College Students & Insurance
Courtesy of ARA Content
If you or your child is a college student, don’t forget to review your insurance. By making sure the student’s possessions are protected in case of theft, fire and other damage while they’re at school, you could save yourself a lot of stress and expense later on. Plus, certain policy updates could save you money -- a real bonus for anyone footing tuition bills!
Vehicle coverage
The rage at some college campuses is motorized scooters. However, they’re also one of the easier items to steal or damage. Like a car, scooters must be specifically insured -- they don’t fall under homeowners, renters or auto policies for other vehicles. General Casualty Insurance Companies, for example, insures scooters under its motorcycle policy.
Deciding whether or not to keep a car on campus carries financial implications as well. General Casualty’s Charles Valinotti, assistant vice president of auto insurance, shares advice on how to score the best deals:
* Make sure policies are up to date with the student’s current school address. You may benefit if she moves to an area with lower rates.
* Look into discounts if the student leaves his car at home. If the student’s dorm is more than 100 miles from your driveway, where the car is kept, you may be eligible for discounts.
* If your student leaves her car at home and won’t be using it while she’s in school, consider reducing coverage or changing her driving status from primary use to occasional use.
* Remember, your insurance company’s good student discount may apply for college students, too. For example, full-time students who are less than 25 years old may qualify for General Casualty’s Good Student Discount.
Personal property coverage
Many possessions students bring to school are covered under their parents’ homeowners policies, but others may require the student to purchase renters insurance. You may also consider insuring higher-value property separately. Sometimes called scheduled or floater coverage, it applies to items such as bikes, jewelry or electronic equipment, if their values exceed the limits of the homeowners or renters coverage for those items.
Insurance companies vary in their definitions of whom and what is covered under their policies. Talk with your insurance agent to determine whether your student needs renters insurance or if your homeowners policy is adequate. Below are questions to ask to determine the best option:
* Is the student considered a “resident of the household” under your policy?
* Is the student’s dorm or apartment an “insured location” under your policy?
* Does it matter whether the student is full-time or part-time?
* What impact does the parents’ tax status or student’s marital status have?
“Students’ belongings -- which often include expensive computer equipment -- can be worth a significant amount of money. The best way to make sure they’re adequately protected is to check with your insurance agent,” said Dan Kovac, General Casualty’s assistant vice president of homeowners.
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Courtesy of ARA Content
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