Your Questions Answered About Insurance for University Students
Your child is away at school. What kind of insurance coverage do they need away from home at university or college?
Do they still need to be covered under your car insurance? What about tenant insurance if they are living on their own? Is travel insurance needed for a spring break trip? As a parent, you need to know what insurance coverage is needed to protect your child away at school.
Questions that parents can have about away-at-school students and insurance:
- Is my child still covered under my car insurance?
You can keep your child away at university or college on your car insurance policy. When your child returns home for holidays or the summer, they’ll be covered by insurance.
If your child doesn’t have their own car, they can stay on your car insurance policy to maintain a continuous insurance history.
If your child has their own car and car insurance, you could ask for a multi-vehicle discount with your car insurance provider.
- How does my home insurance cover my child away at university/college?
Your home insurance policy will cover your child’s belongings when they are away at school as long as their primary address is the one listed in your policy.
You may need additional coverage for high-value items like smart TVs, laptops, and gaming systems.
- Should I get my child who’s living in an apartment tenant insurance?
If your post-secondary student’s primary address is different from your home address, which is the address on your home insurance policy, they will need renters’ insurance to cover their personal property and any accidental damage to their home.
Tenant insurance covers personal belongings and liability for property damage and injury to guests. It covers theft of and damage to personal property like electronics, furniture, and clothing, damage to their rented home, and liability for injuries to visitors. Tenant insurance also covers fire.
- When do away-at-school students need travel insurance?
Travel insurance for students covers emergency and non-emergency medical costs for Canadians travelling or studying abroad.
Student travel insurance is also recommended if your child is going away for a week-long trip during university or college break week.
Not having student travel insurance could put a significant financial burden on students and their parents.
- My child has a lot of student debt. Should they have life insurance?
As parents, would you be paying off your child’s student debt should they suddenly pass away?
A term life insurance policy can be used to pay off student loan debts. Term life insurance policies last for a set period of time, such as 10 or 20 years. You can choose a term length that matches the length of the student loan.
- How does insurance cover my child’s laptop and other devices when away at college/university?
Your home insurance policy as parents will cover your child’s belongings when they are away at school as long as their primary address is the one listed in your policy. If your child is living at a different address, tenant insurance protects their belongings.
Some home insurance policies have limits and exclusions for gadgets and electronics. Check the details of your home insurance policy to see how the theft, damage, or loss of these gadgets would be covered while your child is away at university. You may need extra insurance coverage for them.
Discuss your child’s living situation while they’re away at university or college with your Western Financial Group home insurance expert. We’re here to help make sure that your child is protected.
