Got Kids in College? Better Get Insurance.
Understanding the different options for sending your kids to college with proper insurance coverage.
Kids are covered against theft and other common hazards
Are covered even if they are living far from home in a college dormitory
Deductibles tend to fall around $1,000 and higher
Claims impact next year's insurance rate
*College kid's primary residence is still the parent's home and under 24 years old
Premium is inexpensive in most cases, average costs are around $150 to $200 per year
Generally about $10,000 in personal possessions coverage
Have lower deductibles, usually $500, that are more appropriate for college students
Driving a car to college
If the parents still own the car the student is driving, then parents are still responsible for it
If the car is in a new location rather than at the parents' residence, the car owners must notify the insurance carrier
Be sure to add your child to the list of authorized drivers
Going to college without a Car
Sending your kid to school without a car may be an ideal option, as well
Ride-sharing services like Uber and Lyft is making it easier and more economical to function without a car
Talk to your college student about using ride sharing services or taxis when going out drinking
Under the Affordable Care Act, parents are generally entitled to keep full-time students on their own policies until the age of 26
College health plan coverage is typically more limited.
For example, many of these plans limit catastrophic coverage to $50,000 per accident or illness
If your health plan is a health maintenance organization (HMO) or preferred provider organization (PPO), take a look at the available network of care providers is a must
To make sure there are approved in-network providers near the college campus
"College is a step in kids road to success. Embrace the change and relish the experience."
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