Deal Diva: Making sure your college student is insured

Deal Diva: Making sure your college student is insured

MYRTLE BEACH, S.C. (WMBF) - The financial aid application is complete, the dorm decor is finalized, and your student has moved in. However, if you’re a new college student or the parent of one, it’s easy to miss something very important.

Here’s a few things you should know about vehicle and property insurance for college students.

For students driving away for college, Melissa Menges, an agent with Field Insurance in Surfside Beach, said parents or students should change their location, or the garaging location of the vehicle, to wherever they’re staying.

“That way if there’s a theft, or accident or anything like that, you want to make sure they are in the right area,” said Menges.

This might affect your rates, but, Menges said if your student is away from home and doesn’t take the car, you might be able to get a discount. It varies based on the company.

She also said to talk to your student about the importance of getting good grades while away at school, because it could equal a ‘good student’ discount.

It’s always nice to talk to your insurance agent, and say, ‘Hey this is what I have; can I submit a discount?'” Menges said.

When it comes to insuring their property, renters insurance is very inexpensive for the amount of coverage you can receive.

Menges said a dorm or other campus housing actually qualifies for a renter’s policy because it’s still considered an individual unit. Still, check with your company to see what fits your needs. She adds you can also extend your homeowner’s policy.

“We like to give you the option to get renter’s insurance or homeowner’s policy or extend the coverage of your homeowner’s policy to your child if there are certain things you want to insure,” said Menges.

If you make new purchases for items like computers, laptops, smartphones and other electronic devices, Menges recommends purchasing insurance with the store.

“They cover it at 100 percent, so if it gets stolen or you break it or it goes missing, then they’re able to reimburse that too. So you don’t have to make a claim on your homeowner’s policy or on your renter’s policy,” explained Menges.

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