Auto Insurance for Students

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Should I just get an auto insurance policy similar to my parents'?

Auto Insurance for Students

Students often don't like the idea of adding the responsibility of auto insurance payments to their academic and budgetary obligations. For this reason, they often leave their insurance responsibilities in the hands of their parents. But auto insurance for students is a far different animal than auto insurance for working professionals, and, as such, should be treated as individual coverage under the parents' umbrella rather than like the parents' policy.

Considerations for Auto Insurance for Students
Here are a couple of points you should consider with your auto insurance coverage:

  1. How much do you drive? If you have an auto insurance policy under your parents' umbrella, your company may be estimating your daily mileage as similar to that of your commuting parents. But if you live on campus and only drive your car on weekends, this could be an inflated estimate of your use.
  2. Property damage protection. If you drive your car around campus or in the college town you live in, then you may need higher or lower property damage protection limits than your parents have.
So remember, even if you keep your auto insurance policy under the comforting umbrella of your parents policy, you still need to make sure that it's personalized for you and not for them.



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Barbara Gibson