So, your child is heading to college in the fall? You’re probably scrambling to purchase dorm room supplies and getting any loans or scholarships in order; the last thing you want to stress about is your child’s car insurance policy.

No matter their academic year – whether they’re entering their freshman or senior year – you’ll need to decide how you’ll handle their auto insurance plan. Will they be driving a lot or not at all? Will they be allowed to have a car on campus? There are a lot of questions you’ll be asking yourself as you’re making this choice.

Coverage for students under the age of 25 – who are considered high-risk drivers – will cost a great deal more. However, if your child plans on using his car regularly, it could be worth spending extra on your policy. Whether you decide that they stay on your insurance only when they’re home for summer vacation or that they stay on your plan all year long, make sure you look at both sides before you make your decision. We’re here to help make your decision as seamless as possible, so you can focus your attention on helping your child shop for comforters and textbooks.

 

If the student plans on taking a car to college…

Keep them on! At most colleges, upperclassmen are allowed to have cars, especially if they live off campus.

 

You want to save thousands of dollars…

Take them off! Depending on the state, you could be saving anywhere from $900 to $11,300 – depending on your state and the student’s driving record. That’s not exactly pocket change.

 

If the student will be commuting to school…

Keep them on! Assuming the student will be living at home, he or she will need the car to get to campus.

 

If the student is an underclassman and will be living on campus…

Take them off! At a lot of colleges, underclassmen aren’t allowed to have cars. Especially if the student will be on the meal plan and won’t need to drive to the grocery store, it’s probably best to leave the car at home.

 

If you want them to be covered as a passenger…

Keep them on! If the student is involved in an accident as a passenger, she will have extra coverage if she remains on an insurance policy.

 

In case of an emergency…

Keep them on! If the student is ever forced to drive if there’s an emergency, he or she will need to be on an insurance plan.

 

You want them to build a record of uninterrupted insurance coverage…

Keep them on! This will reduce his or her premiums when it’s time for him or her to shop for her own policy in a few years.

 

Deciding whether or not you want to keep your student on your car insurance involves a lot of thought and weighing out of options. While you’ll be saving a lot of money taking your child off your insurance policy, you’ll be taking risks in other areas. Your deciding factor – whether it’s less costs or peace of mind – should involve some collaborative planning and conversations with several people. Talk to your child, your insurance company and relevant staff members at their college to see which option works best for your plan, your state and your family.