From Dorms to Driving: Insurance Tips for College-Bound Kids

Your new college student has probably been chomping at the bit all summer long to get themselves onto campus—making packing lists, planning their dorm layout, coordinating with their new roommate about who is bringing the minifridge and who is bringing the microwave. 

That leaves you, parent of a grown adult child, holding the tissue box and marveling to yourself, “How did I get here?”

You aren’t alone. The truth is that by the time our children turn 18, we’re essentially at “the tail end” of our in-person parent time with our child. Most kids spend about 90% of their days in close contact with their parents before the age of 18, but after? That figure drops dramatically, and fast.

Here, have another tissue.

The good news is that, while our relationships with our college-bound students will definitely change, there are safeguards we can take as parents to help usher them into adulthood, beyond carrying boxes for them into their new dorm room.

They might be 18, but they’re likely still on your insurance. Here’s what you need to know to make sure your grown adult child is covered as they head off to college.

Health Insurance Tips for Your College-Aged Student

1. Check for Out-of-State or Out-of-Network Coverage. If your child is heading out of state for college, make sure that your insurance is accepted by area providers. This can even be an issue in-state, depending on how far away your child is going. Look into in-network providers and share them with your student to avoid out-of-network costs.
2. Investigate the Student Health Insurance Plan for Cost Savings. Many colleges offer health insurance plans for students. It’s worth comparing your existing plan with the college’s plan to see which plan provides the best benefits and cost-efficiency.
3. Plan for Mental Health Needs. College can be a stressful time. Check with your existing provider to see what coverage is available for mental health.
4. Check Your Plan’s Emergency Medical Options. Whether in-network or out-of-network, make sure your plan includes emergency medical coverage.

Renters Insurance and Dorm Living

1. Protect Your Child’s Possessions. Evaluate your current homeowners insurance to determine whether your child’s belongings will be covered in their dorm. Some policies include limited coverage for items away from home. If your child has a roommate, their possessions are not covered under your policy—each roommate should have their own coverage.
2. Invest in Renters Insurance for Off-Campus Housing. If your child isn’t living in a dorm but opts into off-campus housing, you might consider taking out a separate renters insurance policy to cover personal property and liability.
3. Replacement Cost vs. Actual Cash Value: Opt for a policy that covers replacement costs rather than actual cash value to ensure items can be replaced at their current market price.

Making Changes to Your Auto Insurance Policy for Your College-Bound Driver

1. Notify Insurance Provider: If your child is taking a car to school, let your provider know—this may affect your premium. If your child is not taking a car to school, make sure to tell your provider as well, because you might be eligible for a discount with a covered driver being away at school over 100 miles from home. 
2. Take Advantage of Good Grades Discounts: Many providers offer discounts for students who maintain good grades. Check with your insurance provider to find out what you need to give them to demonstrate this.
3. Check for Out-of-State Insurance: If your child is going out of state, you will want to check to see if they need any additional coverage or whether there are any state-specific requirements.

Frequently Overlooked Insurance Coverage You May Want to Consider for Your College Student

1. Tuition Insurance: Yep, even though we are rooting for their success, there’s always the chance that your student needs to leave school for personal reasons or medical reasons. Tuition insurance can cover some or all of your child’s tuition costs if they need to withdraw for serious illness or other covered reasons.
2. Identity Theft Protection: College students are at high risk for identity theft, so talk to your children about measures they can take to protect themselves, and investigate protection or insurance that can help them manage the fallout in the case of stolen identity.
3. Electronics Coverage: Make sure that your college student’s laptop, cell phone, and any other electronic devices are covered under their renters insurance or your homeowners policy, and if not, you might want to look into special electronics insurance.

Document Your Student’s Possessions

One last thing: before you say your final goodbyes and close the door on your student’s childhood (*sob*), ask them to take an inventory of their belongings, including any receipts and photographs of items. This will make the claims process easier if anything should happen.

This is a big moment for you and your child, and while you’re sure to feel all the emotions as your kid transitions into adulthood, this is also a moment to celebrate. Cheers, parents! You did it! 

The Wichert team of local, independent agents would love to celebrate with you and help you navigate any changes or questions you have about your personal insurance coverage as it relates to your college-bound student. Contact a Wichert agent now to receive a comprehensive and personalized insurance plan, designed especially to meet your particular family’s needs.