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Insurance for College Students

 

 

Spring is just around the corner, bringing with it warmer weather, rain showers, and college acceptance letters.  As these letters prompt students to start planning fun and parents to start planning funds, it is important to consider your options when it comes to insurance.

 

Car Insurance

 

    The most important thing to realize is that if your are still financially supporting your college-age child, you can still classify them as a household member for insurance purposes, even past the age of 18.

 

    This means that your child is still eligible to be part of your auto insurance policy.  However, if for whatever reason, your child chooses to leave their car at home, you can decrease your insurance rates by not listing them as a regular driver on your policy.

 

    If you choose to do so, it is important that you notify your agent if your child will be at home and driving for an extended period of time.

 

    Finally, if your child owns their own ride or you are planning on transferring a family car into their name, it is necessary that they register and insure the vehicle themselves.  This is a great first step to building your child’s insurance record.

 

What about the rest of it?

 

    Just as you would create an inventory for the items in your own home, it is extremely advantageous to document the items your student is taking with them to college. It is typically not necessary to purchase an additional insurance policy to cover these goods, as your insurance should extend to these items.

 

    This extension may or may not be valid when your student is studying abroad, so it is always important to check with your insurance agent before your student leaves for another country.

 

    It may be more expedient to purchase a renters insurance policy for students renting an apartment or house off-campus. These policies are typically inexpensive, starting as low as $10 a month. Renters insurance covers general liability and medical expenses in addition to property.

 

It’s normal for parents to be concerned as their kids head off to college. But having the proper insurance can alleviate those concerns at least a little bit. Talk to your agent today to find out what’s right for you and your student!

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