College is an exciting chapter in life. As many young adults leave home for the first time, it can be a big step towards independence and adulthood. Doing so also comes with new responsibilities for the student and new concerns for parents and guardians.

While parents cannot control every decision their adult child makes while off at school, they can help set them up for success by ensuring they have the right insurance protection. Some insurance coverages to consider include:

• Auto Insurance
• Renters Insurance
• Health Insurance
• Telemedicine

Whether your student will live on campus, off campus, or commute, they can benefit from certain insurance coverages – and, in some cases, it may even be required.

Let’s take a deep dive at these four important types of insurance and why college students may need it.

Auto Insurance

Many college students have their own cars or drive a family car. While the student may already be listed as a driver on your policy, it’s a good time to get in touch with your insurance agent or company to make any necessary changes.

• Will the car be stored at a different location than on the policy? Report the change to your insurance company.
• Is the student not taking the vehicle to school? Report this change. You may get some type of discount if they will only be driving it when back at home during breaks.
• Is your student maintaining a high GPA? Report GPA each semester. You may qualify for a Good Student discount if the student maintains a certain GPA.

Remember, auto insurance is required in almost every state. Keeping your policy up to date with important information regarding the adult student’s driving is important.

Accidents can be expensive. Having the right coverage doesn’t have to be. Contact our licensed insurance agents today at (844) 358-5605 to discover what options may be available for college students.

Parent Tip: If you own the car, set down ground rules with your student to discuss if they can or should loan out their car to others, when to drive, etc. College campuses may also require parking permits and enforce their own parking rules outside of city-wide regulations. Make sure you and your student both understand the expectations regarding the vehicle and driving.

Renters Insurance

Some homeowners insurance policies cover the belongings of the student if they meet certain requirements such as living in a college dorm. However, if the student plans to live in a rental property, they may need renters insurance – in some cases, it may be required per the lease agreement.

Renters insurance covers unfortunate events such as fire, vandalism, burglary, water damage from burst pipes, and collapse due to the weight of ice and snow. Damages due to flood or earthquake are not typically covered and may require additional insurance for peace of mind.

Renters insurance will protect the student’s belongings up to the policy limits. Liability insurance is also included to help cover expenses if someone is injured in the rental unit.

The actual building is not covered under renters insurance. The landlord is responsible for the structure.

Complete our simple form and we’ll be in touch to discuss your needs and help you shop around for the right policy within your budget.

Parent Tip: Some landlords may require that they are listed as an additional insured on the policy. Please consult the lease carefully to know if that’s a requirement.

Health Insurance

Health insurance may be required by the school the student attends. Even if health insurance is not a requirement, it is a great way to help offset medical costs, which can become quite expensive quickly. There are a few ways a college student can obtain health insurance and meet their school’s requirement, if there is one.

Parent’s Insurance: Your student is able to stay on your group health insurance until they reach the age of 26. However, please make sure your student will have access to in-network providers at their school so as to avoid out-of-network costs. It may make more financial sense to seek an alternative health insurance policy for your student instead of paying out-of-network deductibles.

Student Insurance: Many 4-year colleges and universities offer their students health insurance coverage. A careful review of its details can help you determine if it makes sense for your student. Some institutions will automatically enroll students in their group health insurance policy, and you will need to opt-out by proving alternative coverage.

Marketplace: The Health Insurance Marketplace is also an option. You can shop various policies, and subsidies may be available dependent upon income.

Medicaid: Some students may qualify for Medicaid, or there may be a state sponsored college insurance program.

There are many factors considered for determination, so speaking to an expert may be your best bet. Give our licensed insurance agents a call at (844) 358-5605 and they can help you gain clarity by discussing the options.

Parent Tip: Start early with your health insurance research. Plans can vary greatly, so giving yourself ample time to choose a plan can be helpful.

Telemedicine

Some health insurance plans may include telemedicine (or telehealth) coverage. It is a great way to get medical advice and treatment quickly – often without copays or long waits. If the student’s health insurance policy does not include it, you can purchase it as stand-alone coverage.

Telemedicine offers virtual consultations with doctors through video calls and sometimes messaging. This means the student can speak to a healthcare professional from the comfort of their dorm room or apartment. It is a great option when they’re feeling under the weather or have a minor injury. The doctor may be able to prescribe necessary medications or refer the student out to a local practitioner, if they deem it appropriate.

College can be a stressful time for students. Academic and social pressures build and sometimes students need mental health support. Telemedicine coverage often includes counseling. While many college campuses offer mental health resources and on-site counseling, telemedicine provides an extra layer of coverage. Students can access counselors and therapists virtually to help them manage stress, anxiety, depression, or other mental health challenges.

Telemedicine is a great complement to a health insurance plan. Monthly costs are affordable for most budgets and the convenience of skipping the waiting room and copay are great perks. If this sounds like the right fit for you, give us a call at (844) 358-5605 and we will see what policy options are available.

Parent Tip: Keep lines of communication open with your student around college and life stress. Make sure they know all the resources they have available. These may be where to go on campus for support, how to get a counselor through their health insurance plan, and how to request counseling sessions through telemedicine.

Understanding insurance might seem overwhelming at first, especially for young adults who have relied on their parents to sort those things out for them. Help make their first years as an adult a little easier with insurance coverage, so you can have some peace of mind and they can focus on their studies and enjoy the college experience.

About InsureOnline.com

InsureOnline.com is a digital insurance agency that provides affordable insurance to consumers who want to shop and purchase insurance online while still having the option to work with an agent if they wish. The agency offers auto, home, life, health, and commercial as well as other specialty lines of insurance. Our goal is to provide an easy, fast, convenient, and safe online shopping experience for consumers looking for the best price by utilizing all the latest and greatest technology. Based in Bedford Park, Illinois, we are licensed to write business in many states and have a multilingual staff licensed and certified in a variety of insurance lines. We partner with many highly rated insurance companies to provide the best insurance solutions to meet your individual needs and your budget. Buy insurance online or talk to a licensed insurance agent! It’s your choice.

For information and quotes on insurance coverage, please visit InsureOnline.com or call (844) 358-5605.

The general and educational information here supports the sales, marketing, or service of insurance policies. Individuals should seek advice from their own qualified and duly licensed independent tax or legal advisors based upon their own particular circumstances.