Insurance Tips for Parents of College-Bound Students
August 18 2009 - 5:30AM
PR Newswire (US)
DARIEN, Ill., Aug. 18 /PRNewswire-FirstCall/ -- The dorm supplies
are packed in the car and the semester's tuition is paid, but are
your insurance policies ready to go with your child to college?
Insure.com offers these tips for making sure your college student
is properly insured. Car insurance: -- If your child is taking a
car to school, you must notify your insurance company if the car
will be garaged at another location. This could alter your premium
either up or down. Failure to reveal such a change can jeopardize a
later insurance claim. -- If your student owns a car, he or she
must have his or her own car insurance policy. Again, inform the
insurance company if the car will be located away from home. -- If
your student is not taking a car to school, you can likely save
money on car insurance premiums. Notify your agent that your child
is now driving the car only occasionally and ask that your bill be
adjusted accordingly. Home insurance: -- Check with your home
insurance company to see if you have adequate coverage for property
in a student's dorm -- especially if your child has an expensive
computer and other costly electronics. -- Parents' home insurance
does not extend to an off-campus apartment rented by your child;
for that they'll need renters insurance. Health insurance: -- Most
health insurance plans will allow your dependents to remain on your
plan until they reach a certain "cutoff age" (usually 23 to 25
years old). However, the plan may also require that your child
attend school full-time in order to remain insured. -- If you have
a managed care plan, such as an HMO, it will have geographical
doctor-network limits. That means the health plan might be
worthless far away from home and outside the plan's network of
providers, except for emergency room visits. -- Find out what the
college health plan covers. Visits to the college health center are
usually free, and your student will have a co-payment for lab
tests, X-rays and prescriptions. -- Find out if the college health
plan covers pre-existing conditions and whether there is coverage
during school vacations. -- If your child is a college athlete, he
may not be covered for injuries sustained during practice or a
game. Check your health insurance policy to determine if your child
is covered in the event of a sports-related injury. Life insurance:
-- Would your child be able to continue college in the event of
your death? If you don't have a sufficient amount of money in
savings or other assets to cover the college years, consider buying
a term life insurance policy for the duration of your child's
college education. For more, see "Proper insurance coverage for
college-bound children" at
http://www.insure.com/car-insurance/college-student-insurance.html
and "Health plans for college students" at
http://www.insure.com/articles/healthinsurance/college-students.html.
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