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Like many other college students, you are probably trying to find as many ways as possible to save money. You might also be working to make money in college – and insurance might not be at the top of your to-do list.
But the truth is, getting insured might save you quite a bit of money. In case of an emergency – be it illness, injury, car accident, or theft – insurance can be of much help.
By investing a small part of your income into an insurance policy, you can be sure that you will be able to cover an unexpected bill.
What Types of Insurance do College Students Need?
When it comes to getting insured, there are a few different types of insurance college students should consider.
This post will look at some of the most useful types of coverage to help you decide which ones you might benefit from the most.
Once you decide which type of insurance you should get, choose the insurance company that offers a policy that fits your needs at the best price.
We picked some companies that we believe offer better value for college students, but it always pays to get quotes from a few different ones and compare them.
Health Insurance for College Students
As a college student, you might have the option to stay on your parents’ insurance. For several different reasons, however, this might not always be the case.
If you are not currently covered, getting health insurance is always a good idea. This is especially true if your income is low, and you haven’t saved money, which tends to be the case for most college students.
While you might think you’re safe and healthy, accidents do happen, unfortunately, and it is always better to be safe than sorry. When choosing a policy, pay special attention to the deductibles, you will have to pay out of your own pocket.
Also, consider the maximum limits the insurance will cover, and any other extra charges. When looking for quotes, it might even be worth checking if your university or college has an insurance plan, as this tends to be the cheaper option.
If you are under 30 years old, you can choose a catastrophic health plan, which is the more basic and affordable option and covers unplanned medical expenses. Many companies offer college students a range of different insurance plans.
They create their student plans with young people in mind, giving you more value for your money, allowing you to benefit from:
- Lower rates and deductibles
- Benefits and added services
- A vast network of health specialists
Car Insurance for College Students
Car ownership can be quite expensive, with simple accidents threatening to blow your entire budget to smithereens. To keep everything under control, you should consider taking out a car insurance policy, which is also mandatory in most states.
The minimum required insurance is going to be the cheapest option, but this might not always be enough. Consider getting a collision and comprehensive policy and other add ons, such as personal injury protection and uninsured or underinsured protection.
Many insurance companies also offer unique insurance plans for college students, so it is a good idea to gather some information and compare quotes from different companies.
There are plenty of car insurance companies for young adults – and Allstate is one such provider. Allstate offers many ways to save on car insurance if you’re a college student – such as discounts for good grades, adding multiple vehicles to your policy, or being a safe driver.
Keep your GPA at 2.7 to qualify as a good student and win in more ways than one. It also has other discounts, such as anti-theft device, safe driving, and eSmart® discount (which you can get just for going paperless and signing up for ePolicy!).
- Superior (A*) financial strength
- Up to 20% Smart Student discount
- Multiple policy discount, safe driving discount, new car discount – and more
- You can also get discounts for installing safety features in your car (such as anti-lock brakes and anti-theft device)
Want to know more about Allstate? Read my Allstate Car Insurance Review.
Allstate Car Insurance Allstate offers a Smart Student Discount to drivers under the age of 25 if you meet their requirements. You can also get a multiple policy discount if you bundle in your renters insurance with Allstate.
Renters Insurance for College Students
If you’re renting an apartment on your own or with roommates, renters insurance might be a smart move – especially if you have anything valuable like a laptop or a bicycle. Do remember that your landlord’s insurance only covers property, while your things can only be insured through renters insurance.
You can share the insurance with your roommates – but only if you trust them. The thing is that if they miss their payment, you will lose your policy – even if you paid your share on time!
Renters insurance doesn’t always cover floods and natural disasters, so do make sure you check exactly the type of coverage being offered to you. This is especially important if there is a higher risk of floods or hurricanes in the area where you reside.
When choosing an insurance company for renters insurance, it is worth checking for better rates if you combine it with an existing policy. You should nevertheless get quotes from other insurance companies to compare the prices quoted and coverage offered.
Below are some things to look for in a good renters insurance policy:
- Covered damages from fire or smoke, theft, vandalism, windstorm, and water damage
- Medical expenses coverage if someone gets hurt in your residence
- Expenses coverage if your place is unlivable due to an event that is covered
- Insurance is applicable for your appliances and electronics as well as clothes and furniture
- Great rates and discounts for several things such as the installation of a smoke alarm and home security system
Lemonade Price: Renters Insurance starting at $5/mo Lemonade Insurance offers a new approach to renters, condo and home insurance. They even give back up to 40% of unclaimed money to the nonprofit of your choice.
Dental Insurance for College Students
A dental emergency can be of the most painful kind, more so if you don’t have a dental plan. Your health insurance might cover this, but if you are not, it might be worth getting a separate policy.
Monthly installments might seem like a waste of money, but wait till you get a dentist’s bill, and you’ll quickly realize it’s money well spent after all.
When getting dental insurance, pay attention to deductibles and applicable limits. Like everything else, prevention is better than cure; plan your dental appointments, so you don’t exceed your limits.
You can check with your university or college if they offer dental insurance. If not, you can choose one of the many companies available offering dental plans. If you have your favorite dentist, you might also want to check which insurance companies he/she works with so you can keep your favorite tooth doctor.
When it comes to dental, one of the best companies around is Guardian. They offer three different dental plans, and you can choose the one that fits you the best.
- Save up to 35% when choosing a dentist from their wide network
- Covers x-rays and cleanings 100%
- Premium starts at under $20
- No need to fill in the claim form, when choosing a network dentist
- Fast and easy to get the policy
Life Insurance for College Students
Most college students don’t think of life insurance, but this can help you protect your loved ones, especially if you have student debt, and your parents or other relatives co-signed it. As you may know, life insurance comes in two main categories – whole (permanent) and term.
Whole policies are for the rest of your life, while term policies are for a fixed time only. As a student, you might want to look into term insurance policies since it’s a bit too early to make a decision for the rest of your life at this stage.
Before choosing the right insurance company, you should pick a few and ask for quotes that you can compare. When determining how much coverage you need, make sure it covers your student loans.
While there are several excellent life insurance companies out there, Haven Life insurance company might be the most appealing to college students. Not only can everything be done online without going to see an agent, but they also allow healthy young people to get insurance without a medical exam.
When you can take care of your life insurance quickly and hassle-free, you can invest more time into studying, and everyone wins. Benefits you can expect from Haven Life include:
- Get your insurance policy and customer support online
- Skip medical exam if you are young and healthy
- Rated as A++ by A.M. Best
- Get access to online vault, where you can store your documents
- Create will or trust online
- Term policies for ten years
Travel Insurance for College Students
Whether you study abroad or like to travel as many college students do, travel insurance is worth your attention. Most travel insurance policies cover medical expenses, as well as luggage, theft, emergency services, trip cancellation, and evacuation.
Check a few different insurance companies and the policies they are offering to find the one that suits your traveling style, duration, and destination the best.
Travelex Travel Insurance is an excellent choice because they allow you to customize your travel policy. They also offer basic travel insurance and flight insurance with several benefits, including:
- Travelex can be trusted – it is a member of the US Travel Insurance Association
- Customizable policy allows you to pay only for the coverage you need
- 24/7 assistance anywhere in the world
- You can include children under 17 years old free of charge
- “Cancel for Any Reason” add on can be purchased in addition to your travel insurance policy
Buying Insurance for College Students
Whether or not you think insurance is an unnecessary expense, I still think you should invest in it. Life can be pretty unpredictable. Paying for insurance can sometimes be a much smaller expense when you look at the bigger picture – especially if something unexpected happens.
I’ve always said that investing in at least some of the most important insurance policies is worthwhile – and I stand by my words.
When comparing quotes, you should pay special attention to several things, including:
- Monthly installments
- Annual or single payout limits
- Coverage included
- Discounts or special plans for college students
Make sure you choose an insurance company that offers a policy to fit your needs – and has the best price. Doing some research is definitely worth it because some companies offer better value for college students than others – and it’s always best practice to get quotes from a few insurers, then compare them to get the best deal.