As your child prepares to head off to college, be sure to help them gather all the essentials they will need. Books, computers, bedding, and insurance. Just because they are off to college doesn’t mean risks that they face every day go away. Here’s are some of the various types of insurances that may be applicable to students getting ready to pursue higher education.
Auto Insurance
If your child will not be taking a car, it is still a good idea to leave them on your policy. This will allow them to be covered when they come back home to visit during breaks and summers. It is still a good idea to inform your agent they will be driving less as this could mean a policy discount.
If your child will be taking a car you own with them when they go to school, it will need to be insured. The most cost-effective option usually is to keep them on the auto policy you already have which also depends on whose name the car is registered in. Just make sure to let your insurer know about your child’s new living situation. If they are moving to a different state, or becoming the primary driver of a car, their coverage and rate will likely change. You may want to consider transferring the car out of your name and into theirs, this will limit your liability if there were an accident, and someone was injured.
If they will be taking a car that is registered and titled in their own name, the insurance must be in their name as well. Separate policies for younger drivers can be expensive. Be sure to look into discounts for being a good-student, driver-training courses, and others that may lower the price tag. If they are not taking the car to school most insurance companies offer a ‘student away’ discount if they are attending a school that is more then 100 miles away.
To learn more about auto insurance visit: www.rogersgray.com/personal-insurance-ma/auto-insurance/
Renter’s Insurance
College students today have a number of expensive items with them at college. Laptops, printers, cell phones, and other expensive items are essential and costly to replace. Make sure they are protected with the right insurance.
Students living in dorms or school-owned housing may have their personal items covered by your own home insurance policy. Review your policy to see what is and isn’t covered. Additional coverage can be added for any extra protection you need.
Students living off campus may not be covered by your home insurance policy. They should look into securing a renter’s insurance policy. For around $15 a month, renter’s insurance policies offer a broad array of protection that will pay to replace lost or stolen personal items.
To learn more about renter’s insurance visit: www.rogersgray.com/personal-insurance-ma/homeowners-insurance/
Life Insurance
While hard to think about, you may want to consider life insurance for your student. If you have co-signed a student loan, and the unimaginable happens, you may be on the hook for the balance. Consider purchasing a policy that covers the amount being borrowed. Proceeds from the policy could be used to repay the balance required by the lender.
To learn more about life insurance visit: www.rogersgray.com/personal-insurance-ma/life-insurance/
Identity Theft Insurance
College students are often at greater risk for identity theft. Shared dorm rooms, public Wi-Fi, social media usage, and carelessness are all contributing factors. While precautions like using a strong password, locking doors, and hiding/shredding personal documents can help limit the risk, they still may not be able to completely stop a determined thief. If your student’s primary residence is still your home, they are considered a covered household member making them eligible for identity theft insurance. Identity theft insurance can cover the costs of legal fees, credit monitoring, and phone calls to help restore your student’s identity after it has been stolen.
Make sure your student has all the protection they need as they start their higher education journey. If you would like to discuss the different coverages you may need, contact RogersGray today. www.rogersgray.com/quote.
