Insurance for College Students Living on or off Campus

Insurance for college students helps cover the risks students may face on campus, including theft of personal belongings, vehicle damage and sudden illnesses or injuries that require medical care. In some cases, maintaining certain types of insurance may be required by a college or necessary to meet state requirements, making it essential for college students to learn which coverage they need.

Insurance for college students includes various types of coverage — such as auto, renters, health and more — that may be required or beneficial for students living on or off campus.

Continue reading to learn more about insurance for college students, including when coverage is required and which optional types of insurance are worth considering.

On This Page

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  Is Insurance Required for All College Students?

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  Common Insurance Requirements and Recommendations for College Students

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  Insurance for College Students Living off Campus

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  Do Colleges Provide Insurance Options for College Students?

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  Insurance for College Students at a Glance

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  How To Get Insurance for College Students

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  Frequently Asked Questions

Is Insurance Required for All College Students?

Certain types of insurance may be legally required for college students depending on their circumstances. For example, a minimum amount of liability car insurance is required by law in nearly every state.^[1] In addition, California, the District of Columbia, Massachusetts, New Jersey and Rhode Island impose penalties on residents who don’t maintain health insurance that complies with the Affordable Care Act (ACA) unless they qualify for an exemption.^[2]

Other types of insurance are generally not required by law. However, college students should still consider maintaining multiple coverage types — whether they're required or not — to protect themselves and their property against risks they are likely to encounter in their daily lives and help support long-term financial success.

Can a College Force You To Have Health Insurance?

Some colleges require students to maintain health insurance as a condition of enrollment. You may need to have coverage before classes begin, so check with your college to understand its requirements and the timeline for obtaining coverage. If you don’t have health insurance at enrollment, some colleges may offer student health plans as part of your tuition or fees.^[3]

Common Insurance Requirements and Recommendations for College Students

Some colleges may require that you have specific coverages before enrollment, while other types of insurance could be required by state law. Below, we'll provide a rundown of common insurance types that may be required or beneficial for college students.

1. Health Insurance for College Students

College students will likely want to maintain health insurance, which typically covers preventive care and helps reduce out-of-pocket costs for injuries and illnesses. Colleges often require students living on campus to maintain health insurance, and in many cases, they offer student health insurance plans directly.^[3] You can generally waive your college's student health plan, however, if you have health insurance coverage from another source, such as an employer.

In most states, you can remain as a dependent on your parents’ health insurance plan through age 26, so this may be the simplest way to meet your school’s health insurance requirement if you were already covered before college.^[3] That said, you should pay attention to your current plan’s provider network and whether routine health care and mental health services are covered at nearby medical facilities, especially if you move out of state for college.

Students who aren’t claimed as dependents may be able to purchase health coverage from a Marketplace plan. Additionally, if you meet your state’s eligibility requirements, you could receive health coverage at little to no cost through Medicaid. While you typically need to maintain a minimum income to qualify for Medicaid, most student loans are excluded from this amount, making Medicaid a good potential solution for students with limited finances.

2. Car Insurance for College Students

Even if you don’t plan on taking your car with you when you move on campus, you still shouldn’t cancel your car insurance because auto insurance is legally required and letting your coverage lapse can lead to higher premiums later. This can be a burdensome expense since car insurance tends to be expensive for drivers in their teens and early 20s.^[4]

Fortunately, many auto insurers offer discounts to help college students save money on car insurance. For example, if you leave your car at home and remain on your parents’ car insurance policy while you are on campus, you may qualify for a student-away-at-school discount. Additionally, a good student discount may apply to a policy covering an active student with a B average or better.^[5]

Along with purchasing liability insurance and other coverage types required by law in your state, you may consider buying a policy that includes roadside assistance coverage. In addition, your lender will likely require you to have collision and comprehensive coverage while you are financing your vehicle. You may also want to keep these coverages until your vehicle's value falls below 10 times the annual premium, according to the Insurance Information Institute.^[6][7]

3. Renters Insurance for College Students

Renters insurance may be required by your landlord if you live in off-campus housing.^[8] If you live in an on-campus dorm, you may not need your own renters insurance since your belongings may be covered by your parents’ renters or home insurance policy. However, you should note that a policy’s off-premises coverage limit may be restricted to 10% of the policy’s overall personal property coverage limit, so you may need to evaluate whether this limited coverage is enough to adequately insure the belongings you take to college.^[9]

Additional Policies College Students Should Consider

Here are a few additional policies college students may want to consider:

• Identity theft insurance: Protects you from expenses associated with recovering from having your identity stolen, such as someone on your campus stealing your online banking passwords from your laptop. Some identity theft insurance may be included as part of your homeowners insurance, although coverage could be limited.^[10]
• Comprehensive personal liability insurance: Provides liability coverage when you're liable for injuries to another person or damage to their property. While liability coverage is often included in renters and homeowners insurance, you can also get standalone liability coverage if you don't have or need those types of insurance.^[11]
• Electronics insurance: Covers theft, accidental damage and malfunctions of electronic devices, such as smartphones and laptops. While personal property is typically covered by homeowners and renters insurance, the deductibles may be higher than those of a standalone electronics insurance policy.^[12][13]
• Travel insurance: Provides various protections while traveling, whether for a brief college getaway or while studying abroad, including trip cancellation, lost baggage, flight insurance and medical care. This coverage may overlap with existing coverage depending on where you’re traveling, such as coverage provided by your existing health insurance or renters insurance.^[14]
• Catastrophic health insurance: Often available to students under age 30, catastrophic health insurance plans are a low-cost form of health insurance that can cover worst-case scenarios. While these plans aren't a replacement for standard health insurance because of their high deductibles, they can offer significant financial support if you suddenly become seriously injured or ill.^[15]

Insurance for College Students Living off Campus

If you live in an off-campus apartment, then you should consider purchasing renters insurance. It may be required by your landlord and, even if it’s not, it can be a helpful safety net in case your belongings are stolen or damaged by a sudden peril. Keep in mind that you and your roommates may need separate renters insurance policies if you are not married or otherwise related.^[16]

College students who need to drive to campus or commute to work will also likely need to maintain a minimum amount of car insurance. Pay close attention to coverage requirements in the state where you’re going to school, as they may differ from your home state.^[1]

Do Colleges Provide Insurance Options for College Students?

Some universities offer dorm insurance with a lower deductible than your parents' homeowners insurance coverage, making it a helpful option for receiving timely reimbursement for small claims, such as a single stolen laptop.^[17]

Colleges may also offer student health plans, which are designed to provide health coverage specifically for enrolled students. Student health plans often cost less than employer-sponsored plans and offer unique benefits, such as improved coverage for on-campus clinics. However, check the specifics of the policy offered by your college.

While fully insured student health plans are considered health plans under the Affordable Care Act (ACA) and cover all 10 essential health benefits, self-insured student health plans may not.^[18][19]

Insurance for College Students at a Glance

Below are the key points to remember about insurance for college students:

• Some colleges may require you to have health insurance, which you can either get through your parents, purchase a policy through the Insurance Marketplace, qualify for government-subsidized coverage or enroll in a student health plan.
• You may need renters insurance if you're living off campus and your landlord requires it.
• You’ll likely need to maintain a minimum amount of car insurance if you drive while at college, as it’s required in nearly every state.
• If you don’t already have liability coverage through another insurance policy, you may want to consider standalone personal liability insurance to protect yourself if you're liable for someone else's injuries or property damage.

How To Get Insurance for College Students

When looking for insurance as a college student, your best bet is to shop around with different insurers to help you find the most affordable coverage. Determine which types of insurance you’ll need, depending on whether you’re living on or off campus, and try to get quotes from three to five different insurance companies. Unfortunately, reaching out to each insurance company individually to request quotes for college student insurance can be a tedious process.

Speed up the process by using an insurance marketplace, like SmartFinancial. Simply answer some questions about your coverage needs, and then we’ll connect you with agents who are prepared to help you find the best policy for your circumstances. Click here for free quotes on auto, renters, health insurance and more.