like what would happen to one's premium and deductible in certain scenarios, like getting a speeding ticket; speeding tickets raise premiums.
Fortunately, there is something called a good student discount. A good student discount allows you to trade good grades for a lower premium. If you take driver's education, then the insurance company may give you more of a discount, and this reduces your premium as well. This isn't the only discount, however.
Brenda and Pat told the class that sharing a policy with their parents or guardians would be cheaper than getting their own. Insurance companies raise the premium a lot higher if a student has his own policy; however, if a student goes on her parent's policy, their premium will go up, but not as much as it would if the student had her own. Young teen drivers don't have any driving experience yet, so they raise the premium in case an accident occurs. Furthermore, because it is considered “fair discrimination”, insurance companies can make young male drivers pay more than young females. It is fair because statistics show that young males get into more accidents than young females.
Having these guest speakers was a tremendous opportunity for the class!
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Lane Gibbs (2021)