Teen Is Going to College or University

The moment’s come. The bags are unpacked, the bed is made, pictures are on the wall, and the snack-shelf is fully stocked. It’s time to say good-bye. And in your stomach, you feel an odd mixture of pride and joy, anxiety, and…sentimentality. Can this bright young college or university student who is positively vibrating with excitement REALLY be your little one who just learned to walk?

It’s hard to let go.

But as a parent, you’ve spent the last 18 years raising your child to be ready for these first steps into a life of their own. And you did a great job – otherwise, they wouldn’t be here.

Still, you want to make sure they’re fully protected as they sail off with their wishes, dreams and hopes.

Colley Insurance can provide you with guidance on what insurance you’ll need and what you won’t need for this life altering event. Following are some points to consider when it comes to your college or university student’s insurance needs:

Auto Insurance

You might think that if your student goes away to school and doesn’t take a car, you can drop him from your auto policy and save some extra money. But what if he comes back for Christmas break and wants the car to visit friends? Or, what if he is away at college and his friends ask him to be a “designated driver” one evening?

If your student doesn’t take a car to school, we recommend that you keep him listed on the policy for a number of reasons:

  • He’ll be fully protected if he returns home for a weekend visit and wants to drive.
  • He will have insurance protection when he’s driving a friend’s car while away, and that vehicle isn’t adequately insured.
  • Even if he doesn’t take a car to school, he’ll be fully protected if he’s hit by a car while walking or bicycling, or while being a passenger in somebody else’s car.
  • Keeping him on your auto policy maintains continuous insurance coverage, which may be beneficial when he gets his own auto insurance policy.

As a full-time student, your child may qualify for a Good Student Discount (if he maintains a grade average of 3.0 or higher). Make sure to let us know, and provide us with a copy of the transcript or a letter from the school; the savings can be significant!

You can also apply for the Distant Student Discount if your child attends school out of town. The discount varies depending on the distance their school is from home.

If your student takes a car to school, she or he can still remain on your auto policy. Be sure to notify us about the new garaging address: Not only do insurance companies prefer that, but it may also save you money, particularly if your student attends college in a less populated area of the province.

Full-time college or university students can usually remain covered on their parents’ auto policy if their primary address is the parents’ house, even if they attend school out of province.

If your student owns the vehicle and holds the title, they’ll need their own auto policy.

Colley Insurance specializes in properly insuring your college or university student. We will review your situation and make sure all coverage is current and adequate.

Homeowner’s or Renter’s Insurance

You’ve bought your daughter a brand new laptop computer and a printer as a going away present. She’s going to the University of Ottawa as a full time student. Will these valuable electronics be insured from theft, vandalism or a fire?

If your child continues to live in your household, his or her belongings are covered under your policy.

If your child stays in a dorm room on campus and you, the parents, have renters or homeowner’s insurance for your home, your insurance policy will extend to cover their belongings, up to a 10% limit of your personal property coverage.

That means, if your renter’s or homeowner’s policy has a limit of $200,000 for personal property, there will be coverage for up to $20,000 for your child’s belongings. Keep in mind that coverage is subject to your renter’s or homeowner’s policy deductible, usually $500 – $1,000.

Check with us to make sure the personal property limit on your homeowner’s policy is adequate. You might need additional coverage to insure expensive items like jewelry, musical instruments, or certain sports equipment.

If your college or university student lives in his or her own place off-campus, or shares an off-campus house or apartment with friends, things get a little trickier. You might have to set up a separate renter’s policy for your student. That will not only cover his or her “stuff”, but also provide liability coverage in case somebody gets hurt in their place. In addition, many landlords have made renter’s insurance a requirement of the lease. Renter’s insurance policies are usually quite affordable, generally less than $15 per month.

Depending on your child’s particular situation, there might be some other variables that need to be considered. This is where an independent insurance brokerage (like us!) really comes in handy!

If your student is about to move into his or her own place, give us a call. We can help you navigate through the insurance-jungle and make sure you get the best value and protection for your money.

One-Stop Insurance Shopping

Having a child go off to school is a roller coaster ride. There is so much to think about, not to mention the whirlwind of emotions. Get yourself and your student the peace of mind you deserve when it comes to your auto, homeowners and health insurance protection. When life’s emergencies are dealt with by a competent pro, it’s one less thing to think about.

Our team at Colley Insurance specializes in family protection plans. Our family-oriented brokerage has helped thousands of clients get prepared for the changing insurance needs of new college and university students and their families, while making sure they get excellent protection for their insurance dollar. We know where to look to find the discounts!

Contact us today 519-824-4040 for a free review of you and your student’s insurance plan.

The more your assets grow, the higher your liability risks are. No matter how well you’ve covered your bases, sometimes things go wrong. A car accident. A guest who slips and falls on your property. A lawsuit. If you don’t have the right coverage, an unfortunate situation can compromise your financial security and put your personal assets at risk.

An excess policy responds when the underlying liability limits of your other policies, such as home and auto, aren’t enough to cover the unexpected costs of a lawsuit or accident.

It is important to note that most Canadian insurance policies carry on average $1,000,000 of liability coverage. This limit can quickly become quickly exhausted and is very frequently limited to North America. The Group Personal Excess policy provided by Chubb Insurance provides up to $5M of worldwide coverage which extends to all dependent member of your house hold and also provides coverage for foreign owned assets.*

* Territorial restrictions apply: Sudan, North Korea, Iran, Cuba, Syria

Personal Liability (Homeowners) for bodily injury and property damage in the minimum amount of $1,000,000 per each occurrence.

Registered and unregistered vehicles in the minimum amount of $1,000,000/$1,000,000 bodily injury and $1,000,000 property damage; or $1,000,000 single limit per each occurrence. Registered vehicles include motorcycles and motorhomes.

Uninsured and underinsured motorist protection in the minimum amounts of $1,000,000 per each occurrence. This requirement does not apply to the provinces of Quebec or Manitoba.

Watercraft less than 8 metres (26feet) and 50 engine rated horsepower or less for bodily injury and property damage in the minimum amount of $100,000 per each occurrence.

Watercraft 8 metres (26 feet) or longer or more than 50 engine rate horsepower for bodily injury and property damage in the minimum amount of $500,000 per each occurrence.

*The above liability limits must be in USD if the asset is located in the United States.

Each participant is covered for a $5 million limit of liability, and there is no annual aggregate on the policy.

 

Your Chubb Group personal Excess Liability coverage provides worldwide automobile rental coverage (subject to a few territorial restrictions), for up to 60 days. You can rent a car while on vacation and have coverage for personal injury and property damage without buying the additional insurance.

 

Yes. At the time of writing this (November 1, 2017) you would not be covered in Iran, North Korea, Syria, Cuba and Sudan. Please check with us for any changes to these territorial restrictions.

What do I do if there is an accident?

Please contact Colley Insurance at 1-888-824-0445 as soon as possible, so we can help you through the claim process.

Need any help!

Office: 519-824-4040
Toll-Free: 888-824-0445
Fax: 519-763-6839
customerservice@tgcolley.com
1 - 34 Harvard Road Guelph,
ON N1G 4V8

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