Back To School: Types Of Insurance College Students Should Have

College student with mobile phone and two college students in a car
Back To School: Types Of Insurance College Students Should Have

Between tuition, books, and living costs, college students have a lot of expenses to worry about. This is why it’s so important for students to find ways to protect themselves financially. Things like renters insurance, life insurance, health insurance, and car insurance provide different levels and kinds of protection. Students should be aware of what their needs are so they can choose the right coverage for their unique situation. If you are one of the estimated 20-plus million students headed off to college this year or will be soon, read on for important insurance tips from Acceptance Insurance.

Renters Insurance*

College students have a lot on their plate. With classes, studying, and maintaining their social lives, it’s easy to forget about two of the most important things: safety and security. That’s where renters insurance comes in.

Whether you’re living in a dorm or off campus, renters insurance is important for two key reasons. First, it could protect your belongings in the event of a fire, theft, or natural disaster. Second, it could provide liability coverage if someone is injured in your apartment or dorm room. Renters insurance is relatively affordable, especially when you compare it to the cost of needing to replace your possessions or the expenses you could incur if someone gets hurt.

So, how much does renters insurance cost? The average renter’s insurance policy runs somewhere between $14 and $30 per month. (That is less than $1 per day!)

If you or a loved one are heading off to college, Acceptance Insurance could help. With our convenient online quote tool, you can get a no-hassle, free renters insurance quote in just minutes. Visit us online today to get started!

Automobile Insurance

As a college student, it is important to have car insurance. Many students are under the impression that their parent’s insurance will cover them while they are away at school, but this is not always the case. If you plan on taking your car to college, or even if you just use it on occasion while you’re home on break, it is important to have your own insurance policy. Here are a few benefits to car insurance for college students:

Peace Of Mind: One of the biggest benefits of having car insurance is the peace of mind that comes with it. Comprehensive and collision coverage could help pay the cost to repair damage caused by an automobile accident, vandals, or theft.

Discounts: Many insurance companies offer discounts to college students. This could help save money on insurance premiums.

Financial Protection: If you are ever sued for damages caused by an accident, your car insurance could help protect you financially.

Life Insurance*

Nobody thinks accidents or serious medical issues can happen to them when they’re young. But the truth is, something could happen that has a lasting impact on your own life, and those of your family and loved ones. That’s why college students need to have life insurance.

Life insurance could provide financial security if something does happen. It could help pay for things like funeral and medical expenses, as well as provide a source of income if you’re no longer able to work.

There are two main types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a specific period of time, typically 10 – 20 years. Whole life insurance provides lifelong coverage, as long as you pay the premiums.

Both types of life insurance have their pros and cons, so it’s important to figure out which one is best for your unique situation. Talk to an agent at Acceptance Insurance about life insurance if you need help making the right decision.

Health Insurance**

One of the most important things every college student should have is health insurance coverage. It could help pay for doctor visits, hospital stays, prescription drugs, and other medical expenses. There are many different types of health insurance plans available, so it’s important to research and find one that meets your needs and budget.

If you’re a full-time student or soon will be, you may be able to stay on one of your parent’s health insurance plans. However, if you are not already covered, or if you’re only a part-time student, you will need to purchase your own health insurance. There are many different ways to obtain health insurance, including through school, an employer, or directly from a health insurance company.

Tips For Choosing The Right Insurance Coverage

If you are going away to college or if it’s your child who is, you’ll need to have the right coverage in place. But how do you do that without breaking the bank?

Here are a few tips:

1. Know What Type Of Coverage You Need.

The first step in choosing the right insurance coverage is to know what type of coverage you need. There are four main types of insurance that every college student should have: health, auto, renters, and life.

2. Consider A Policy With A High Deductible.

If you’re looking to save money on your premiums, consider a policy with a high deductible. This means you’ll pay more for out-of-pocket expenses, but it could also help you save more money on your monthly payments.

3. Ask About Discounts.

Many insurers offer discounts for things like good grades, being a safe driver, or completing a certified driving course. You could also get discounts by bundling multiple types of insurance with the same carrier. Be sure to ask about any discounts that might be available to you.

Get Your Free Insurance Quote Online From Acceptance Insurance

College can be an exciting and busy time, but it’s important to make sure you have the right insurance coverage in case of an emergency. In this blog post, we’ve outlined some of the different types of insurance you should consider. We recommend getting a no-hassle, free online quote from Acceptance Insurance so you can find the best coverage for your needs and budget.

Common Questions About Types Of Insurance For College Students

Do I Need To Buy Renters Insurance If I'm Living In A Dorm?

Many college students living in the dorms do not think they need renters insurance. However, you should still consider getting coverage. Your belongings may not be covered by your parent’s homeowners insurance policy if something happens in the dorm. While you may not technically need renters insurance, it is still a good idea to have coverage for your belongings.

What About My Car? Do I Need Insurance If I'm Only Driving It On Campus?

Yes. If you are driving your car on campus, you will need to have insurance. Your parents’ insurance may not cover you if you get into an accident while you are away at school. There are several different types of insurance that college students can purchase for their vehicles. The type of car insurance you need will depend on the type of vehicle you have and how often you drive it.

If My Parents Have Renters or Homeowners Insurance, Do I Still Need To Get My Own Policy?

If your parents have renters insurance or homeowners insurance, it’s a good idea to check and see if your possessions are covered. Some homeowners insurance policies may only cover the structure of the house and not the contents inside. If you have expensive possessions, you may want to get your own renters insurance policy to make sure you're covered in case of a loss.

DISCLAIMER

Material in these articles is for general information or entertainment purposes only. Acceptance Insurance does not endorse and is not affiliated with any of the companies or apps listed in this article. Acceptance Insurance is not responsible or liable for the availability of links to websites or resources, or for any content, advertising, products, services, or other materials on or available through these websites or resources. Any references to third-party rates or products are subject to change without notice. Trademarks are property of their respective owners. Price may vary based on how you buy. Not all products, discounts, or payment plans are available in all states or distribution channels. All products described herein are subject to terms and conditions. Proof of eligibility may be required to to be eligible for discount. Not all applicants may qualify.

* Information and coverage descriptions are general in nature. Actual coverage depends on the policy. Nothing in this article alters the terms or conditions of any of our policies. Supplementary coverage options may be added to an insurance policy for an additional cost where applicable. See your agent for more information. Product and features are subject to underwriting criteria.

** Acceptance Insurance only offers TeleMed and Health Indemnity Protection Plans (HIPP). These are not insurance products; they are a membership plan. All membership plans are a product of and administered by NSD Group, LLC©. They are a supplement to health insurance and are not a substitute for the minimum essential coverage required by the Affordable Care Act (ACA). Lack of major medical coverage or other minimum essential coverage may result in an additional payment with your taxes.

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