(Madison, WI – Insurance News 360) – Wisconsin Insurance Commissioner Ted Nickel urges parents and students to assess their insurance needs as students hit the books this fall.
“Signing up for classes and buying your books is important,” said Nickel, “but so is making sure you’re adequately covered by insurance.” Nickel continues, “Students should keep in mind the importance of having the right type of auto, renter’s and health insurance before they need to access the coverage because of an unexpected event.”
Major life events are good times to examine insurance coverage. Students and parents should examine health insurance requirements to determine whether college students qualify for coverage under parents’ plans for health, auto and homeowner’s insurance or if they need to get their own policies.
Wisconsin drivers must have an auto insurance policy in place that includes liability insurance, whether they are involved in an accident or are pulled over for a traffic violation. Students who drive their parents’ cars may be covered under their parents’ policies, but if they purchase their own vehicle, they will need their own insurance.
Renters’ insurance will help to protect a young adult’s belongings in a variety of situations. Those living in the dorms may have coverage under mom and dad’s homeowner’s insurance, but living off campus can mean that a student needs their own renter’s insurance policy. These policies cover all belongings, whether they are stolen, burned or destroyed in a tornado or flood.
“I cannot stress enough the level of protection and peace of mind that renter’s insurance can give young adults,” said Nickel.
When it comes to health insurance, adult children through age 26 can stay on their parents’ health insurance if they are students.
Those who are not eligible for coverage as a dependent could potentially continue group coverage under the COBRA law, but colleges and universities often offer student insurance.
Source: Wisconsin’s Office of the Commissioner of Insurance (OCI)