Making Sure Your College Student Is Insured
Many things start to change when your child is ready to head off to college. For example, you might wonder if your car insurance policy should change. Should you keep your student on your policy, or is it time for them to get their own policy? These questions don’t have simple answers. Consider several things when deciding what to do for your college student’s auto insurance.
Will Your College Student Be Taking a Vehicle With Them to School?
Keep them on your policy if:
- Your student will bring a vehicle with them to college and use it.
- They will commute to school.
- They will attend school nearby and return home where they can use the car.
You can remove them from your policy if all of the following are true:
- Your student will not be taking a vehicle to school
- They won’t be visiting home very often.
- They won’t have regular access to a car.
Can You Exclude Your Student From Your Policy?
Whether or not you can exclude your college student from your policy depends. However, removing your student can save up to $2,500 annually in premiums if you are allowed to do so. There are some caveats, though.
Be Sure To Consider the Following
- If your college student returns home on break and plans to drive, add them back onto your policy for that period of time.
- They shouldn’t drive another person’s vehicle since the insurance on that vehicle may not be adequate to cover them and anyone else involved in an accident.
Other Reasons To Keep Your Student On Your Policy
If you own the vehicle, you should always keep it insured, or you risk incurring liability in the case of an accident.
Continuous Coverage Is Important
By keeping your child on your policy, they are building a continuous insurance coverage history. This can help them get reduced premiums when they pick up a policy. Some insurers will even reject applicants without a continuous record of coverage.
You can usually save at least $200 on your premiums with a good student discount. To get this, turn in your student’s grades or transcript with grades showing a b average or better.
If your student is under 23 years old and is a full-time student living over 100 miles away, they may qualify for a distant student discount. This can save you hundreds of dollars!
How To Save the Most Money And Keep Your Student Safe
Are you worried about your college student’s insurance coverage? Talk to the independent insurance agents at Hermann Insurance Services. We can help you find the best policy for you and your family. Also, ask us other ways that college students should be insured. Contact us today!