02 Aug 2013 Massachusetts Insurance Tips for College Bound Students and Their Parents
College is already an expensive experience without adding the cost of unexpected events that aren’t covered by your insurance policy. Here are some tips for college bound students and their parents:
- Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks. You may be able to change the driver’s classification on the MA car insurance policy to save a few dollars, but you must keep the student listed on the policy.
- Car at School: Make sure to notify your insurance agent if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your auto insurance policy, it will be covered- but it’s better to be safe than sorry.
- Driving a Friend’s Car: Students are generally covered when driving another person’s car if they are listed on their parent’s auto policy even if they’re not technically “regularly” driving the vehicle. This would be secondary coverage. The insurance for the friend’s vehicle would be the primary coverage.
- Discounts: A full-time student that meets certain academic requirements can qualify for a good student discount with many Massachusetts insurance companies.
- Personal Property: Most homeowners policies will cover personal property up to 10% of your total policy while your child is residing at school (a $100,000 policy equals $10,000 in coverage). Others limit coverage to $1,000- this will depend on the company you’re insured with and your coverage limits. Remember that not all types of damage are covered, so read your policy carefully to ensure that your college student has the proper coverages. Some items such as jewelry or expensive electronics, require special coverage or scheduling. It’s beneficial for you to ask your home and auto insurance agent if an item is fully protected or if it’ll need to be scheduled. Renters insurance is strongly recommended especially for students living in off-campus housing.
- Liability: General damage to a dorm room or apartment is not usually covered.
- Property Inventory: Creating an inventory of the items your child is taking to school is a great idea- be sure to use photographs and keep receipts. Keeping great records will ensure you’re fully reimbursed in the event of a loss.
*Authored by Amanda Spittell.
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For more information about this topic, or to get answers about your current insurance situation, stop our office in Franklin, Massachusetts or give us a call at (800) 941-3317.