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FOR IMMEDIATE
RELEASE COLLEGE STUDENTS SHOULD HIT THE BOOKS
ON INSURANCE
Following are some considerations and tips from the NAIC for parents and college students: College Students and Renter's Insurance Whether students live in college housing or rent apartments, they will likely have valuables - such as a computer, TV, stereo and/or video game system - that could be stolen or destroyed in a fire or natural disaster. Parents should check their homeowners policy to see whether it will cover a college student's possessions. Furthermore, if students live in an off-campus apartment, parents should consider purchasing renter's insurance through their existing homeowners insurance provider. College Students and Auto Insurance Parents and college students should do some homework regarding auto insurance. If a college student is going to be using the family vehicle when visiting home, parents should make sure the child is listed by name on the family's auto insurance policy. If the student will be taking a car with them to school, parents should check the specific rates for the college's city and state before deciding whether to keep their child on the family's auto policy. In addition, the insurance company should be notified each semester if the student maintains good grades, as that accomplishment might lower premiums. To control costs, parents should also ask about an "accident forgiveness" clause that promises not to raise premiums if a student gets into one minor accident. They should also consider raising the policy's deductible and only allowing their child to drive the family's oldest, least expensive car. In addition, parents might consider purchasing an older car for their child and foregoing comprehensive and collision insurance on that vehicle. College Students and Health Insurance Full-time college students are often covered under their parents' health insurance plans until they graduate or reach 23 years of age. While students are away at college, it is important to check whether the campus health facility, local physicians and hospitals accept the family's insurance coverage. If not, it might be advisable to purchase a student insurance plan through the college. Be sure the student has a copy of the relevant insurance cards and knows about obtaining referrals and approvals before seeking treatment. For more information, visit www.insureUonline.org, a consumer resource that provides information about insurance for all life stages. The site is also available in Spanish at www.insureUonline.org/espanol.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC's overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.
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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
