MPB Financial Difference:  Insurance for College Students

You bought the extra-long twin sheets that only fit on college dorm beds.  You slapped the Proud Parent sticker on your bumper.  You even made it through student drop-off without shedding a tear…ok maybe one or two.  Congratulations!  You did it!  You checked all the boxes and successfully sent your child off to college.

But, what about this one?

• Insurance for your college student.

Don’t worry – we have you covered!  Take a moment to consider these policies and the impact this new chapter of life may have on them.

Auto Insurance for Students

Having a student away at college can either increase or decrease your auto insurance premium depending on your unique situation.  To ensure your policy will cover any potential claims, it’s important to advise your agent of your child’s new college address and the car’s location and use.

Here are a few factors to consider:

• A college student who is more than 100 miles away from home without a vehicle may be eligible for an Away at School discount.
• Cars should be insured at the address where they are kept and driven.  If your student takes a vehicle to school, please update your policy to ensure coverage will apply at the time of a claim.
• And, don’t forget to let your agent know if your child is earning A’s and B’s, you could be eligible for a Good Student Discount.

Renter’s Insurance for Students

If your college student is living in a traditional dorm and you have homeowners or renter’s insurance, you can expect 10% of your personal property limit to protect belongings at school.  For example, if you have a personal property limit of $200,000, your college student will have a $20,000 limit subject to your deductible.

If your college student lives off campus in an apartment or house, we recommend securing a separate renter’s policy.  This will provide additional limits for personal property such as furniture, clothes, and electronics.  It will also include liability coverage should someone get hurt on the premises.  Many landlords are now requiring renter’s policies.  

We recommend considering a renter’s policy for any student away at college. It’s a very affordable policy and a great way to start building your student’s insurance score.

Umbrella Insurance for Parents

Whether you have a student away at college or not, an Umbrella policy provides an extra layer of insurance in the event of a large claim.   Auto and homeowners policies have liability limits typically around $300,000.  If a claim occurs that exhausts these limits, an Umbrella policy can provide increased limits from $1 to $10 million.  For example, if you are sued for $500,000 because of injuries your child causes to others in a car accident, your Umbrella policy provides additional limits.

Bottom Line

Having a student away at college can present many worries.  Don’t let insurance be one of them.  Connect with us today at info@mpbfinancial.com, (717) 257-9018, or fill out this form to ensure you and your student are adequately protected.

Peace of mind through insurance so you can focus on what’s most important to you, that’s the MPB Financial Difference.