Do Students Leaving Home Need Insurance?UncategorizedJuly 17, 2018For students going away to university or college out of town, it can be big change in their lives. Not only for them but for the whole family. During this rite of passage into adulthood, amongst other things, understanding the proper types of insurance coverage for students leaving home is important to ensure they are adequately covered. So what kind of insurance do students studying away from home at college or university need? Here are some examples: Auto Insurance: If your child is studying in the heart of a major city, then automobile insurance may not be as important because they would most likely be getting around the city on public transit, bicycle, or walking. However, if they have chosen a school where it is harder to get around, then they may require their own vehicle. Just because a child is living away from their parents does not mean you should remove them as an occasional driver on your auto policy. Typically, university or college students go back home on an average of twice a week. If they happen to be borrowing your car for whatever reason, they should be kept on the policy as an occasional driver. There are usually discounts for students who are away from home. Additionally, in the future when students graduate, start working and purchase their own vehicles, the years of continuous experience on their parents policy counts towards their own policy, helping them save and get access to better coverages and rates. Tenant Insurance: Unless students plan to commute, it may be easier to live closer to school. Renting a room, basement apartment, or even living in residences on campus. Therefore, getting the proper tenant insurance for the student is important. The landlord is responsible for the building and any common elements of the property, such as any common areas, but the student themselves are responsible for making sure their own personal property is adequately insured during their stay on rental housing. Sometimes, parent’s policies can extend coverage to dependant students living away from home. Other times they will need to purchase their own seperate policy. Travel Insurance: If you’re a student traveling with your friends will undoubtedly be a common activity in between classes and exams. As such, depending on where you decide to travel to, getting the right amount and type of travel health insurance is an important consideration as a young person exploring the world. Medical costs can be ridiculously high in foreign countries, and OHIP may not cover you. Travel insurance is also typically affordable which is important, especially when on a student budget. If you are a student or have a child who may be leaving for school soon, you may want to look into options to properly protect yourself and your family. Speak to a qualified insurance representative today at (416)494-1268 to get trusted insurance advice.