Date: August 29, 2007
For more information contact: Mikaela Reck, Public Information Officer, (608) 267-9336 or mikaela.reck@wisconsin.gov

College students: Remember insurance

Madison, WI—As if new college students, and their parents, don't have enough to think about before the transition to a new school is made, the Office of the Commissioner of Insurance (OCI) reminds college students, and parents, to think about insurance.

"Insurance isn't something the typical college student puts too much thought into," said Sean Dilweg, Commissioner of Insurance. "We want to make the transition easier by reminding consumers about the importance of having the right type of auto, renter's and health insurance during their college years."

OCI offers a short brochure entitled Insurance 101: A Guide to Insurance Basics for College Students, which offers tips on what to think about before embarking on the wonderful journey that is college. So grab one of those notebooks and take a few notes:

Auto Insurance

If you are planning on taking a car to school remember this:

If you take a car your parents own, you should still be covered under their insurance policy. But if you buy your own car, you will need an individual auto insurance policy. Likewise, if you have a trendy new Vespa (or even an old beat up scooter), you may want to ask your insurance agent for more information about moped insurance.

Renter's Insurance

If you live in a dorm, your possessions will still be covered under your parents' homeowner's policy. But, if you live in an apartment, you need to be aware that your landlord's insurance only covers the building - not your possessions. Consider renter's insurance; it's usually fairly inexpensive and covers all of your belongings if they happen to be stolen, burned or carried off by a tornado or flood.

Health Insurance

Many undergraduate students may still be covered under their parents' health plan. Check with your family's health insurance company to see if you are still covered. On the other hand, if you are dropped from your parents' group heath insurance, both Wisconsin law and the federal COBRA law guarantee you the right to continue health insurance coverage.

Last Minute Notes

• Read your policy.
• Shop around; it pays.
• Check to see if an agent or company is licensed before doing business with them.
• Call your insurance agent or company when you are having a problem.

For more information about student insurance needs, you may contact OCI at 1-800-236-8517 or by writing to OCI, P.O. Box 7873, Madison, WI 53707-7873. You can also visit our Web site at oci.wi.gov for valuable consumer information like the publication Insurance 101: A Guide to Insurance Basics for College Students.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.