News Releases

August 31, 2018

School is in Session: Insurance Tips for College Students

Commissioner Michael Pieciak of the Vermont Department of Financial Regulation (DFR) encourages students who are furthering their education after high school to consider and review their insurance needs.

"Many students are leaving home for the first time to pursue high education and might not have ever considered whether or not they need insurance," said Commissioner Pieciak. "Along with signing up for classes and buying books, students should consider their personal finance homework to ensure they are protected."

Moving on to a technical school, university, college, or other post-secondary institution is a major life event. So, it's the perfect time for students to see if they are still covered under their parent's auto, homeowner's, and health policies or if they will need additional coverage. Here are a few highlights to get you started:

* Obtain copies of your insurance policies and review your coverage.

* Shop around for insurance for most appropriate coverage and pricing.

* Check DFR's website at to see if an agent or company is licensed (

* Call your insurance agent or company if you have a question about your policy or when you are having a problem.

* Contact DFR if you have a problem with an insurance claim.

Auto Insurance

If you are driving a car your parents own, you should confirm you are still covered under their insurance. If you buy your own car, remember that anyone operating a motor vehicle in Vermont - as well most states - is required to have an active motor vehicle liability insurance policy.

Drivers must also be able to provide proof of liability coverage if they are pulled over or involved in an accident. This applies to drivers of mopeds and motorcycles, too.

Renter's Insurance

Students renting an off-campus house or apartment while away at school should consider purchasing a renter's insurance policy. Renter's insurance is usually fairly inexpensive and covers your belongings if they happen to be stolen or damaged by a fire or other catastrophic events. It also insures you in case someone is injured while at your house or apartment.

If you are moving into a dorm, your personal property is usually covered under your parents' homeowner's policy.

Health Insurance

Under federal law, adult children up through age 26 are able to remain on their parents' health insurance plan under certain conditions.

Many colleges and universities also offer student insurance. Make sure to read the policy carefully to determine if you need this coverage.

An individual who does lose his or her eligibility for coverage as a dependent under their parents' group health insurance plan may still have the right to continue group coverage for a period of time under the federal COBRA law.

Individuals in need of health insurance are able to buy coverage through the private market (either on- or off- the state exchange) on a guaranteed issue basis during open enrollment or when a special enrollment period is triggered.

Media Contact: Stephanie Brackin, Information Management Officer, 802-828-4872,

Source: Department of Financial Regulation
Last Updated at: August 31, 2018 12:49:02