As you begin to enter into your first year of college, you also enter into a new phase of your life.
Many different things come from your freshman year – new friendships, a new environment, new living situation, more freedom and more responsibility!
With additional freedom and responsibilities also comes additional liability risks. “A liability risk is a vulnerability that can cause a party to be held responsible for certain types of losses”, according to Google.
Basically, what this means is that now that you are an independent adult you will be held responsible for any injuries, illnesses, accidents, property damages or legal issues that may arise in your life.
This can be daunting, but this is where having proper insurance coverage can give you peace of mind!
What Types of Insurance Policies Do College Students Need?
The whole purpose of insurance is to protect you and your property from liability risks. Here are 5 different types of insurance policies that college students should have and what they protect:
1. Auto Insurance
- 100% necessary for anyone with a car; highly recommend full-coverage!
- Protects against damage to your vehicle and protects you financially if you are liable for damage or injury to someone else or someone else’s property.
2. Health Insurance
- 100% necessary for the student who don’t have insurance through their parent.
- Covers most doctor/hospital visits, prescription drugs, wellness care, and medical devices so you don’t have to pay the out-of-pocket price.
3. Renter’s Insurance
- Perfect for the student who just moved into a house or apartment.
- Protects someone renting a house or apartment from theft, some natural disasters, water/fire damage, bodily injuries, and more
4. Personal Property Coverage
- Great for travel abroad students or students living in dorms.
- Covers belongings, such as furniture, electronics, clothing, etc. if they are damaged in your home, apartment, or anywhere in the world.
5. Personal Liability Coverage
- Great for those students/parents who have their parent’s names on their car title or residence.
- Protects you financially if you’re responsible for damages or injuries to others that exceed other existing policy limits.
How Can College Students Save Money on Insurance?
- Take advantage of student discounts for insurance policies.
- Look into the Student Health Insurance Programs and Student Health Centers on campus.
- Research Student Insurance Packages so you can save money when you bundle.
- Make good grades to save even more money with a Good Student Discount.
- Complete an online Driver Training Course to get a discount on Auto Insurance.
- See if any fraternities, sororities, or extra-curricular clubs offer affiliation discounts on insurance.
- Get your landlord to install smoke detectors and a security system to save money on renter’s insurance.
- Shop around for different insurance quotes.
Extra Insurance & Safety Tips for College Students:
- Never leave anything valuable in your car – backpack, purse, wallet, laptops, cameras, etc.
- Always lock your doors and windows.
- Keep a safe in your dorm room or apartment to store valuables.
- Familiarize yourself with campus and the surrounding areas.
- Always carry proof of insurance.
- Choose your roommates and friends wisely.
- Setup automatic payments for all bills and educate yourself on personal finances/budgeting.
- Make a list or takes photos of all expensive items on your property in case of theft so you can make sure they will be covered by insurance.
