College students are as susceptible as their parents to risks, so they too get insurance to mitigate the costs for unexpected expenses.  The top list of insurance that college students use may look a bit different than their parents.  Take a look at these 5 types of insurance that college students and their family’s take advantage of.

Tuition Insurance

This is a type of insurance unique to the experience of paying for college.  If you need to leave college for a medical reason, colleges may still require you to pay for academic term.  With the 2020-21 sticker price for half a year at public four-year colleges is  $11,090 and $25,385 at private nonprofit four-year institutions, the student and the family may be on the hook for a lot of money.  Insurers like GradGuard will reimburse these qualified expenses for unforeseen, covered accident, injury or other covered reasons. Tuition insurance costs can vary depending on college costs.  According to Nerdwallet, some tuition insurance may cost under $200 per term. 

Pro Tip:  Understand your college costs before you enroll.  With our College Finance Planner, you can find out how much college will cost at almost 2,000 colleges in the US in less than one minute.  Plus, you spend 3-4 more minutes to see how far your cash and savings will stretch and compare your eligible financing options.  Check out our planner today for free.

Health Insurance

Most colleges will require proof of health insurance in order to enroll.  Many college students will remain on their parents health insurance plan while they are still reported as dependents on their parent’s federal tax return.  Because most colleges mandate proof of health insurance, they are also obliged to offer their own health insurance option.  Often, this insurance will often cover all or part of health services provided by their own on-campus health center. Typically, routine health checkups and ad hoc health appointments may be provided at the college’s health center.  Some college health insurance will also cover dental care, mental health, and eye care too on-campus or at nearby eligible facilities.    Best Colleges reported that the average cost for college student health insurance is $1,500 to $2,500 per year.

Renter’s Insurance

Whether you are living in an on-campus dorm or an off-campus apartment, you want to protect your personal property from fire, wind, water, or theft.  Plus, renters insurance may cover personal liability damages, emergency medical expenses for guests and additional living expenses if you need to temporarily relocate.  Although a college student’s parents may cover "off-premises coverage” that may include belongings the college student brings to college, many do not have such terms.  The amount of coverage you need depends on your personal property.  PolicyGenius reports that average renter’s insurance is $180 annually, although actual prices will vary by state and city. If you have a musical instrument or two or expensive jewelry, you should consult with your insurance provider to ensure that these valuable items are covered.

Car Insurance

Most states require you to show proof of car insurance in order to register a car.  This means that if you have a car on-campus or are commuting from off campus on your own wheels, you will need car insurance.  Car insurance typically covers items like bodily injury liability, property damage liability, uninsured motorist bodily injury liability or property damage coverage, collision coverage, medical payments coverage, personal injury protection insurance and gap insurance.  The actual terms and conditions will vary based on your car make and model and location.

Some families may cover their college student’s car insurance with the parent’s car insurance policies.  For others, the college student must pay for these expenses themselves.  WalletHub reports that the average college student car insurance is $1,257 per year. That is why you may want to shop around for the best price using a comparison tool like Reviews.com.

Travel Insurance

If you need to fly to get to college, study abroad, or adventure to fun destinations during breaks, you may want to consider travel insurance.  Travel insurance typically covers trip cancellation, some medical emergencies and evacuation and lost, damaged or stolen luggage. Value Penguin reports that average travel insurance costs $148.  College students may not opt to pay for travel insurance for short domestic trips, but many consider travel insurance for international trips. Why? Medical emergencies (especially evacuations) and internal airfares may be cost prohibitive for most student budgets.

Insurance is a way to mitigate risks while you are in college.  Review your options carefully and find policies that not only meet your needs but also fit your budget.  Time spent vetting options, reading reviews, and understanding terms and conditions can prevent financial disasters at a time where you may be most vulnerable.