Whether your college student will be going to a nearby university or one out of state, it’s important to make sure that the car insurance policy covers the individual and his or her vehicle completely. Most students will be on their parents’ policy until graduation. Even if students pay a percentage of the car insurance bills, they will save money if they are on their parents’ policy. This can also lead to less expensive insurance for them when they are on their own after graduation. If your son or daughter will be leaving his or her car at home and only driving during the summer or on holidays, you can experience large savings on your bill. If they are taking their vehicle with them, it’s possible that insurance premiums will go up due to the garaging change.

First, notify your car insurance company. This is especially important if the college is in a different state. Different states have different minimum insurance requirements, so you may have to raise your liability limit to comply with the state law that the college is in. Even if the school is only a few miles away, you may need to adjust your car insurance policy. The university may be in a riskier area and the vehicle is more likely to be parked in a parking lot than a garage or driveway. This garaging change will likely increase the cost. If the student pays for his or her own insurance, then he or she will need to supply his or her temporary and permanent address to the company to ensure missed payments will not occur.

You and your child should take advantage of any discounts that apply. Most car insurance policies offer some type of student discount, but you’ll have to ask to get it. For some of these, good grades or good driving records are a must. Others require that the student lives away from home and does not have access to a covered vehicle at his or her college. If the student will only be driving during college breaks, you could save thousands a year on your bills. Even students who do take their cars to college might get a discount by having their name removed as drivers of the other family vehicles. If they are an occasional driver of a parent’s car, ensure that they operate the least expensive vehicle in order to save money.

Since all car insurance policies are different when it comes to covering college students, approach your company with up-to-date information to ensure that your son or daughter is fully covered. Ask for any available discounts, and be ready to shop around for the best deal. Even if they aren’t a full time driver, it’s important to keep them on a car insurance policy year-round.