The time has come and you now have a university or college student!
You have helped prepare them for this day for many years now and it has finally happened. They have moved into their dorm room or apartment and they are settled with books, tablets, computers, phones, furniture, clothing and everything else they need to be self-sufficient.
Have you thought about insurance for them? Insurance for their belongings while away on campus or while they rent an apartment? What about their personal liability? Do they have their own vehicle? Are they taking your vehicle to university? Should they be listed on your car insurance policy? Are their discounts if they are away at school?
Those are all valid and important questions. You will need to contact your broker to find out how your policy would respond for them. You may need to add coverage to your policy or they may have their own insurance.
For their contents, sometimes, you can extend coverage from your home policy to cover the contents of a student’s room or apartment. Depending on whether or not they have roommates and how many, you may need to get them a separate tenants or renters insurance policy. These policies come with personal liability included. The tenants policies are very inexpensive; just give us a call and we can quickly give you a price.
If they are taking their own vehicle, they need to have their own car insurance policy. Make sure you let your broker know where the child will be garaging the vehicle while they are at school. If they are taking one of your vehicles, again, your broker needs to know where the vehicle will be and for how long. If your child is not taking a vehicle but is listed as an occasional driver on your policy, you should also let your broker know. Sometimes there are discounts for a student away at college, depending on the distance they are from home.
Our team at Pearson Insurance is here to answer any questions you may have. Please give us a call at (506) 432-1550 or email us at firstname.lastname@example.org and we can help you through this transition time and make sure you have the right protection for your situation. You can also find some more answers on our website at https://pearsoninsurance.ca/research-center/real-life-situations/teen-is-going-to-college.