The moment’s come. The bags are unpacked, the bed is made and pictures are on the wall. It’s time to say good-bye. In your stomach, you feel an odd mixture of pride and joy, anxiety, and sentimentality.
As a parent, you’ve spent the last 18 years raising your child to be ready for these first steps into life in their own. And you did a great job – otherwise, they wouldn’t be here. Still, you’ll want to make sure they’re fully protected as they sail off with their wishes, dreams and hopes.
When it comes to your college student’s insurance needs, there are a few points to consider.
You might think that if your student goes away to school and doesn’t take a car, you can drop him from your auto policy and save some extra money.
If your student doesn’t take a car to school, we recommend that you keep him listed on the policy for a number of reasons. He’ll be fully protected if he returns home for a weekend visit and wants to drive. He will also have insurance protection when he’s driving a friend’s car while away, and that vehicle isn’t adequately insured. Finally, even if he doesn’t take a car to school, he’ll be fully protected if he’s hit by a car while walking or bicycling, or while being a passenger in somebody else’s car.
If your student does take a car to school, they can still remain on your auto policy. In fact, he should, since it is usually much more expensive for young divers and students to have their own policy. Full-time college students can usually remain covered on their parents’ auto policy if their primary address is the parents’ house, even if they attend college out of state. If your student owns the vehicle and holds the title, they’ll need their own auto policy.
Homeowner’s or Renter’s Insurance
You’ve bought your daughter a brand new laptop and a printer as a going away present. Will these valuable electronics be insured from theft, vandalism or a fire?
If your child continues to live in your household, her belongings are covered under your policy.
If your child stays in a dorm room on campus and you, the parents, have renter’s or homeowner’s insurance for your home, your insurance policy will extend to cover her belongings, up to a 10% limit of your personal property coverage. Ask yourself if you need additional coverage to insure expensive items like jewelry, musical instruments, or certain sports equipment.
However, if your college student lives in his or her own place off-campus, or shares an off-campus house or apartment with friends, things get a little trickier. You might have to set up a separate renter’s policy for your student. That will not only cover his or her ‘stuff’, but also provide liability coverage in case somebody gets hurt in their place. In addition, many landlords have made renter’s insurance a requirement of the lease. Renter’s insurance policies are usually quite affordable, generally less than $15 per month.
Whew, That’s A Lot!
Our team at Compass Insurance Agency specializes in family protection plans. We have helped thousands of clients get prepared for the changing insurance needs of new college students and their families, while making sure they get the best protection for their insurance dollar. Having a child go off to school is a rollercoaster ride. There is so much to think about, not to mention the whirlwind of emotions. Get yourself and your student the peace of mind you deserve when it comes to your auto, homeowners and health insurance protection. When life’s emergencies are dealt with by a competent pro, it’s one less thing to think about.