Autumn heralds the return of school, changing of the seasons, and the prospect of colorful foliage. The checklist of tasks to complete before their child enrolls in college might be daunting for parents of first-time college students. One thing that parents and students might not consider is how to manage their auto insurance coverage, in between buying furniture for a prospective apartment and planning the practicalities of transportation.
For college students who drive, having auto insurance is a basic requirement since it offers financial security in the event of an insured accident or other unanticipated circumstance. But as a parent, you can find yourself in a difficult situation: should your college student continue to be covered by your auto insurance, or should they obtain their own?
In order to help you and your college-bound children make an informed choice, our Our team will delve deeper into the decision-making process and discuss the significance of auto insurance for college students in this post.
Recognizing the implications of auto insurance for college students
College students and their parents should understand how auto insurance functions in various situations, depending on where they live and what kind of vehicle they drive. Let’s explore this a little more.
Wherever your pupil resides
In the end, the question is: Where will your student view as their primary place of daily residence? In other words, where will they park their car, eat, and sleep for longer than six months of the year?
Which location—your house or theirs—will it be? This relates to whether or not they will stay at home during breaks from school. You will remove your student from your coverage and they will need to obtain their own auto insurance if they move out on their own.
There’s something to think about now. It is not regarded as a permanent residence if your child is in student accommodation or a dorm at college. They should continue to follow their parents’ policies since they are still regarded as residents of their parent’s house.
What your pupil is behind the wheel of
Your student must obtain their own auto insurance policy and provide the address of their primary residence if they own the automobile they drive, regardless of where they currently reside (see above).
In the event that your names appear on the car’s title, your pupil might be able to choose between:
Continue to be listed with a different garaging address on your policy as a driver (and co-owner) of the car.
Obtain a separate policy in their name, listing you as a co-owner and providing the proper address for garaging—the place where the car will be kept mostly.
You would keep your child covered by your auto insurance coverage if you are the vehicle’s owner and they drive it either full-time or occasionally. However, it’s always a good idea to get in touch with your insurer and let them know if your pupil is absent from school, whether or not the car is there, to help clear things up.
Do college students have higher auto insurance premiums?
The good news is that, if your student has a policy of their own, their premium will probably be determined by the same factors that apply to other drivers. What has changed? the premium’s actual cost. A few of the variables that affect a driver’s rate for auto insurance include age, residence, type of vehicle, etc.
Advice for college students wishing to purchase auto insurance
Car insurance isn’t always simple to obtain for your kids who drive themselves. Therefore, the following advice will assist them successfully navigate the process when they do require their own auto insurance policy:
Look around. Urge your pupil to investigate and look into a number of auto insurance companies. Get them to compare quotations and choose one with rewards and pricing that are competitive.
Make use of any available student discounts. Discounts from insurers for college students may be available, allowing your student to make some financial savings.
Think about insurance based on telematics. For students who drive safely and responsibly, an insurance coverage based on telematics can assist provide savings.
In order to make students feel secure about their insurance decisions, auto insurers with a customer care team and agents can assist in guiding them through the various coverages and policy specifics. We provide drivers with telematics-based auto insurance through Our that honors and incentivizes safe driving.