So I got into a discussion with my parents the other night about my place as a college student under their insurance plan and the question about them knowing I'm attending came up. Nothing malicious or anything, I was just curious how the companies knew if I was attending classes to stay under their (my parents') plan? My parents said that as far as they know they just send them my schedule each semester so they can see I'm doing classes, but that seems odd. Don't they need a college student ID? Do they look into it with the college itself to see that I'm taking the classes?
I was just curious about it and was wondering if anyone here had any experience with this and could explain how it works to me. Is it really as simple as them seeing a schedule and going "Oh, ok, cool. Good classes."?
Is this Health or Car Insurance? Is it for a discount?
For Health Insurance, they have to keep you until you're 26 regardless.
For Car Insurance, your parents can keep you as long as they want.
In either case, I doubt they look into it at all. The insurance company already makes enough money that any deal you get for being a college student is paid for by the promotional potential of the deal. You're very low risk for the insurance company, so it doesn't cost them much to keep you.
Plus, it'd be more expensive to investigate every claim than just give whatever the college thing is.
My understanding is that most insurance providers require a transcript from your college for the discount.
You probably weren't taking your question in this direction, but my immediate thought was, "how will they know if someone is faking their grades/classes?" If your mind went in that direction, then this article on the consequences of falsifying student records might be interesting.
Is Faking Grades for Auto Insurance Considered Insurance Fraud?
Car insurance fraud is an all to common occurrence in the United States these days, which is a crime that can be punished using fines and even jail sentences. There are some car insurance companies in the country that offer students, of a specific age, discounts on their car insurance premium if they get good grades in either high school or college. The student driver will need to submit an official copy of their transcript to the car insurance company for discounted grades. If the student decides to change or alter their grades after receiving the transcript, he or she can be found guilty of insurance fraud and be subject to all of its penalties.
The article does note that lying to the insurance agency is only be a misdemeaner, fines are more common than jail time, and convictions are somewhat rare.
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I was just curious about it and was wondering if anyone here had any experience with this and could explain how it works to me. Is it really as simple as them seeing a schedule and going "Oh, ok, cool. Good classes."?
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Is this Health or Car Insurance? Is it for a discount?
For Health Insurance, they have to keep you until you're 26 regardless.
For Car Insurance, your parents can keep you as long as they want.
In either case, I doubt they look into it at all. The insurance company already makes enough money that any deal you get for being a college student is paid for by the promotional potential of the deal. You're very low risk for the insurance company, so it doesn't cost them much to keep you.
Plus, it'd be more expensive to investigate every claim than just give whatever the college thing is.
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You probably weren't taking your question in this direction, but my immediate thought was, "how will they know if someone is faking their grades/classes?" If your mind went in that direction, then this article on the consequences of falsifying student records might be interesting.
The article does note that lying to the insurance agency is only be a misdemeaner, fines are more common than jail time, and convictions are somewhat rare.