College students and parents alike are overwhelmed with the cost of tuition, books and settling into the new life at the dorms. But there are other concerns that could drive the already considerable costs through the roof. Issues such as stolen property, a car wreck as well as an injury or illness, all need to be addressed.
If your student is able to have their own transportation on campus, there could be cost savings on the insurance if you are moving the car to a more rural area. You will need to notify your insurer to reflect the new college address where the car will be parked or garaged. Also, on the flip side, if your student’s car is collecting dust at home while they are away, there could be some savings that may qualify as well. So once again, check with your insurer.
College students have some very valuable assets in their dorm rooms such as iPads, laptops, DVD or Blu-Ray players, TVs and gaming consoles. None of which are insusceptible to burglary or damage by fire. So, if you have a dorm-bound student, your homeowner’s policy is likely to cover their contents, but you need to check to see if there are any policy limits. If they are living off campus in an apartment, this will call for renter’s insurance and it is quite affordable for both property and liability coverage. In both cases, make sure you photograph and have an inventory list of your student’s possessions.
A full-time student can now be covered by their parents’ health plan until the age of 26, regardless of where their live, marital status or financially dependence on their parents. The important consideration here is if you are limited to a group or network plan, you need to make preparations in finding a participating doctor closest to the college campus. If you choose a separate college health plan, there is now better coverage. Annual limits of at least $100,000 can cost as low as $1,500. By 2014-2015, annual limits will be eliminated and birth control and preventative care will be covered. As for vaccinations, don’t shell out money for a doctor’s visit, when a local health department will do vaccinations for as little as $5 per shot.
Whether it is your home, car or for college, insurance plays an important role in all of your family’s lives. Take the time to talk to your agent and they will be able to help you make sure your student is adequately protected and your insurance coverage provides the best value and protection for your money.
Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by suggesting solutions for all insurance needs. By no means can we address each reader’s specific concerns in every incident. So, we strongly advise to check with an insurance representative to address your specific needs. However, you can also contact us for any questions or concerns and we will be happy to help you. We are able to offer a complete line of personal & commercial insurance products for all of Massachusetts, Rhode Island and New Hampshire.