Meeting the Insurance Needs of Students
Most students don't give student insurance a second thought. But as high school graduation rolls around and they head off for college, situations arise daily that place students at risk: moving to a dorm or apartment, commuting back and forth to school or work, dealing with illness, or one of a thousand other potentially serious and harmful situations that could devastate students physically and financially.
Evaluating Student Insurance Needs
Insurance offers students physical and financial support while they're getting an education and learning to provide for themselves. Whether living at home or on campus, student insurance is absolutely necessary for maintaining health, home, possessions and vehicles.
But what unique coverage is needed from student insurance during this time—and how can students find the right insurance policies on a tight budget?
In general, student insurance needs are more limited than others'. Since most college-goers are under the age of 25, they're likely still on a parent's or guardian's policies—and may or may not need their own student insurance plans once they're out on their own.
To help determine the protection that's needed while still in school, we've put together this handy-dandy resource outline for students.
Car Insurance
When accidents occur, it's often hard for students to find the money necessary to pay bills and make repairs. Student car insurance fronts the money for them—and pays medical bills they're responsible for if someone gets hurt.
Without car insurance, students risk fines, ticketing and even jail, depending on the circumstances. But by practicing defensive driving, buying a safer car and getting good grades, students can get car insurance discounts that help keep costs down.
Those attending school at least 100 miles from home should consider leaving the car at mom and dad's house and using public transportation or walking instead. This lowers risk and cuts student insurance costs significantly.
Health Insurance
Studies reveal that students who carry health insurance remain healthier than those who don't.
By covering costs such as clinic or hospital bills, emergency room fees, doctor visits and prescription drug expense, student health insurance allows students to seek medical help when needed—without having to come up with a chunk of change out-of-pocket.
Most colleges and universities now require students to show proof of health insurance, and many institutions offer student health policies for purchase upon enrollment. Either way, coverage is nearly mandatory for students these days.
To get cheap rates on health insurance, most students should purchase a more basic, affordable health plan. Youth and good health usually make this type of plan sufficient and cheap.
Renters Insurance
Most students aren't homeowners yet, so the usual home insurance policy may not be necessary. But with possessions like clothing, computers and electronics on the line, students should buy renters insurance as protection against damage and theft.
Renters insurance covers personal property not covered by the landlord's insurance policy. It pays to replace lost or stolen possessions, protects against legal liability if someone gets injured at the student's home, and covers temporary housing if the place becomes temporarily uninhabitable.
A relatively inexpensive purchase, student renters insurance typically costs around $30 per month.
Getting Prepared Now
For those heading off to college, life can seem a bit unsure. But by anticipating risk and purchasing the right student insurance policies, the present and future stay secure, no matter which direction life takes.
