If your children are getting ready for college, now’s a good time to start thinking about car insurance solutions that will meet their needs. There’s plenty to plan for when your kids take this major life step, and looking after assets like cars should always factor into your preparations.
Most younger drivers remain on their parent’s auto insurance policies when they are in high school but may either remain on the same plans or switch to their own policies once they head to college. The best way to prepare and protect them effectively is to understand exactly how car insurance for college students works and know which solutions will provide the best coverage for them.
How to Get Car Insurance for College Students
Getting car insurance for college students follows the same process as securing a policy for yourself or any other driver. You’ll want to work with your children to identify auto policies and plans that best meet their needs and driving styles, then compare quotes from different carriers to find the best deal. Fortunately, trusted names like Allstate make it easy to get an auto insurance quote so you can find the information you need with ease.
It’s important to consider the type and amount of coverage your child will need. Additional coverage is an optional extra, but it may be a good idea for students who tend to have limited experience navigating the roads.
Driving in new and often unfamiliar environments, like out-of-state college towns, can increase the risk of accidents, so extra coverage can help protect young drivers financially and ensure that they don’t lose their vehicles should an unexpected incident happen.
Should Your Children Stay on Your Car Insurance Policy?
Many college students remain on their parent’s car insurance policies, which can reduce the cost of insuring your child’s vehicles. However, it’s vital to remember that adding another vehicle to a shared policy will still increase your premiums.
In order for your children to remain on your insurance policy, their cars must still be registered in your name. Their registered addresses must also be the same as your address. While keeping your kids on your policy makes sense in most cases, however, there are a few exceptions to this rule.
If, for instance, your children move to an outer-lying area for college and you are living in a city, they may be able to use their rural ZIP codes to secure more affordable insurance premiums. Likewise, if you have a checkered driving history, your students may be able to find more affordable policies by applying for them themselves.
The Great Types of Insurance Coverage for Students
Many college students opt to attend school in a new state or town. This makes it essential to have a comprehensive car insurance policy in place, as the right policy will cover your young drivers and their cars for a variety of unexpected accidents and damages.
Additional Coverage
If you want to secure optimal coverage for your students, consider taking out an auto insurance policy that includes added coverage packages like collision cover, liability cover, uninsured and underinsured motorist cover, and personal injury cover.
Liability cover is especially important as it’s a requirement in virtually every state in the US. It protects drivers against legal and financial liability due to the accidental injury of others.
Comprehensive Plans
A comprehensive car insurance plan will also help to cover a broader range of potential vehicle damages, limiting how much you (or they) will have to spend out of pocket to repair a car after an accident.
Collision and Loan Pay-Off Cover
Collision cover will also help to pay for vehicular damage in case of an accident, regardless of who may have been at fault. Some insurance carriers even offer optional loan pay-off policies to help your children pay off their car loans should their cars be written off in an accident.
Keep Your College Student’s Cars Covered
Car insurance is a must-have form of cover for every driver, and college students are no exception!
Identify your young drivers’ unique needs and risk factors to find the right policies for them. If they qualify, you can also consider keeping them on your own insurance policy. Doing so will provide them with peace of mind and safeguard them financially while they take their next steps into adulthood.
