What Insurance Does My College Student Need?

August 19, 2022

Watching your child head to college is an exciting transition into young adulthood! Naturally, as a parent, you want to make sure they are properly covered when they are away on campus.

This can lead to some confusing questions on the insurance side.

For example: Are their belongings covered when they are in a dorm? If they have a car on campus, should they stay on the family auto insurance plan? Luckily, RG is here to help.

Coverage in a Dorm

Depending on your homeowners policy, some coverage may include your child’s property while they are staying in a dorm. We advise checking with your agent to verify exact coverage.

To make the claims process as simple as possible, we recommend creating an inventory of all items your student is taking with them. This includes receipts, serial numbers, photos, and any other important information about each item.

For any items over $1000, we recommend itemizing these. Coverage caps may apply to specific valuables.

If your student is renting an apartment or house off-campus, a separate renters insurance policy (in their own name) is a good option.

Not only are these policies typically very affordable, but many also offer medical and liability coverages in addition to personal property.

Coverage for Their Car

If your student is taking a car to college, notify your agent. If you are financially supporting them, they will likely still be considered a household member for insurance purposes - even if they are living out of state or older than 18. In this case, don’t forget to tell your student that lending the car to others is prohibited.

If your student is leaving the car at home, you should still notify your agent to make sure that your student is covered when they return for vacations and holiday weekends. You may also qualify for an “Occasional Driver” discount since your student would be living in another location the majority of the time.

Many carriers also offer a “Good Student Discount” for students who maintain a high GPA. This could lead to even more savings, depending on what your carrier offers.

If your student owns their own car, or you transfer ownership of a car into their name, they will need to register and insure the car independently.

Umbrella Insurance: Yay or Nay?

Mishaps may happen while your child is away. Not only is this a stressful situation in itself, but it could spell additional trouble if a lawsuit is filed against your child in excess of your homeowner’s general liability coverage.

The added protection of an umbrella policy would help cushion the financial blow during a covered event.

RG Has Your Student’s Needs Covered!

If your child is heading to college for the first time, it’s normal to be a little nervous! But we can help address these concerns with the right coverage for your student.

With over 20 years of experience serving families in the DMV, we are well equipped to find tailored insurance solutions for your student at an affordable price, with no coverage gaps or excess.

Contact us to get started with a no-obligation quote!

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