Now that we are in September, parents are switching gears from the summer holidays into back-to-school mode. Backpack; check, laptop; check, utensils and essentials; check — the preparation can be hectic.
Even the most organized people can overlook a few things. Don’t let calling your insurance provider be one of them. If your child is leaving for post-secondary school, make sure to give your home and auto insurance provider a call before they go.
Many auto insurance providers offer three discounts for young drivers and students that could lead to a lower auto insurance rate.
If your child takes one of your vehicles away to school to get around town (and hopefully come home for visits), you should call and update your auto insurance policy.
You may get a multi-vehicle discount if the car is in your name and listed on your existing auto insurance policy. This discount is typically between 10% and 25% of your annual premium.
Discounts aside, if your child takes the car away to school full-time, they will be the person driving the vehicle the most. Therefore, you will need to list them as the primary driver on the policy to ensure they get the coverage they need, which can end up costing more.
Also, let the insurance provider know if your child will take the vehicle to attend school out-of-province. Each province and territory will have its own insurance rules, and you may require more coverage.
Whether your child takes the car or leaves it at home, they will have many other belongings to insure. From costly computers to textbooks and keepsakes, your items can be pricey to replace.
Related read: Tenant Insurance: It’s Not Just About Protecting Your Stuff
Schools are unlikely to cover lost, stolen or damaged items. Fortunately, most home insurance policies extend coverage to children attending college or university, up to a specific limit. Check with your insurance provider to understand any limitations. For example, items may not qualify for coverage if your child studies abroad or if the value exceeds the claim limit.
If living off-campus, landlords may require students to get tenant insurance, also known as renter’s insurance, to protect their possessions and from liability.
Tenant insurance has three main components:
For students sharing a space with roommates, it can be more challenging. All residents should have their names on the lease and their own insurance coverage. Suppose someone was accidentally injured; you would not want one person to be held liable.
Include home and auto insurance in your back-to-school shopping. Compare insurance quotes today to find the best price for the types of coverage you need.