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Proper insurance coverage for college-bound children

Many parents mistakenly believe their children are automatically covered under their insurance until they graduate college — when they traditionally get a job and move out.

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college bound

But it's a good idea to review your insurance policies when your child first starts college. College students encounter numerous risks that often aren't issues when they live under your roof.

An uninsured loss such as theft of a laptop or a sudden illness can deal a devastating blow to a college student's limited bank account or the finances of a parent already struggling with tuition bills.

Below are common insurance scenarios encountered by college students.

Car insurance for college students

Let's say your college-bound daughter wants to take the family car with her to school, which is out of state. Before you make this decision, know how it may impact your car insurance.

It's likely that your daughter is already listed as an additional driver on your policy. However, you must notify your insurance company if the car will be garaged at another location. This could alter your premium, forcing it either up or down. Failure to reveal such a change can jeopardize your next claim.

If your daughter holds the title to the car, she can no longer be insured under your policy. Hopefully, she already has her own car insurance.

You're likely to see a dramatic drop in your car insurance rates if you remove her from your policy. But she's likely to face high premiums on her own because insurance companies consider young drivers "high risk."

If your daughter doesn't take the car with her to college but remains on your policy (to be able to drive the car while she's visiting home), your premiums will decrease if you notify your insurer that your daughter is driving the car only certain times of the year.  Continued: Health insurance

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