SBAAA Car Insurance
Insurance Needs for College
Q: My child is heading off to college this fall. What insurance issues does this raise?Answer:
As you send your children off to college, you probably have a lot of things on your mind - whether they'll eat right and get enough sleep, how to pay the tuition bills, what to do with that empty bedroom, etc. For most people, insurance concerns are pretty low on the priority list. But there are some important issues you should consider.
Issue #1:
Health insurance - make sure your child is
covered.
Your medical plan probably covers your
children until they're somewhere between 20
and 24 years of age, regardless of whether
or not they live at home. But if the plan is
an HMO and your child's college is far from
home, accessing an approved provider may
prove difficult. As an alternative, consider
purchasing health insurance coverage through
your child's college. Many colleges and
universities offer low-cost health insurance
for students. Cost and level of coverage
vary greatly from one school to the next,
but school-subsidized health insurance is
often less expensive than continuing
coverage through your existing health plan.
And since health care is typically provided
on-campus, it may be easier for the student
to access.
Get a low-cost student health insurance
quote by clicking this link.
Issue #2:
Homeowner's/Renters insurance - make sure
your child's possessions are covered.
If your child lives in a dorm or other
university housing, their personal property
is typically covered under your homeowners
insurance policy. Check your policy for
coverage limitations on computers and
stereos, if your child can't live without
these. Once a student moves out of the dorms
and into an apartment, they are usually no
longer covered under your policy. Off-campus
students should purchase a renters insurance
policy to cover their possessions.
Issue #3:
Auto insurance - make sure the car is
covered.
If your child will be taking a car to
school, make sure the car is properly
insured. If the child owns the car, then the
insurance policy must be in the child's name
as well. If the child is "borrowing" a car
from Mom and Dad, the child must be listed
on the insurance policy. Some insurance
companies may require the child to be listed
as the primary operator, since the car is in
the child's possession and not the parents'.
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