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Insurance Checklist for Parents of College Students



By: Jessica Dellemann, CIC, CPRM
10/2/2017

As your "baby" is leaving for college, many questions may pop into your mind...





Here are some quick tips and things to consider when your child is heading off to college:



1. Check with your insurance agent to determine if your student has coverage for their belongings or if they need a renters insurance policy. Typically, a full-time student living in the dorms will have some automatic coverage from their parent's homeowners policy...but it varies by company so be sure to ask!

2. Consider putting special coverage on (aka “scheduling”) high-valued electronics for broader coverage.

3. If your student will have a car at school, be sure to notify your agent. You may need to discuss roomate(s) and whether or not the roomate(s) will be allowed to drive the vehicle.

4. If your child had a GPA of 3.0 or higher on their last report card, be sure they are receiving the Good Student discount, if available.

5. If your student is over 100 miles from home without a vehicle, you may be eligible for a discount. Be sure to ask.

6. Be sure your student understands that driving for hire (i.e. Uber, food delivery) is NOT covered under most personal auto policies.

7. If you co-signed for a student loan or vehicle loan, you should consider life insurance. If something happens to the student, the co-signer becomes responsible for the loan. Term Life Insurance rates for students are very inexpensive, typically less than $10 per month.

8. AAA Memberships can provide great peace of mind for parents and students. Memberships include coverage for flat tires, towing, running out of gas, as well as many discounts for retail and dining. If you already have a membership, you can add your student as an Associate Member at a reduced rate. If you would like to purchase a membership, we can help.

9. Once your child is no longer in college, you will need to be sure to check with your insurance agent to make sure they can stay on your auto insurance policy. Typically, if your child doesn't live with you, and is no longer a full-time student, they will need a policy of their own.

10.  If your child got a late start to college, or is taking graduate-level classes, be aware that some companies have an age limit (often age 25) where some of the “free” coverages end.

11. Be sure your student knows the importance of a good credit score. Having a good credit score can have a dramatic impact on their insurance rates when they are ready to purchase a policy on their own.

Please let us know if we can be of assistance to you or if you would like to discuss your particular situation. You can reach us at 920-337-9345. We are here to help!

ISC Insurance Service Center - De Pere, LLC is an independent insurance agency in De Pere, WI.  www.iscinsurance.com


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