3 Types of Insurance Every College Student Needs


Between admissions, financial aid, back-to-school shopping and moving in, it’s easy for families of the college-bound to overlook something critical: insurance.

It’s not smart to assume your student will be covered by existing policies, especially for students who are leaving home. Read through this rundown to find out what you need, and where you can save money.

1. Car insurance

If your student drives, car insurance is a must. However, you might be able to save if the student leaves the car to gather dust at home while attending college.

Such students might qualify for a “distant student” discount, especially if they live at least 100 miles away. Call your auto insurance company and ask. Just remember to make sure your student will remain covered as an occasional driver when he or she comes home for visits.

There might also be a separate discount for good grades. The rules for and sizes of these discounts vary by insurer and state, but you often can get a price break if the student maintains a B average or better.

On the other hand, attending college in a state that requires higher coverage levels can boost premiums. So can moving a car from a rural to an urban setting.

2. Health insurance

A full-time student may be covered by your health plan until age 26, thanks to changes from the Patient Protection and Affordable Care Act, also known as Obamacare.

Just remember that your student will still have to find a participating doctor near campus.

Vaccinations are often a requirement for college admission. Fortunately, many vaccinations are covered as a part of the Affordable Care Act.

3. Property insurance

Students typically have a lot of valuables: laptops, smartphones, iPads, bicycles, flat-screen TVs and gaming consoles, to name just a few. And college campuses aren’t immune to fire, burglary and other tribulations.

If your student is living in a dorm, your homeowners policy likely covers their stuff. However, you should check to be sure and to ask about policy limits.

Living off-campus in an apartment? That may call for renters insurance. Shop around for the best price and, if it still seems too expensive, lower the monthly cost by raising the deductible.

For more, check out “How to Save Money on Every Type of Insurance.”

Do you have tips for insuring the college-bound? Share them in the comments below or on our Facebook page.

Marilyn Lewis contributed to this post.

Earn more interest on your savings

Are you earning as much interest on your savings as you could be? Grow your savings faster with banks offering rates that are significantly higher than the national average. Find the best rates and start earning more interest on your savings by using the Money Talks News savings account and CD comparison tool.

Read Next
This Grocery Store Is Cheaper Than Even Walmart
This Grocery Store Is Cheaper Than Even Walmart

One grocery chain is likely to save you more money than any other.

7 Secret Perks of Individual Retirement Accounts
7 Secret Perks of Individual Retirement Accounts

IRAs come with bells and whistles that many other savings and investment accounts lack — including some that you may not know exist.

7 Reasons You Should Change Careers After Age 50
7 Reasons You Should Change Careers After Age 50

Many older workers have the energy and experience to make a successful career change.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Trending Stories