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.
Pembina Insurance Services 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:
- Auto Insurance
- Homeowner’s or Tenant Insurance
- Health Insurance
You might ask youself that if your student goes away to school and doesn’t take a car, will he have coverage if he were to drive another car? And 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 goes to school and lives elsewhere in Manitoba, his liability coverage will continue to be provided under his driver license.
- He’ll be fully protected if he returns home for a weekend visit and wants to drive.
- He will have insurance protection when he’s driving a friend’s car while away.
- 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.
Keep in mind that the vehicle damage coverage is always provided by the insurance of the vehicle owner or person who registers the car.
If your student takes your car to school, you will have to check to make sure the car is properly insured. If the student lives at home and has permission to use the car it is acceptable. If however, the student lives away from home while attending school, the situation changes and the individual circumstances should be checked by a broker.
If your student owns the vehicle and holds the title, they’ll need their own auto policy.It is usually much more expensive though, for young drivers and students to insure their own vehicle.
Pembina Insurance Services 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 homeowner’s insurance for your home, your insurance policy will extend to cover their belongings. Depending on the carrier there is usually up to $7,500-&10,000 in coverage available under the home policy. Keep in mind that coverage is subject to your tenant or homeowner’s policy deductible, usually $500 or $1,000.
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.
Please note: Will your child return home or travel abroad for longer periods of time as part of their college experience? If they leave their belongings behind in a dorm for extended periods, your homeowners policy may not cover those belongings.
In that situation, it’s important to either ship the belongings home during extended absences or temporarily store the items in a commercial storage facility.
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 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 insurance a requirement of the lease. Tenant insurance policies are usually quite affordable, generally less than $15 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 broker (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.
Picture yourself getting a phone call one quiet winter evening. It’s your 19 year-old college student son. He and some friends went on a skiing trip to a ski resort in another province. While skiing for the first time, he broke his collar bone.
He needs you to tell him what to do.
In a case like this, you’ll need to check with your health insurance provider to see if your child is still covered. Here are some important points to consider:
- As a full time student, he or she may be covered up to a certain age limit on your policy.
- If covered, be aware of how your coverage works in a different province or in the U.S.
Please note: If your child travels while in school, make sure you check if their health insurance coverage extends to overseas travel. Many times it does not.
Having a child go off to universityl 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 health insurance protection. Contact your health provider to ensure you have the proper protection.
Pembina Insurance Services -Your Knowledgeable Advisor
Our team at Pembina Insurance Services specializes in home and auto insurance. Our family-oriented agency has helped thousands of clients get prepared for the changing insurance needs of new university 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 204-452-4913 for a free review of you and your student’s insurance needs.