When it comes to students at college, nearly one third of them have a car.
Determine whether your existing insurance coverage will still cover your child while away at college, as well as wether your existing coverage is enough. Most likely your child will be able to remain on your current insurance policy. However, it is still important to talk with your insurance agent, as there are other issues and details to discuss.
Prior to contacting your insurance agent, gather information about where the vehicle will be driven and parked. Keep in mind that many universities and colleges give priority parking for higher education/upper-level students. Depending on the availability of parking, lower-level students may only have the option to park off campus and may need to take a bus to get to their car.
Depending on the area where your child will be attending college, the policy premium may increase or decrease. Try to get a better understanding of how often your child will be driving. Many schools encourage students to take university buses or other means of university/public transportation to get to class and other areas of the campus.
With gas prices continuing to rise, parents may have a different outlook when it comes to allowing their child to have a vehicle while at school.
Other factors to consider include where you live in relation to where your child will be attending school and how often your child will be coming home. Some students attend schools that are more than five hours away and may not plan to go home as often as those who go to a school closer to their home. Parents of students who plan to drive home often may want to look at additional coverage or a lower deductible. This will help keep their stress level to a minimum in the event their child is in an accident.
When determining whether to increase coverage to more comprehensive coverage or additional liability insurance, it is important to review the state requirements where your child will be attending school. Also, check out the crime rate percentage to see if insurance will increase due to being in a city with a high-risk factor.
By having additional coverage, a replacement car or rental car will not be a problem if anything happens to the vehicle. This will ensure that your student is able to attend classes, get to work and attend any other activities he or she may be involved in.
Be sure to inform your insurance agent if your child goes to college without a car because it may entitle you to a discount on your policy since the car will be at less risk to get in an accident. This most likely will depend on how often your student will be coming home and using the car.