It’s that time, back to school is here! There’s no doubt that sending your child to school is costly, but did you know that this may entitle you to possible car insurance discounts? We’ve shared everything you need to know.
If your child is heading off to college or university, you need to understand all the potential back-to-school discounts available - we’ve broken down the top four below. If you think you may be eligible, contact your insurance broker today.
Understanding Awesome Back to School Car Insurance Discounts
Discount #1 | Student Away at School
If your child is listed on your car insurance policy but isn’t bringing a vehicle to school, you may benefit from the Student Away at School Discount. This discount is applicable for a child under the age of 25 who have limited access to your car while living temporarily away from home and attending school, college, or university. Some restrictions apply with regards to how far the school is away from your home.
Discount #2 | Good Student
With this discount hard work pays off, especially when it comes to good grades and car insurance! With the Good Student Discount if your child is under the age of 25 years old and earns an “A” average (80% or higher) they may be eligible for an additional discount.
Discount #3 | Driver Training
As a newly licensed driver, your child can potentially save money on car insurance by successfully completing an accredited driver’s training course. The Driver’s Training Discount typically only applies for up to three years after passing the course.
Discount #4 | Multi-Vehicle
If your child is taking a car to school, you should speak with your insurance broker to ensure they are listed as a primary driver on the insurance policy, as this will ensure they have proper coverage. If the car is in your name, you may add it to your existing auto insurance policy to benefit from multi-vehicle discounts.
If your child is headed back to school, make sure you speak with your insurance broker to see if you’re eligible for these discounts. Please be advised that not all the coverage options and discounts shared above are available through every insurance provider.
Protecting Their Property at School
Whether your child opts to take the car or leave it at home, they will need to consider insuring a multitude of other possessions. From valuable computers and textbooks to cherished keepsakes, replacing these items can come at a significant cost. Schools typically do not provide coverage for lost, stolen, or damaged personal belongings. Thankfully, many home insurance policies offer an extension of coverage for children attending college or university, subject to specific limits. It's advisable to consult with your insurance broker to fully understand any limitations or restrictions. For instance, coverage might not apply if your child is studying abroad or if the item's value exceeds the claim limit.
In the case of off-campus living, landlords may mandate that students acquire tenant insurance, also known as renter's insurance, to safeguard their belongings and protect against liability.
Tenant insurance comprises three primary components:
Contents Coverage: In the event of theft or damage due to events like floods or fires, contents insurance will reimburse the cost of replacing your belongings up to a specified limit. This coverage extends beyond your residence; for instance, if your bicycle is stolen outside the library, tenant insurance would contribute to the replacement cost.
Personal Liability Coverage: If someone accidentally sustains an injury on your student housing premises, such as slipping and falling, liability coverage will assist in covering the expenses related to potential lawsuits.
Reimbursement for Living Expenses: If your dwelling is rendered temporarily uninhabitable due to a fire or another insured peril, this aspect of tenant insurance will help cover the costs of temporary accommodation and transportation.
For students who share accommodations with roommates, the situation can be more complex. All residents should have their names on the lease and secure their individual insurance coverage. This approach ensures that in the event of an accidental injury, no single individual bears sole liability.
If there's an unintentional injury or damage to someone's property, your son or daughter could unexpectedly become embroiled in a legal lawsuit. You may want to talk to your insurance broker about adding an umbrella policy. With Umbrella coverage, you’re covered over and above another policy such as homeowners or auto.
Also, since you’re here, you should read this as well, Is Your Child’s Laptop Insured While Away at School?
This article was originally published in August 2017 and has been updated as of August 2021.
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