Hot summer days are still here, but for some it’s a busy time to get ready to move away from home to attend college or university. If you’re a parent with a child going away for school, or you’re a student, it’s important to have insurance for an apartment rental or vehicle.
What type of insurance do students in Ontario need?
Protection for personal property and liability
Protecting your personal belongings with insurance is a smart decision. Even if it doesn’t seem like much, replacing everything you own can be costly.
Children who live in residence on campus can usually be added to their parents’ home insurance policy. This provides a small amount of coverage for personal belongings. It also provides liability coverage in case a student causes damage to property or injures someone while away at school.
If you’re renting an apartment or home, landlords and some insurance companies often require students to have a tenants insurance policy.
Learn more about tenants or renters insurance here.
Protection for vehicles
If you’re bringing a car with you to school, you may have to get your own auto insurance policy. This could be an expensive option because auto insurance premiums are typically higher for young drivers (below 25 years old).
If you’re not bringing a car with you to school, you might qualify for a discount. Some insurance companies give discounts (up to 50%) for students who go to school 100 kilometres or more from home and are listed as an occasional driver on the family’s auto policy.
Learn more about auto insurance here.
A broker can help
Whether you’re a parent with a child in school, or you’re a student – it’s best to speak with an insurance broker to learn more about insurance options that are right for your situation.
Adding a student on a parents’ policy can be confusing – this is a great reason to work with a broker who can explain which coverages apply. It can also be overwhelming for students, who have a lot of things to prepare for. Working with a broker to take care of insurance requirements brings confidence and peace of mind.
Ready to get coverage?
The content on this page is for information only. The insurance products described are subject to terms, conditions, limitations and exclusions that are outlined in the policy wording. Please refer to the policy wording for complete details.