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How Your Child in College Impacts Your Insurance

Sending your child off to college can be an exciting and frustrating time. However, do not let your frustration or excitement keep you from handling your insurance accordingly. Your child in college has an impact on your health, auto, property, and identity theft insurance. 

Effect on Health Insurance

The Affordable Care Act allows college students to remain on their parents' health insurance until the age of 26. A few factors have to be taken into consideration. If your child goes to a college outside of your state, you will have to contact the agency within that state to make sure your child is covered. Ask your insurance company how they will reimburse any emergency care accumulated in their college's town. 

You can keep your current insurance in your state if your company does have an out-of-state policy. This may also work if you schedule all your child's routine doctor appointments when they come home. 

Impact on Auto Insurance

If you own the car your child is using, or if you are a co-signer for the car, they can still be on your auto insurance as a named driver if they are in college or living at home. Your child still has to be considered a dependent and meet your auto insurance company's student guidelines. If your child buys a car on their own, you can only put them on your policy if they are under 18. So if your 18-year-old buys a car or gets financing with only their name, you cannot add them to your insurance. 

When your child is going to school, make sure your insurance agency has the details about the college he or she will attend. The location of the college can affect your premiums. If your child is not taking their car to college, you should also let your insurance company know. They may reduce your premiums since the vehicle won't be on the road as much and you can keep it in the garage for safety. 

Impact on Property Insurance

Depending on your policy, your homeowners' or renters' insurance may cover your child's belongings. You should review your current policy to make sure it covers your child while he or she is away at school. Some policies will only cover your child if they live on campus, while others may extend to them living off campus.

When considering the thousands of dollars' worth of items they may have, such as their computer, refrigerator, new linens, clothes, and books, it may be worth it to get your child their own insurance policy. This way you know the policy will cover them 100%.

Effect of Identity Theft on Your Insurance

Identity theft is not just limited to adults with a lot of credit. Identity theft happens on college campuses, too. If you do not have identity theft insurance, you should obtain it before your child goes to school. Identity recovery insurance can help with any financial recovery that occurs if your child's identity is compromised. 

Always be aware of what your insurance policy will cover. Your child can be protected while they are away if you have the right insurance policies. Contact a representative from a company like Farmers Insurance Group for more details and options.