Attending School Away from Home?
Is your child attending school away from home? Ensure your coverage makes the grade!
When moving away from home to go to school, they’ve probably got a lot on their mind – Where will I live? Who will I hang out with? Who will do my laundry? But one thing you may not have considered is your insurance. As a student travelling away from home, their unique circumstances may impact your insurance, so read on to learn what you need to know.
If travelling to another province as a full-time student, they may be allowed to keep their regular driver’s license and insurance, subject to the province’s guidelines. Make sure you read SGI’s, Studying and Work Terms to see if they are eligible to keep their SK licence. You will want to check with the licensing authorities where they’ll be attending school to ensure you understand their rules and regulations. It’s also a good idea to register with MySGI to ensure they can easily renew their plates or licence online.
If taking the car with them, you should consider a package policy to ensure they have the right coverage. Auto insurance coverage may differ out of province, and the plates’ basic liability limits may not be enough if facing a claim. You can also purchase some peace of mind with optional coverages like loss of use and road hazard glass, which might come in handy if they’ll be driving back and forth on the highway.
If leaving your vehicle at home in storage on private property, you don’t need to keep plates on it. However, it’s a good idea to get a policy so that if it’s stolen or vandalized or catches fire, they’ll have coverage, as your home insurance policy will not respond. This is a great way to ensure coverage while saving valuable money.
Although it probably seems like textbooks are worth more than everything else, other belongings expenses can add up quickly. If your child is still financially dependent, you may have coverage through your current homeowner’s policy. Take a look at the wording, or better yet, call your insurance advisor. We can help you determine how much your policy might not cover.
If they aren’t dependent, there are going to need a tenant policy. Their belongings won’t be covered by anyone else’s insurance- not the school if they live in residence and not the landlord if they rent.
It’s worth the time to make a quick call or visit with your advisor before they leave for school. We can help ensure that you’re both properly insured. As for who will do their laundry… we’ll leave that lesson with you. Want to connect with an advisor?