Insurance Department Urges Review of College Insurance Coverage Costs
As the fall season approaches, the reality of going away to college nears fruition. Students are buying books and cars while signing leases for new apartments, but one thing that is often overlooked is insurance. Most students have been covered throughout their entire lives by their parents insurance. However, as their near adulthood, it becomes important that they begin exploring their own options, and Insurance Commissioner Joel Ario has spoken up recently to advise parents about ensuring their children are covered once they head off to college.
“It can be a hectic and emotional time”, he says. “But in the rush to begin the semester, parents should take time to review insurance coverage needs.”
Firstly, parents should review their student’s health insurance. Many healthcare providers allow an adult to be covered by their parent’s insurance until the age of 23. Some states have even passed laws, stating that extenuating circumstances even allow for adults up to the age of 30 to be covered. Colleges also offer student health insurance. However, these plans are contracted from 3rd party insurers, and often exclude coverage for certain injuries and health issues, so parents should look into additional coverage.
Students are also taking thousands of dollars in property with them to their new residences. Whether they are moving into off-campus residences or on-campus dormitories, students should review their homeowner’s insurance or tenant packages to ensure that coverage is provided for their school supplies, such as computers and other electronics.
Auto insurance is also an important form of coverage that students need. Many students take cars with them when going off to college, and they need to be covered sufficiently. Be sure to check the rates for the city or state in which the college is, because it may be more cost effective to buy them their own insurance, rather than keeping them on your plan. Also, keep your insurance provider updated about your child’s grades, because many offer reduced rates for students with high GPAs, as well as for students who are on the Dean’s List.