What Types Of Insurance Do College Students Need?

If your kid is going off to college you might find yourself feeling a bit emotional about it all. They could be moving quite far away, and will likely be living on their own for the first time.

If your kid is going off to college you might find yourself feeling a bit emotional about it all. They could be moving quite far away, and will likely be living on their own for the first time. 

However, there is one more thing you should do for your child before you let them zip off to college to start their new life as a more independent person. You need to prepare them for the financial responsibilities that come with life. 

You might even already be thinking about this, considering all the different types of insurance that they might find themselves needing in this new and exciting part of their journey. 

Students will need insurance depending on their situation, not every student will need the same type of insurance. Some students will absolutely need health insurance from Assurance IQ, others may not. 

If they need to commute to their campus, they will need auto insurance. If your child is still covered by your health insurance they won’t need it, but if they are not, they will need their own. 

Insurance For Students

Insurance is not usually the first thing on our minds when we think about going to college, or about our kids going to college. However, it is something that we should think about because this is a chance for kids to become adults and be independent. 

Insurance is part of that independence. So, it is important to get your soon-to-be college student started with insurance now. 

Even if they have already started college, it is good to get them insured correctly now, even if it seems late. Because they will need to get the insurance regardless, better late than never.   

The Must-Haves

So, what should a college student have insurance-wise? Well, there are a few main types of insurance it is well worth them having. As we have said, these are not always ideal for everyone, for some a few of these may be irrelevant. 

Just remember it depends on the person.

Auto Insurance

A great deal of college students will have a car, with nearly half on average having their own motor-vehicle. Some off-campus kids will drive to class, some will want a car for convenience. 

If your kid has a car they need auto insurance no matter how frequently they intend on driving. 

You also need to think about the whole moving process. If they already have insurance on their car then they need to inform their provider to let them know that they are moving. If they are moving out of state they will need to let them know as their coverage may change.

Renters Insurance

Now you need to think about renters insurance. A majority of college students will live in a dorm, some will live in an apartment off campus. Whatever the case, renters insurance is absolutely pivotal in order to safeguard their belongings and protect them from liabilities in the long run. 

If they're living in a dorm, your homeowners' insurance might cover their belongings automatically, however, not every provider will give this offer, so you will want to check this. 

If your insurance does not cover their apartment or dorm they will need to get insurance. This insurance will cover their belongings and protect them from being liable if something happens. 

Health Insurance

A majority of kids who go to college are covered by their parents' policy, as long as they are under 26. You might want to check if your policy will cover them where they will be attending. 

If you have a PPO your kid will have to pay a higher fee outside of the network. HMO may not cover them outside of the network at all, aside, perhaps, emergencies. 

Many colleges will have their own insurance plans because of this, however. It is wise to look into the insurance plan of the college because of this. 

Life Insurance

Most people going off to college will not be thinking about getting life insurance. Yet, with student loans, they will want to think. A majority of loan companies will not discharge the debt if the student passed away, meaning the family would be liable to repay their debts. 

Get a long term life insurance plan, even if there is already life insurance in place. It can cover their education, and will aid in income support too. You should get enough insurance to cover all your children’s fees for college until the youngest graduates.

Identity Theft Insurance

Annoyingly, students are very at risk for any crimes relative to identity theft. Due to sharing through social media, ineffective passwords, and the unlikeliness of them dealing with personal documents appropriately, they are prime targets. 

Of course, students need to learn how to avoid it, identity-theft insurance can protect against losses in the event that it does happen. You can get protection plans which will cover scanning for threats, monitoring, and assisting in recovery. 

A majority of plans can cover $1,000,000 in fees for recovering from losses, so it is well worth investing in. 

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