There are several things to consider when your child leaves for college: Should they have a car with them? Should you leave them listed as a driver on your auto policy? Do they need a renters policy? Are you still liable for them when they are in college? Are there any discounts that can be added to your auto policy?
How your insurance policies are impacted by having a college student
- Auto Insurance is something to consider: Even though your child may not be taking a vehicle to college, it is important to leave them listed as a driver on your auto policy. The truth is, they will have friends with cars on campus and they will likely drive someone else’s car on occasion. You want them (and you) to be adequately covered if something happens. As a college student, you are still liable for your children and anything they may be responsible for doing. If your child is taking a car to college let your insurance agent know, you may need to add the garaging location of the vehicle to your auto policy. There are discounts available for students that do not have a vehicle with them at college, and college students are also eligible for the Good Student Discount if they have a 3.0 GPA or higher
- Personal Property Coverage: You have the option of purchasing a renters policy for your student if you would like to, but the liability coverage from your homeowners policy will extend to the student while away at college, in the USA in most situations. There will also be coverage for some personal property that your student has with them at college. Be sure to ask your agent for the specific limit on your homeowner policy.
- Personal Liability Coverage: Why is personal liability coverage important for your student away at college? Personal liability coverage follows you where ever you may be, if you or your resident children (*college students are still considered to be residents of your household) are responsible for someone else’s bodily injury or property damage that was accidental (and not involving a vehicle). For example, maybe your student leaves a candle burning and causes fire damage to the dorm or causes a grease fire while cooking dinner in their on-campus apartment, there may be liability coverage for damages like these under your homeowner policy.
If you have any questions give me a call to schedule a free policy review.
Casey Shipley – Licensed Insurance Agent PH# (360) 354-2200