by Louis Cohen on Feb 22, 2013
Are your children in college?
Let’s address some of the issues relating to insurance while they’re away.
Will your child take a car with them to school? Will they borrow a friend’s car while at school? How often will they come home to visit, do laundry, eat a few healthy meals, ask for some cash and go?
Some carriers have an away at school discount if the school is 100 miles or more away from home. This discount can be added whether or not they have a car with them while at school.
It is important to let us know if a car is with them, as there are requirements to let the carriers know where the car is primarily kept.
If they had a car at home that they were listed as the primary operator, we may be able to change them to an occasional operator if they don’t take their car with them. They should remain listed as they may have occasion to borrow a car for whatever reason while at school. And when they come home, they certainly need to be listed.
There are discounts available for being a good student; if you can forward a copy of their grades showing they are on the Dean’s list, we can apply those discounts. Of course as parents, we can’t ask the school for transcripts- we are only here to make tuition payments! The student will have access to their grades.
Most insurance companies provide contents coverage for the student away at school based on a certain percentage of the personal property under their parent’s home policy (HO3, HO4 or HO6). This usually suffices. However, there is a difference between school provided housing (dorms) and off campus/private housing. Most carriers require a separate renter’s insurance policy for the student who has a private apartment (off campus/private). Please call us with specifics to be sure.
Traveling abroad is another thing to consider. Personal property coverage does follow the student from the parent’s policy while abroad; deductibles still apply as always.
Most of our group plans provide for the student through the age of 26 if still dependent on us. Many colleges offer individual health, accident, and sickness plans. Please check with your group provider to be sure there are no gaps while your student is away at school.
If they’re traveling abroad and have a health insurance issue, the student may be required to arrange for payment and then file a claim for reimbursement with the local group carrier. Be sure to ask the college about supplemental health plans specific to the country where they will be residing.
As always, call us if you have specific questions regarding your student away at school.
And you thought you only had to be concerned about paying for college?
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