Do you have a child going to college in the fall? If so, make sure you have these 4 policies!

It’s the end of July… that time of year when you’re either relieved or heartbroken that summer is almost over (depending on how crazy your kids made you). But making sure your children are well equipped for the school year isn’t the only thing you should be equipped for. If you have a child going to college this fall, you’ll want to take these 4 insurance policies into consideration. 

Life Insurance

Do you plan on taking out a Parent PLUS loan or being a co-signer on behalf of your child’s student loans? If so, it’s very important to make sure you and your child have life insurance with no less than the amount of the loan. Why? As morbid as it may sound, no child is invincible. Accidents and tragedies happen every day. If you are a co-signer on your child’s loans and something happens, you are still 100% responsible for the amount owed. For example, say your child just graduated college with 80k in debt and passes away one week later in a car accident, you will still have to take over the debt and pay for a degree each month that will never even be put to use.

Auto Insurance

Regardless of if your child is going to school close or far away from home and with or without a vehicle, you will want to make sure you have auto insurance for them.

If your child is moving more than 100 miles away WITH a vehicle, your insurance provider will need the garaging address of where the vehicle will be parked. A child that is going over 100 miles away WITHOUT a vehicle can often receive discounts on auto insurance. I know what you’re thinking… “My child isn’t even going to be driving a vehicle at college, why would I waste my money and pay for auto insurance?” The simple answer is: good luck getting P.I.P (personal injury protection) if something happens to your child even if they aren’t driving or at fault.

P.I.P protects you if you get hit by a vehicle whether you’re walking, riding a bicycle or just a passenger. Since P.I.P covers medical expenses, taking your child off of the auto insurance will force them to have to go through their health insurance which often leads to deductibles and messy situations.

Renters Insurance

Renters insurance is an essential coverage to have because it completely covers any of your personal property up to the amount of your choice. If your house, dorm or apartment burn down, you’ll want to make sure you’re covered. Policies usually start at around $20,000.

Health Insurance

The only main concern with health insurance and your child moving away to college (assuming your child already has health insurance) is making sure there are clinics and hospitals in your network wherever they move to. If your insurance isn’t in network where your child is moving, you will need to apply for a student health plan.

This may be a lot of information to take in and possibly a bit overwhelming. I would be lying if I said my head didn’t hurt at all right now… but that’s what usually happens when I learn a lot of insurance information (one of the reasons why I just stick to the Marketing at MIG). but I always feel extremely fortunate to have Dawn and Peg on my team for their passion in the insurance industry. Of course, I’m a little biased but how could you not be when you work with the best?! If you have any questions, feel free to give us a call at 952.930.3661 and/or visit our website at

Until next time,

-Ashley, the non insurance person working at the insurance company