Coverage for College – Insuring Children Away at School
Purchasing coverage for children away at school can be confusing if you aren’t familiar with the options. Learn the ABCs of keeping your student protected with these building blocks of coverage:
A – Analyze: The first step is to analyze your current insurance policies against the needs of your child. Most students will need health insurance, automobile insurance and some type of renter’s policy. It’s also a good idea to evaluate your liability coverage to protect your family from legal claims in the event your child is involved in an accident or other liability situation.
B – Bargain: Most parents are surprised to learn how easy it can be to qualify for discounts, especially on auto insurance or for multi-policy coverage. Ask about alumni discounts, safe driving perks and other programs designed to reduce the rates of providing coverage for your child.
C – Compare: Most parents simply add riders to an existing automobile policy or extend their homeowners coverage to provide insurance for a college student. However, it may be more affordable to purchase insurance in your child’s name instead. For example, if your student owns an older make/model of automobile, the lower value of the vehicle combined with decreased liability needs often provides enhanced savings over increasing primary policies or purchasing an umbrella policy. Many colleges also provide low-cost health insurance, although you should carefully review limits and exclusions of coverage prior to purchasing, especially if your child has a pre-existing condition.