Heading off to university is a major life event. With such major changes, it’s no wonder that insurance is not at the top of your mind. But did you know university attendance affects insurance? We’ll explain how in this article.
Why University Attendance Impacts Your Insurance
University attendance can impact your insurance for the following reasons:
- You’ve moved away from home into either temporary accommodation or permanent accommodation.
- You may have purchased a vehicle.
- You may be driving less or more than before due to your school.
- You may have purchased furniture and other items.
Home or Renter’s Insurance for University Students
If you’re living away from home in temporary accommodation such as a university dorm, you may be covered by your parent’s home insurance. You should always inform the insurance company about the situation and they’ll advise if you’re covered.
If you’ve moved away permanently or have a formal rental agreement, you may need your own renter’s insurance. Your landlord’s insurance will not cover you or your stuff.
Renter’s insurance not only protects your personal belongings, it will also cover your personal liability and additional living expenses if you’re forced from your rental home due to a covered peril like fire.
Even if you think you don’t have much stuff or anything of real value, it all adds up. As a bonus, renter’s insurance is very affordable.
Car Insurance for University Students
Another decision to make is whether you should stay on your parent’s car insurance or get your own policy. This depends on who owns the car (who is listed on the registration), whether you’re still living at home part-time or full-time and your driving record.
If your parents are giving you a car to take with you, make sure that the insurance company knows where the car is going to be driven and that you’ll be the primary driver.
If you are not taking a car with you, your parents should also let their insurance company know. This will ensure you’re not over-insured and paying for coverage you’re not using.
Essentially, keep your car insurance company up to date on what you’re doing.
Those planning on studying and travelling abroad should consider travel insurance. Why? Illness and injury can happen to anyone even if you’re young and healthy and provincial health care doesn’t cover your medical costs while you’re travelling. Medical care can also be very expensive if you’re out of the country, especially in the US.
With good travel insurance both you and your parents can take comfort in knowing that you can get help even when you’re far away. Most travel plans offer emergency hospital and medical coverage with 24/7 multilingual emergency assistance. You can also get additional coverages depending on your needs.
If you have a pre-existing condition, you may not have coverage for that specific illness but it will depend on the insurance provider and if the condition is considered to be stable or not.
Why You Should Talk to an Insurance Broker
At the risk of sounding repetitive, it really is a good idea to talk to a broker before you head off to university. A good broker will help you understand your insurance and make the right decisions to fit your needs and budget.