It won’t be long before the new semester begins, and the college students will be back in school. Most families realize that their college bound offspring needs things like textbooks, new bedding, and perhaps their own computer. College students also need to have insurance coverage.
College is expensive. Tuition seems to go up every semester. Textbooks cost a small fortune. There are fees to pay for the dorm, the meal plan, and possibly even a parking permit. Students who are living in apartments are going to have to come up with the money to pay rent, and also to buy furniture, kitchenware, and other necessary things that are required to furnish a living space.
Insurance is not something that most college students think about buying before they head back to school. However, college students can potentially face many situations where it would be helpful to be covered by insurance.
Yes, paying the premiums on insurance policies will cost money. True, most college students are dealing with a very tight budget. This is precisely why college students need to be covered by certain types of insurance. If certain situations occur, it will be much more expensive to fix if you don’t have insurance coverage than if you were protected by an insurance policy.
College students need health insurance. Students who are under the age of 26 can be covered under their parent’s health insurance plan. This will save the college student from having to spend money for a premium on individual health insurance. It is a lot more expensive to see a doctor when you don’t have insurance than to see one when you are covered by health insurance.
Problems could arise if the college student attends school someplace that is “out of network”, though. Another option is to check out what the university health insurance plan is like. These are generally inexpensive, and the clinics that take this insurance are located conveniently on campus. Check the plan carefully, though, because not all university insurance plans are comprehensive.
College students need renters insurance. It doesn’t matter if they are living in a dorm, or if they are living in an apartment. Thieves could break into either one, and steal expensive items. It is possible that the dorm building, or the apartment building, could have a fire. This could lead to smoke, fire, and water damage destroying all personal belongings. Renters insurance will cover the cost of replacing the items that were stolen or damaged beyond repair.
College students need car insurance. This can either be an individual car insurance policy that is purchased by the college student, or it could be coverage through his or her parent’s car insurance. If the college student’s name is on the car he or she is driving, then that student is going to need their own car insurance policy. Some places will give students a discount on their premiums if they have really good grades.
Parents will need to make sure their auto insurance policy has been updated to include coverage of their college bound child. Most states require drivers, no matter their age, to be covered by car insurance. It is a good idea to check and be certain that the college student in your family is covered by auto insurance before the new semester starts.
Image by Rob Brewer on Flickr