A college going student has innumerable types of expenses. Be it their rental accommodation or shifting to a new place or buying books and equipments and a lot more. So, as parents not only you need to take care of the majority part of these expenses but you also need to teach your kids the importance of saving and correct investment.
And with this insurance comes number one. Insurance not only safeguards you from the impending and unnecessary expenditure but it also allows you to enjoy the moment without much concern about the expenditure. Insurance saves you from going or spending out of your budget so that your monthly expenditures are still very much in your limit.
So, below given are three different types of insurance which will cover most of the needs of a college student. Let’s have a look –
- Health Insurance – Most of the parents and even college students also think that being at a young age, they are protected from any kind of disease or infections and thus there will never be any major expenses on health. But this is where they go wrong. Shifting to a new place and getting accustomed in that area can lead to several health adversities. Many students also get serious diseases like pneumonia, jaundice and much more during their college days. And in such cases hospitalization and thus a proper student health insurance is highly recommended.
- Auto Insurance – of course your guy has left the home and also has stepped into the new world. He might need wings to travel. And thus you being a responsible guardian would gift him a car or a bike. And here comes the situation. Students mostly go out of hands with their vehicles and thus it is very important to have an auto insurance. And if you are looking to save some costs here then you can keep looking for student discounts. Also, if the student is not driving regularly then you will also find some insurance deals where you need to pay the premium amount as per the miles driven by the student.
- Rental Insurance – Now, this is definitely one of the most interesting insurances. Here your personal possession in your rented property will be protected in cases of theft, fire or any other such untoward incident. This is highly required. Because theft is quite common and thus your property must be protected. And most of the times invaluable property like laptop and mobile will cost you much more than the premium money.
Additional Tip : Try to combine rental insurance and auto insurance into one. And then you can enjoy some never before seen discounts and reasonable pricing.
Bonus – Life Insurance – And last but not the least, of course life insurance might not sound reasonable for college students. But the point which comes here is that if unfortunately, the student dies then in that case what will help you is the life insurance. Because when the student dies then the guarantor still has to pay for his or her education loan and in that deceased case life insurance is the only saving grace. And again if you combine life insurance with the above insurances then you will definitely enjoy some good and affordable prices.
So, what are you waiting for? Here we have listed down some of the most important insurances which a college student must have. This will definitely prove to be helpful and will also reduce your expenditures in a much better way. Even if your kid is a student, still planning is your job.