The moment’s come. The bags are unpacked, the bed is made, pictures are on the wall, and the snack-shelf is fully stocked. It’s time to say good-bye. And in your stomach, you feel an odd mixture of pride and joy, anxiety, and… sentimentality. Can this bright young college student who is positively vibrating with excitement REALLY be your little one who just learned to walk?
It’s hard to let go.
But as a parent, you’ve spent the last 18 years raising your child to be ready for these first steps into a life of their own. And you did a great job – otherwise, they wouldn’t be here.
Still, you want to make sure they’re fully protected as they sail off with their wishes, dreams and hopes.
Bunnell Hitchon Insurance Brokers Inc. can provide you with guidance on what insurance you’ll need and what you won’t need for this life altering event. Following are some points to consider when it comes to your college student’s insurance needs:
You might think that if your student goes away to school and doesn’t take a car, you can drop him from your auto policy and save some extra money. But what if he comes back for Christmas break and wants the car to visit friends? Or, what if he is away at college and his friends ask him to be a “designated driver” one evening?
If your student doesn’t take a car to school, we recommend that you keep him listed on the policy for a number of reasons:
- He’ll be fully protected if he returns home for a weekend visit and wants to drive.
- Even if he doesn’t take a car to school, he’ll be fully protected if he’s hit by a car while walking or bicycling, or while being a passenger in somebody else’s car.
- Keeping him on your auto policy maintains continuous insurance coverage, which may be beneficial when he gets his own auto insurance policy.
As a full-time student, your child may qualify for a Good Student Discount (if he maintains a grade average of 3.0 or higher). Make sure to let us know, and provide us with a copy of the transcript or a letter from a college advisor; the savings can be significant!
You can also apply for the Away at School Discount if your child attends college a minimum distance away from home.
If your student takes a car to school, she or he can still remain on your auto policy. In fact, your child should, since it is usually much more expensive for young divers and students to have their own policy. Be sure to notify us about the new garaging address: Not only do insurance companies prefer that, but it may also save you money, particularly if your student attends college in a less populated area of the province.
If your student owns the vehicle and the ownership is in their name, they’ll need their own auto policy.
Bunnell Hitchon Insurance Brokers Inc. specializes in properly insuring your college student. We will review your situation and make sure all coverage is current and adequate.
You’ve bought your daughter a brand new laptop computer and a printer as a going away present. She’s going to the University of Toronto as a full time student. Will these valuable electronics be insured from theft, vandalism or a fire?
If your child continues to live in your household, his or her belongings are covered under your policy.
If your child stays in a dorm room on campus and you, the parents, have tenant’s or homeowner’s insurance for your home, your insurance policy will extend to cover their belongings. The amount of personal property coverage varies by insurer. Check with us to make sure the personal property limit on your homeowner’s policy is adequate. You might need additional coverage to insure expensive items like jewelry, musical instruments, or certain sports equipment.
If your college student lives in his or her own place off-campus, or shares an off-campus house or apartment with friends, things get a little trickier. You might have to set up a separate Tenant’s policy for your student. That will not only cover his or her “stuff”, but also provide liability coverage in case somebody gets hurt in their place. In addition, many landlords have made Tenant’s insurance a requirement of the lease. Tenant’s insurance policies are usually quite affordable, generally less than $25 per month.
Depending on your child’s particular situation, there might be some other variables that need to be considered. This is where an independent insurance brokerage (like us!) really comes in handy!
If your student is about to move into his or her own place, give us a call. We can help you navigate through the insurance-jungle and make sure you get the best value and protection for your money.
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Having a child go off to school is a roller coaster ride. There is so much to think about, not to mention the whirlwind of emotions. Get yourself and your student the peace of mind you deserve when it comes to your auto and homeowners insurance protection. When life’s emergencies are dealt with by a competent pro, it’s one less thing to think about.
Our team at Bunnell Hitchon Insurance Brokers Inc. specializes in family protection plans. Our family-oriented brokerage has helped thousands of clients get prepared for the changing insurance needs of new college students and their families, while making sure they get the best protection for their insurance dollar. We know where to look to find the discounts!
Contact us today 519-756-2200 for a free review of you and your student’s insurance plan.