If you're a college student living in a dorm or apartment, or have a child who's away at school, you may need to update your insurance policy or make coverage changes. Here are some issues to consider and discuss with our Associates if you have questions.
Update garaging location.
Insurance companies require that they must be notified when the address where the car is being kept is different from the policy address. Also, if attending school in a different state, check that your policy meets the minimum requirements of that state.
If you have a grade average of "B" or 3.0 or better, you may qualify for good student grade discount. Another discount may be available if you live at school more than 100 miles away from home and don't have regular access to a vehicle.
Other vehicle issues.
Even if you don't have a car, you might borrow a friends car or drive your parents' car occasionally. If you're still considered a legal resident of your parents' home, you should be listed on their policy, which should cover these situations. If you're no longer a household member and you don't already have your own car insurance, you should get a Nonowned Auto policy.
Student's possessions and liability.
A parent's homeowner, condo or renter insurance policy generally covers a student's possessions in a dorm (up to 10% of the personal property limit on the policy). These policies also cover the student for a variety of potential personal liability situations.
Home policies may provide coverage in an off-campus apartment; however, factors such as length of residence, age and full-time status can affect coverage. If a parent's home insurance doesn't provide coverage, the student should get a renter's policy.