Why you need to explore options that can save money and extend protection —even when your student is away from home.
- Student dropped off
- Dorm decorated
- Classes underway
- Parties started
- Insurance policies re-examined, wait…what???
That’s right. Just when you thought you had checked every box for sending your child to college, there is one more thing you should consider…talking to your insurance agent. Getting insurance for your college student might be worth it.
Because you can—and should—make adjustments to your auto and home insurance policies to save money, and to keep your student and their possessions (including pricey) electronics protected while your student is away at college.
Here are a few auto and homeowners insurance options and considerations for your college student.
Open Up the Hood of Your Auto Policy
Having a car on campus…or not.
No matter if your child is going to college around the corner or around the world, it’s important to notify your auto insurer. Your rate could change depending on whether or not your student takes their car with them to school. If your child does not take a car to campus, you might be able to get a discount on your policy, especially if your insurer offers a low-mileage discount or usage-based plan
Where is the car?
If your child takes a car to school with them, your rates may also change. This is highly dependent on where the school is located or where the car is “garaged.” A rural campus may not make a big impact on your insurance rates, while an urban environment could raise them. While this rate change might be fuel for procrastination, auto policies must have up-to-date address information for covered vehicles to ensure full coverage for any damage, theft, etc.
Just another reason to get good grades.
As if maintaining scholarships or graduating with honors wasn’t enough motivation to get good grades, saving on the cost of car insurance could be extra incentive. Many auto insurers offer good student discounts for high grades and GPAs. These discounts are by far the best discounts available for student drivers—with all carriers. They typically range from 5% to 15%, which can add up to big savings over a calendar year. Be sure to reach out to one of our insurance experts for more information.
Home Away from Homeowners
Many homeowner’s insurance policies offer coverage for college students, but having individual dorm room renters insurance may be a better option. Affordable renters insurance is available and important for your college student’s safety, the safety of those around them, and the safekeeping of your child’s belongings.
Personal property coverage for your college student
Make sure your student’s valuables are covered. Colleges—whether big, small, urban, suburban, or rural—are all full of opportunities for damage, theft, or loss of valuable items such as electronics, instruments, or jewelry. These items and other expensive personal belongings can be covered through a renters policy. (Also, if you don’t already have it, now is a good time to be sure you have insurance on your child’s cell phone.)
Personal liability coverage for your college student
College is a land of opportunity for growth, learning, and something going awry. If one of your child’s dorm buddies gets hurt in their room, or if any damage is incurred by your child to the dorm or school property, personal liability coverage may come in handy. Further, if that school or dorm buddy decides to sue, personal liability could help pay for the cost of legal fees.
On- or off-campus, coverage is important
Don’t let your student move into a dorm, or let them sign a lease for off-campus housing until renters insurance is considered. Most renters insurance plans offer inexpensive premiums ($100-$200 per year), and cover whatever is necessary with customizable options. Don’t hesitate to explore renters insurance options with our experts.
As your life circumstances change, so do your family’s insurance needs. Visit our website for more information like this, and reach out to our financial aid and college affordability experts at 610-422-3530 to start your college planning journey today.