What kind of insurance do students need on campus?

College life is the beginning of many new things for teens. It usually means living on their own, being independent, having a new set of friends and companions, and basically making a transition into adulthood.

A lot of decisions have to be made with regard to moving into college. You might find yourself asking questions like, how many units should I take? What kind of part time job should I get for additional income? Should I live on campus or off it? These are just some. With these tough decision to make, along with weighing the costs of each, students might forget the need for insurance while in college. What kind of insurance do students need while in college?

There are three major types of insurance that students need or would consider; that would be beneficial to them in the long run. These are health insurance, renters insurance, and car insurance. Let’s take a look at each one.

Health insurance

Getting sick entails a lot of unwanted costs. The problem is, we do not know when we are getting sick and for how long we will stay in the hospital if we do. Additionally, there are other costs like medication that should be taken into consideration after going out of the hospital. As such, getting health insurance is highly encouraged. Some schools even make this a requirement prior to enrollment.

There are two popular ways to get this – as a dependent on your parents’ health insurance coverage (which lasts until age 26), or a student health insurance policy.

If you have a pre-existing medical condition, it is highly recommended that you stay as a dependent, since getting your own plan would most likely entail additional costs. Healthier students have the option of getting an individual health care plan thru the college they’re in. Most health insurance plans provided on campus are general in nature – meaning they cover mostly smaller claims such as consultations, minor lab work, and others.

Renters insurance

This is one type of insurance that college students often neglect, but is quite important, particularly if you choose to live off campus. Renters insurance covers personal items stolen from vehicles, dorms, or homes – such as laptops, bicycles, furniture, home accessories, and electronic equipment. When students are forced to move due to a covered loss, the relocation expenses are also covered. For an approximate cost of $10 to $30 per month, it’s a good deal that most college students do not take advantage of.

Car insurance

Most college students drive their own cars when they reach college age. That means auto insurance costs as well. You have the option of using your parents’ insurance policy or get your own auto insurance. However, both have their pros and cons and it is best to talk to your insurance agent or search for other insurance plans from other companies in order to make comparisons.

Typically, auto insurance companies offer student discounts. One example of this is a “good student” discount, which some companies offer to students that have consistently good grades. You can get as much as 10 to 20 percent off in this instance.

A good way to save on premiums is to make sure your car has a good safety rating, according to an accident attorney. Anti-theft systems and anti-lock brakes are examples of safety features in a vehicle. When your car is equipped with these, you get a higher safety rating, which then translates into lower insurance costs.

These three types of insurance will come in handy during your college life. It is best to consider each of them and their benefits, especially in the long term.