When your child moves away from home for college or university, there are important changes and responsibilities to consider. Along with the emotional stress of having your young graduate leave home, you also need to consider what the move means for your finances and insurance policies.
Being informed about your insurance coverage is crucial for your child’s protection and wellbeing. While many policies extend parents’ coverage to kids in university, other policies encourage college students to purchase their own insurance.
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“Parents need to know whether their insurance extends to their children when they are buying a car or moving into an apartment or residence,” says Wayne Ross, insurance expert at Aviva Canada. “You could find yourself facing a financially-stressful situation that could easily have been avoided.”
For a stress-free transition, Ross offers the following helpful tips:
Scope out apartments:
Living off-campus can help students develop a sense of independence and save some money. However, consider buying a tenant policy in your child’s name so their personal property is protected.
Keep track of their finances:
University life goes hand-in-hand with expensive purchases like computers and other electronics. Stick to a budget, keep track of your purchase and verify what your insurance covers.
Check your car insurance:
Whether your child takes his or her car to university or intends to drive on visits home, call your insurance company to check what your policy includes.