Sending your child off to college comes with a whirlwind of preparations – from managing tuition payments to buying textbooks. Amidst all the excitement, one crucial question might arise: “Is my college student still covered by my homeowners and auto insurance?” Discussing life changes like this with your insurance agent is essential to ensure your family is adequately protected, but this article covers some basic information to get you started.
Car Insurance
Can my college student stay on my car insurance policy?
Yes, in most cases, it’s beneficial for a college student to stay on their parents’ auto insurance policy for convenience and cost savings. As long as the student’s permanent residence remains their parents’ home and they are under the age of 25, they can usually stay on the parents’ policy. Let your agent know that your child is attending college away from home while keeping your residence as their permanent address. However, once a child moves out permanently and changes their permanent address, they will need to secure their own policy at the new address.
What if my college student is attending school out of state?
An out-of-state college student can usually stay on their parents’ car insurance policy if their permanent address remains their parents’ residence. Be sure to inform your agent that your child is attending college out of state, so they can note it for future reference.
What if my college student isn’t taking a vehicle with them to college?
Even if your college student isn’t taking a vehicle to college, it may be wise to keep them on your policy for several reasons. This ensures they’re covered when they return home for weekends or holidays and need to drive. It also provides liability coverage if they drive someone else’s car while away at school, protecting against unforeseen incidents requiring that coverage.
How can I save money on car insurance for my college student?
Farm Bureau Insurance Company of Idaho offers a Good Student Discount for students who meet certain requirements, outlined here:
– Single or married students under the age of 25 can qualify.
– Student must be enrolled for a minimum of 6 credits
– Student must maintain a cumulative GPA of 3.0 or higher
– Student must provide a transcript that includes school name, student name, cumulative GPA, and credits enrolled.
Homeowners Insurance
Does my homeowners insurance cover my college student?
Usually, your homeowners insurance will cover your college student’s personal belongings while they are away from home, provided they are under 25 and still share a permanent address with you. It may also apply if your student accidentally damages school property. To ensure your policy adequately protects your student and their belongings, discuss these details with your insurance agent.
Your Farm Bureau Insurance agent is here to help you navigate all the ins and outs of keeping your family protected. Make sure to inform him or her of significant events like sending a child off to college to make any needed adjustments. Above all, embrace this new chapter in your child’s life and celebrate what they’re off to accomplish next.
Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts.
