College is a big step in the lives of your children — and in your life. You’ve spent their entire life protecting them, and now you have to let them go off without you. With the right insurance coverage, you can keep protecting them every day — at least until they graduate.
Here’s what you need to know about auto and renters insurance for college students.
Auto Insurance for College Students
The auto insurance needs of your college student will depend in large part on where they go to school and whether they bring their vehicle or not.
Going to college in state may mean very few changes for your auto insurance coverage. You’ll want to update your coverage with their new location and their new estimated annual mileage. This information can impact your insurance rates.
For students who live at home and commute to school, you likely won’t need many updates to your auto insurance coverage. Though, if they’re driving significantly more or less than before, this is one update to make.
Students who go to college out of state either bring their vehicle or leave it at home. Either situation has its own auto insurance considerations.
- Check your auto insurance to make sure your policy covers your college driver if they live out-of-state and are bringing their vehicle. If not, you may need to change policies or purchase coverage for them.
- For students leaving their car at home, you may be tempted to drop them from your policy to save money. This can cause them problems later as it will be seen as a “gap in coverage” which may raise their rates when they need insurance again.
- If you want to take your college-aged child off your policy but want to let them drive your vehicle when they come home, check your auto insurance to make sure you have coverage for “permissive drivers.” You may not have it, or you may have a limited amount of coverage for them.
In general, it’s a good idea to keep your child insured even if they leave their vehicle at home during the school year. You’ll have peace of mind knowing they’re covered if they borrow a friend’s car or when they’re home. And they won’t have to worry about overpaying for auto insurance when they do buy a policy later.
Renters insurance is a good idea for a college student, even if they live on campus. But the only time it’s a necessity is when they live off-campus. Here’s what you need to know.
Living in a Dorm
If your college student lives in a dorm, your homeowners insurance should cover their possessions under “off-premises coverage.” The problem is that they only have a percentage of your total policy limit. If your personal property coverage is $100,000, your policy may only extend 10 percent of the coverage. They’ll have $10,000 of coverage to replace everything they own.
Think about the cost of what they’ve brought with them, including their phone, computer or laptop, and other belongings. Now factor in their clothes, furnishings, and even text books. If what your home insurance provides is enough, great. If not, consider renters insurance.
For students living off campus, renters insurance is an absolute must. In some situations, their landlord will require it. But even if they don’t, it’s a smart decision. And it’s more affordable than most people realize.
Their landlord’s insurance will only cover the building in a disaster. To replace their personal possessions, they need renters insurance. You can purchase it for them and bundle it with your other policies. They can also purchase it on their own. It’s so affordable that the annual premiums can cost as little as $200 for the year, depending on the amount of coverage purchased.
Renters insurance offers both you and your child peace of mind that if anything goes wrong, neither of you has to worry about how you’ll replace everything.
Sending your child off to college? Need to make sure they’re properly insured? Contact Charlotte Insurance today to discuss your auto and renters insurance needs.