Your college student and their insurance needs

Sending your student off to university or college can be nerve-wracking (or maybe relieving) and does come with some changes regarding their (and your) insurance needs. Let’s go through them briefly so that you can be prepared, or pass the information on to your friends and neighbors.

Auto Insurance
There are quite a few options for saving on auto insurance while your driver is away learning to cook Ramen.

Good Student discount-this discount can actually be applied as soon as a full-time student passes their drivers license test as long as they are enrolled in school full time (High School or college/university)
Student Away from Home-this discount usually applies to students who are more than 100 miles away from home and attending school.

Exclusion forms-Not an insurance agents favorite thing, but an exclusion form can be signed by both the policy holder and the driver (student) stating that they will NOT be driving the car. Exclusion forms can save you some money, BUTTTTTTT, it means there is NO coverage. Not for backing the car out of the driveway, not for running to CVS for mom or dad, or coming home for the weekend and borrowing the car to go see the latest Marvel movie. There is simply NO coverage when that student/driver is behind the wheel. As an agency, we don’t usually recommend exclusion forms.

Their Stuff
Ok, so what about all their stuff?
If your student is living in the dorms on campus, or in campus housing, then as long as you carrier a homeowner’s policy of some sort (a renter’s policy, a condo policy or a homeowner’s policy) the chances are that some of your coverages will extend to cover belongings away from the “premises”. Its always a good idea to check your policy and give your agent a call.

Living off campus in an apartment does mean you may need to think a little more about your insurance needs. A renter’s policy can be as little as $150 a year, and if the lease is in the name of the student, it will have to be covered under their name, and not through your homeowners.

Let us help you make sure your college student is covered-We’re Here for You.