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  • 15 November 2016

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Insurance for College Students – The Best Ways to Save

Seeing your child graduate from high school is a very proud moment for any parent. It’s also a moment that comes with a mixture of emotions. In addition to pride, there’s also a sense of both excitement and stress about your child’s future at college. When parents have a young child and start thinking about college, they’re generally focused on the cost of tuition. But as the start of college gets closer, parents are thinking about the rising costs of college classes and all of the living expenses that go along with being in school for at least four years.

As you start thinking through the various expenses that will affect your new college student, it won’t take long to realize that different forms of insurance can add up quite quickly. Since Cincinnatus Insurance is in the business of shopping around for quality coverage so our clients don’t have to, we want to share our best tips on how parents and students can save on insurance during college:

Check Your Current Homeowners Policy

If your child is going to live on campus, your existing homeowners policy may provide protection for your new college student at no additional cost. In the event that your existing policy doesn’t offer this type of extended coverage, it’s worth looking into other policies to see if making a switch will allow you to reap this benefit at a price that’s comparable or even lower than what you’re already paying.

What if your student is going to live in an apartment or other location that’s not a dorm? Coverage for that type of situation will require a separate renter’s policy. The good news is this form of insurance is quite affordable. Be sure that your child takes the time to create a personal inventory of all valuable belongings in the event that a claim ever needs to be filed.

Health Insurance for Your Student and Life Insurance for You

You’ll need to compare the differences in prices between keeping your student on your health insurance plan, going through the college’s health plan or signing up for a new plan via the government-sponsored health insurance marketplace. And as you’re going through this process, it’s a good opportunity to review your life insurance policy or sign up for one if you’re not currently covered.

Auto Insurance

Even though the initial rates quoted for younger drivers can seem outrageous, the good news is there are ways to save even when a driver is under the age of 25. Good student and away-at-school discounts are often available. It’s also likely that you’ll get the best rate by managing your student’s coverage under your own policy.

While there are definitely ways for college students to save on all the forms of insurance they need, securing the best rates can still be a challenge. So if you want an experienced insurance professional on your side during this search, the best way to start is to get a quote through our website.