Attending School Away from Home?
When students are getting ready to go off to school, they might be worried about where they will live, who their friends will be, and who will do their laundry. However, something else they should think about is insurance. Their new lifestyle may change their insurance needs, so here is some information on what to consider.
Motor Vehicle Insurance
Auto insurance is a type of insurance that provides financial protection for drivers in the case of physical damage or bodily injury resulting from a car accident. It also provides coverage for vehicle theft and other losses that may occur due to an accident or other incident.
If a full-time student is relocating to another province, they may be permitted to keep their driver’s license and insurance, depending on the province’s regulations. Readers should consult with SGI’s Studying and Work Terms to see if they can maintain their Saskatchewan license.
If you are a full-time student enrolled in a Saskatchewan educational institution, you can drive a vehicle allowed by your out-of-province driver’s licence (excluding Class 1 vehicles) as long as the licence is still valid. To qualify for a student allowance driver’s license in Saskatchewan, the student must meet the following criteria:
- They must be full-time students in a recognized educational institution.
- They must have resided in Saskatchewan for at least 90 days before leaving the province for school.
- They must file Saskatchewan income tax.
- They must have a valid Saskatchewan mailing address.
- They must not possess a driver’s license from any other Canadian jurisdiction except Saskatchewan.
If the student uses a Saskatchewan-plated vehicle owned by someone else, the registered owner must also meet the eligibility requirements for Saskatchewan residency. Some additional considerations to be aware of, but are not limited to, are:
A student remains eligible for the student allowance even if employed part-time, as long as they are still recognized as a full-time student by their educational institution.
Summer employment for students
Students who work during the summer months can still receive the student allowance if they are registered or plan to register for full-time classes in the fall and if the Canadian jurisdiction where they are working permits this.
After completing their studies, students who choose to reside outside of Saskatchewan are no longer qualified to receive the student allowance.
Additionally, it is wise to contact the licensing body of the province they will be studying in to ascertain any restrictions. Furthermore, registering with MySGI is a sensible decision to facilitate the easy renewal of plates and licenses online.
If you plan to take a car with you, it is advisable to get a package policy to be sure that you have the right level of coverage. Auto insurance may vary in different provinces, so the basic liability limits of the plates might not be enough to cover you in the event of a claim. For example, basic licence plate coverage for Saskatchewan gives the driver a $200,000 liability. Additionally, you can get optional coverages like loss of use and road hazard glass to give you some extra assurance when travelling back and forth on the highway.
Insurance for Renting
Insurance for renters is a great way to protect the items in your home from unforeseen circumstances. It is important to consider investing in coverage to safeguard yourself and your belongings.
Textbooks may be a significant expense, but other items can cause costs to accumulate rapidly. If your youngster is financially dependent, you could possibly be covered by your current homeowner’s insurance policy. Review the terms or contact your insurance adviser, as coverage varies between insurers. We can help you to determine what your policy won’t cover.
If they aren’t considered dependent, they will need a tenant policy. Neither the school they are living in if they are in residence nor the landlord, if they are renting, will cover their possessions.
Taking a few moments to consult your advisor before they go to school is a great idea. We can help make sure that you’re adequately insured.
As for who will do their laundry… we’ll leave that lesson with you.
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