As a college student, you're focused on studying, socializing, and preparing for your future career. Insurance may not be at the top of your priority list. However, having the right insurance coverage is essential for protecting your health, belongings, and finances while in school. Here are five key types of insurance that every college student should consider:

Tuition Insurance

With the high cost of higher education, tuition is one of the biggest investments you'll make in your lifetime. But what happens if you experience a serious illness, injury, mental health issue, or other unexpected event that forces you to withdraw from classes? Many colleges do not provide refunds after the first few weeks of the semester, even for medical leave. Knowing your school’s refund policy is an important first step, and assessing your ability to pay for an extra semester is the next one. In fact, more than half of parents survey in the 2022 College Confidence Index reported that it would be difficult to pay for an extra semester.

A tuition insurance plan, like the one from GradGuard, can reimburse you up to 100% for lost tuition, housing, and academic fees if you need to withdraw for a covered reason. It can provide a financial safety net, helping you get back on track to complete your degree after a leave of absence. For as low as around 1-2% the cost of tuition, housing, and fees, tuition insurance is an important consideration for all college families.

Renters Insurance

If you're living in student housing on or off campus, or even in an apartment, renters insurance is a must. This low-cost coverage can protect the value of your personal property from perils like theft, fire, vandalism, and natural disasters. Look for one with liability protection, like GradGuard’s Renters Insurance, if someone is injured in your residence. GradGuard’s also includes worldwide property protection, so you can be covered whether you’re on spring break or studying abroad. Considering all of the tech, clothing, shoes, jewelry, and other prized possessions you may have in your residence hall, it adds up quickly and getting covered is essential. For as low as $11 a month, it's easy to protect your possessions with GradGuard's college renters insurance.

Auto Insurance

If you own or drive a car, having auto insurance isn't just a smart idea - it's the law. Car insurance can cover you for vehicle damage and bodily injuries in the event of an accident. Premiums depend on factors like the value of your car, your driving record, how much you drive, and where you live. Be sure to shop around, as rates can vary widely between insurers. Consider getting a mileage-based policy if you don't drive much, and look for student discounts. Even if you’re driving an older car that is paid off, make sure you maintain adequate coverage to fully protect yourself and your vehicle.

Health Insurance

Getting sick or injured as a college student is more common than you'd think. In fact, according to the American College Health Association’s 2021 report, the number of students reporting anxiety is up 77%, and those reporting depression is up 67%.

Students reporting other mental health conditions are up 200% Health insurance can help cover the costs of doctor visits, medications, therapies, and hospital care. Many colleges offer affordable student health insurance plans, or you may be able to stay on your parent’s plan if you're under 26. Whichever plan you choose, make sure you’re not paying twice for coverage.

Travel Insurance

Many college students study abroad or travel frequently. The right travel insurance policy can save the day if you encounter trip delays, cancellations, lost luggage, or medical emergencies away from home. Look for a comprehensive plan that includes trip cancellation or interruption coverage, emergency medical benefits, travel assistance services, and baggage protection. If you’re a true globetrotter, you can often save by getting an annual multi-trip plan versus insuring each trip separately. Don't leave your dream trip to chance!

As you head to campus this fall, don't leave yourself vulnerable to financial losses. Having the right insurance coverage can provide priceless peace of mind and allow you to focus on your studies and college experience. To learn more about essential insurance products designed just for college students, visit GradGuard.com.