Insurance.com’s New Guide Helps College Students Ace Insurance Coverage
September 25 2019 - 10:20AM
Insurance.com, the leading online resource for auto, home, health
and life insurance for 20 years, released today its guide on
insurance for college students. As part of its research, the
company surveyed college-aged young people to determine their
insurance knowledge.
According to the survey of respondents aged 18 to 25, 19%
indicate they have a poor level of knowledge about insurance, while
nearly half said they have a “good” idea about how insurance works.
A bit over one-third said their insurance acumen is excellent.
However, when put to the test about the basics of auto, renters,
life and health insurance, many flunked.
The survey finds that college students often don’t know which
types of car insurance come into play for common situations. This
is concerning because 42% of those surveyed said they selected
coverage and bought a policy on their own without their parents’
help. When respondents did decide to purchase insurance, online was
their most popular method.
How the policy was purchased:
- Bought online – on a computer (39%)
- Spoke to an agent on the phone (36%)
- Went into an insurance agency (20%)
- Bought online – mobile (6%)
When asked about specific car insurance coverage types, such as
liability, comprehensive, and collision, respondents demonstrated a
lack of knowledge. Take for example liability coverage, which is
considered the core of any car insurance policy. The following
percentages mistakenly thought their liability covered the
situations below.
Incorrect answers about what liability insurance covers
(Respondents could choose more than one answer):
- All incidents with my vehicle (34%)
- Injuries to passengers in my car (25%)
- Damage to my car in a crash (23%)
- Damage to my car if an object falls on it, such as a tree
(20%)
- Damage to my car from a flood, hail or other severe weather
(20%)
- Damage to my car if I hit an animal, such as a deer (16%)
- Theft of my car (11%)
Along with the survey, Insurance.com’s experts publish a
comprehensive guide to educate parents and students on insurance.
The guide includes an overview of the survey’s findings, a
breakdown of various insurance types and ways to save. The guide
also offers expert tips on car insurance, renters insurance, health
insurance, and life insurance and what one should expect to
pay.
“It’s critical that college students read and ask questions
about insurance now because that knowledge can help them through a
lifetime of major financial decisions,” says Michelle Megna,
managing editor of Insurance.com. “And insurance is not a one-time
thing. Young people need to continually review their portfolio as
their needs evolve and change over time. Comparison shopping is
essential after major life events such as graduating college,
living independently, getting married and having kids, and
hopefully one day retiring.”
For the full insurance guide, survey results and expert tips,
you can read an overview here:
https://www.insurance.com/insurance-for-college-students
About Insurance.com
Insurance.com is owned and operated by QuinStreet, Inc. (Nasdaq:
QNST), a pioneer in delivering online marketplace solutions to
match searchers with brands in digital media. QuinStreet is
committed to providing consumers and businesses with the
information and tools they need to research, find and select the
products and brands that meet their needs. Insurance.com is a
member of the company’s expert research and publishing
division.
Insurance.com is a trusted online resource dedicated to
educating consumers on auto, home, health and life insurance,
developing relationships directly with carriers to offer consumers
comparison rates from multiple companies. Since 2001,
Insurance.com’s industry-first online tools, data-based reporting
and experienced experts have helped consumers make informed
insurance-related decisions, so they can choose the right insurance
for their individual needs.
Website: https://www.insurance.com
Twitter: @InsuranceDotCom
Facebook: https://www.facebook.com/InsuranceDotCom/
Liberty Communications for QuinStreet
Rick Judge
415-429-5652
QuinStreet@libertycomms.com
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