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College Students: Additional Coverage & Discounts

Now that we know more about the insurance needs of college students, we’re going to continue with our education of this topic by exploring other coverage that may be beneficial to have as well as discounts that can result from having a college student.

Additional Insurance Coverage

Recently, we talked about the importance of insurance coverage for your college student.  This week, we’ll be learning about some additional coverage that you can look into to protect your child further while they are away from home.

Identity Theft Insurance

Possibly the most important one will be the Identity Theft Insurance.  This insurance help cover the costs related to identity theft and reimburses victims for money spent on reclaiming their financial identities.

Identity Theft Insurance usually covers:

  • Copies of your Credit Report
  • Loss of Wages
  • Notary Fees
  • Public Records searches
  • Mailing Documents
  • Legal Fees
  • Child Care Costs
  • Credit monitoring services

Contents Insurance

Is your child staying in a dorm?  If they are, you may want to check on your level of contents insurance on your homeowner’s policy.  Contents insurance covers your personal property inside your home or your student’s dorm room, in the event of a theft, or fire or any other covered loss event.

Tuition Insurance

What is tuition insurance?  As tuition rates keep climbing, college is one of the biggest investments that people make.  Like homeowners or auto insurance, you get tuition insurance to protect yourself from the unexpected.

What does tuition insurance cover?  Tuition isn’t cheap, and if your student has to leave school for any reason, you’ll need a way to protect them and yourself from the costs of their tuition.  Most policies cover about $50,000 per year.  They cover for withdrawal due to the following reasons:

  • Medical Disability
  • Death of the student
  • Other Disability Withdrawal (emotional, mental, nervous disorders)

Need quotes for your college student? Request one here! 

Student Discounts

With your child on their way to college, now is a good time to explore the discounts that are available to you, since there are student discounts that can save you money.  There are a number of them offered (typically for car insurance), so your student has the opportunity to prove that they pose less of a risk to insure.

Good Student

The most common and popular discount is the good student discount.  This discount can save 10% – 15% off insurance premiums.  All students below the age of 25 are eligible for this type of discount.  They can qualify for the discount is they can do one of the following:

  • Maintain a GPA of 3.0 or better.
  • Present standardized test scores (SAT, ACT, PSAT)
  • Submit a letter from a school administrator testifying to your academic achievements
  • Rank in the top 20% of their graduating class
  • Have an Associate degree
  • Have a Bachelor’s degree
  • Make the Dean’s List or Honor Roll

Good Driver

Next on the list of popular discounts is the Good Driver Discount.  Good driver discounts don’t only apply to students.  Anyone with a driver’s license and a few years of driving experience can qualify for this discount.  This discount may not mean a lower premium for you, but it can lower your deductible.

Driver’s Education and Training

Another good discount to strive for is the Driver’s Education and Training discount.  This discount will reduce the cost of premiums if your student takes a driver’s education class.  Some insurers even offer their own programs to help you qualify.  Check with your insurance agent to see if your insurance company offers such a program.

Resident Student

Is your college student leaving the car at home while they go away to school?  There’s a discount for that.  The Resident Student Discount is available through several prominent insurance companies.  If your child’s school is more than 100 miles away from home, and they leave the car behind, you can qualify for this discount.

Additional Discounts

Some other discounts your child may be able to qualify for are:

Sorority, Fraternity, Honor Society

Some insurers may offer discounts to members of certain fraternities, sororities and honor societies. Check with your insurance carrier or agent to see if this type of discount is offered.

University & Amuni

Some insurance companies will also give a discount to students who go to certain universities.  However, not every university participates in programs like these.  Check with your insurance agent or university’s administrative office for more information.

Military

Some insurers offer discounts to active and reserve members of the military.  Many of the armed forces members go into higher education after serving, and you may be eligible for car insurance discounts once you return from deployment.

If you are deployed now, you may be able to get lower rates on your insurance because you’re not driving your car.

Safety Equipment

Most cars have safety equipment as standard features.  Some of those features can help you to get a discount on your car insurance.  Your car simply has to have at least one of the following:

  • Airbags
  • Anti-Theft System
  • Daytime Running Lights
  • Anit-Lock Brake Systems

Be sure to check with your insurance company or agent to see what discounts your college student qualifies for.  Contact us today!

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Bill Abbott has found that 43% of other clients are overpaying for their insurance and 26% have missing coverages.
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