Your Kid Went Away to College. What Happens to Their Insurance?

Sending a child off to college comes with a very long checklist. Between tuition, housing, books, moving, and figuring out what they forgot at home, insurance probably isn't high on the list.

But whether your student takes a car with them, leaves it at home, lives in a dorm, or moves into an apartment can affect your insurance.

Here are a few things parents should know before the school year gets too far underway.

If Their Car Stays Home

If your student leaves their vehicle at home while attending college, don't automatically remove them or the vehicle from your auto policy.

Depending on how far away they attend school and how often they return home, they may still need to remain listed on your policy.

Some insurance companies also offer discounts for students who attend school away from home without taking a vehicle. If your student qualifies, you may be able to lower your premium while still keeping the appropriate coverage in place.

If They Take Their Car to College

If the vehicle is going with them, tell your insurance agent.

Where a vehicle is kept and driven can affect both coverage and premium. A car that was previously garaged at your home is now being kept somewhere completely different for most of the year.

This becomes especially important if your student is attending college in another state.

Don't assume that because the vehicle and driver are already listed on your policy, nothing needs to be updated.

Don't Forget About Good Student Discounts

Those grades may be worth more than college credit.

Many insurance companies offer a good student discount for eligible young drivers who meet certain academic requirements.

Requirements vary by company, so if your student is doing well in school, it is worth asking whether they qualify.

What About All Their Stuff?

Think about everything your student takes to college.

Laptop. Television. Clothes. Furniture. Gaming systems. Electronics. Maybe a bike.

That's a lot of property.

If your student lives in a dorm, your homeowners policy may provide some coverage for their belongings, although limits and restrictions can apply.

If they move into an off-campus apartment, the situation can be different. A renters policy may be needed to properly protect their belongings and provide personal liability coverage.

Don't wait until something is stolen or damaged to figure out how their property is insured.

Roommates Don't Automatically Share Insurance

If your student rents an apartment with friends, don't assume one roommate's renters insurance covers everyone.

In most situations, each student should have their own coverage for their belongings and liability.

Renters insurance is generally inexpensive, and it can protect much more than people realize.

Before You Make Changes, Ask

College can create several insurance scenarios that aren't always obvious.

Should the student remain on the auto policy? Does the vehicle location need to change? Is there a student-away discount? Are their belongings covered at school? Do they need renters insurance?

The answers depend on the student, where they live, whether they have a vehicle, and the insurance company.

That is why it is worth having a quick conversation with your agent rather than making assumptions.

One More Thing for the College Checklist

You probably don't need another item on your back-to-school list, but this one doesn't take long.

If your child has gone away to college, let your insurance agent know. A quick review can make sure the right information is on your policies, identify discounts you may be missing, and make sure your student has the protection they need while they're away from home.

Corsi Agency serves families throughout Michigan and Indiana. If you have a student heading to college and aren't sure whether your insurance needs to change, give us a call. We're happy to take a look.