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Secure your student's future with 5 college insurance must-haves

Posted 7/10/24

(BPT) - Are you preparing to send your student off to college next semester? As you collaborate on a Back-To-College checklist, make sure to add insurance shopping.If you haven’t considered any …

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Secure your student's future with 5 college insurance must-haves


(BPT) - Are you preparing to send your student off to college next semester? As you collaborate on a Back-To-College checklist, make sure to add insurance shopping.

If you haven’t considered any type of insurance for your college-bound student, the time to do so is now! To protect your peace of mind and their academic journey, consider the following types of insurance policies.

1. Health insurance

Whether your student gets a run-of-the-mill cold or experiences a medical emergency, you’ll want to make sure they’re covered. Per federal law, they can stay on your health insurance plan until age 26. However, your plan may not provide coverage if your student attends school out of state.

Check to make sure your health insurance provides adequate coverage. If not, you should consider a student health insurance policy. No matter which plan you choose, make sure you aren’t billed twice, as some schools automatically bill for health insurance.

2. Tuition insurance

No one wants to think about their child withdrawing from school, but it may happen, and not just because of a physical illness. According to a 2024 study, 64% of students currently enrolled in higher education considered withdrawing because of emotional stress or mental health concerns.

If your student withdraws from school, getting a tuition refund can be incredibly difficult. Most colleges only offer tuition refunds within the first few weeks of the term, and virtually none provide any refunds for housing or fees. Luckily, you can safeguard your investment in your student's education with tuition insurance.

Tuition insurance plans can provide reimbursement for a variety of expenses, including tuition, housing and academic fees. GradGuard’s plans can provide reimbursement when a student needs to withdraw from the covered academic term due to an unforeseen, covered accident, injury or other covered reason.*

3. Travel insurance

Is your child planning to travel during the holidays or study abroad next semester? Then you’ll need to protect them with travel insurance.

Travel insurance is often overlooked but is an important form of coverage for college students. Whether your student has to cancel a trip, loses their luggage, has a medical emergency or experiences other travel-related risks, travel insurance has you covered.

4. Auto insurance

If your student plans to have a car on campus, they’re legally required to have car insurance. You could keep your child on your auto insurance family policy, but it’s wise to compare rates. In fact, there are auto insurance policies tailored to the needs of college students that could save them (and you) money.

When shopping for student auto insurance, look for plans that offer student discounts. GradGuard can help you find car insurance policies that offer good student discounts and automatically compare rates before your renewal.

5. Renters insurance

Beyond tuition, room and board and other school fees, you and your student may also invest in belongings like cell phones, laptops, clothing, bikes and other expensive items. Can you afford to replace them if they become damaged, destroyed or stolen?

Whether your student plans to live in an on-campus residence hall or in off-campus housing, make sure they’re protected with renters insurance. Not only can renters insurance cover property damage from burst pipes and other household problems, but it can also help replace expensive items.

Choose a policy like GradGuard’s College Renters Insurance. With the option for monthly or annual policies and flexible deductibles starting at $100, you can provide your student with personal liability and worldwide property coverage. Best of all, no credit score is needed and filing a claim won't raise your premium.

Secure your student’s future and protect your peace of mind. By considering these five types of insurance plans, you can help your student focus on their education and personal growth without worrying about the potential financial loss that can come with unexpected risks.

*Terms, conditions, and exclusions (including for pre-existing conditions) apply. Plans only available to U.S. residents and may not be available in all jurisdictions. Insurance benefits are underwritten by Jefferson Insurance Company. Grad Guard, a service of Next Generation Insurance Group, LLC (NGI), is the licensed agent for all insurance programs. Plans include insurance benefits and assistance services. Non-insurance benefits/services, and claims administration, are provided by AGA Service Company.