Most parents want to do everything they can to help their young college students. Including helping with their expenses. The cost of going to school between the tuition and accommodation and books can be overwhelming. Often students are studying away from home and need to have some form of transportation. Quite often they have a vehicle that they will use while at school. Which also allows them to come home when the opportunity arises. In Canada, every driver must have insurance, and this includes these young students. This raises the question as to what is the best way for them to handle the expense of the insurance that they need.
Car Insurance for College Students
Buying vehicle insurance can be a little overwhelming. For both parents and the college student. It means making some decisions. To make these decisions there needs to be an understanding of the vehicle insurance. As to how it works.
The insurance companies in Canada are mandated by rules and regulations. Over and above this they have a lot of flexibility as what they can offer by way of insurance products. This is where it gets confusing for insurance shoppers. They’re not quite sure as to what would be the best package for their particular college student.
Do College Students Need Vehicle Insurance?
In most cases, every college student is going to need a vehicle. Which in turn means that they’re going to need vehicle insurance. The issue is how much coverage do they need. This is going to depend on the particular circumstances of the individual. What many people don’t realize is that vehicle insurance is a personalized product. Meaning that not one policy fits everyone. The insurance companies work off of different metrics. Those that are pertinent to the individual. That is how they come up with the cost of insurance. Then within this, they can offer different options. About what type of coverage the young college student should choose. How often the vehicle is used is going to be a big factor.
There are some College students that live away from home. They are using their vehicle on a constant basis. They may be using it to go from their temporary accommodation to the school campus. They may be using it after school to attend their employment. Then they may be using it for trips home and back. The insurance company is going to take a look at this. They may suggest an insurance policy that is going to be able to cover all of these needs. Most likely they will suggest a standard type coverage.
There are other students who may be still living at home. But they don’t need the use of the vehicle as much as they would if they were away. It may be that they only use the car on weekends or once or twice during the week.
Should The Parents of a College Student Take Care of the Vehicle Insurance?
Some parents feel keeping their children on their insurance policy is more beneficial. When it comes to cost. There are a couple of the different scenarios when it comes to the college kids. If they don’t have a vehicle of their own and they are going off to college chances are they will still be home on weekends. When they are they may want to use the family car. Keeping them on the family insurance is the wisest thing to do as then the young one is fully insured in case of a mishap.
Can Canadian College Students Buy Cheap Auto Insurance?
There are some potential discounts for young drivers. For students, they may be able to get a discount for their driver training. Another opportunity that may be available to them as well as the good student discount. With every insurance company being different they will try to cater to as many different clients as they can. This will include the young college student. Some insurance companies will offer special discounts. To those full full-time college or university students that are under a specific age.
There are other ways that the College students can save money on their insurance. One is a by making sure that they keep their driving record clean. Another option is to watch the type of vehicle that they’re buying. The insurance companies will take the make and model and year of the vehicle into account. Some cars create more risk for the insurance companies. This can help to boost the insurance premiums.
Is It Wise to Let a College Student Shop for Their Vehicle Insurance?
Quite often the parents will do the arranging for the college student’s car insurance. It is because College students have a lot on their minds.
It might be wise to let the young college student shop for their vehicle insurance. Or at least take part in it. This way it gives them some foundation for the future. When they are out on their own and have to deal with these responsibilities. Shopping for vehicle insurance has now become an easy process thanks to the Internet. These young college students can get insurance quotes. Based on their particulars and then at least do some comparisons. They may want to discuss this with their parents. So that they can use this research to compare it with what their parent’s input is.
It is common for parents to assume that the kids are going to get the best rate. When added to their insurance policy. This may very well be true. However, it is going to also depend on how astute the parents have been. When shopping for their vehicle insurance. Some individuals deal with the same insurance company for years. They are not aware that there may be many new types of discounts now available. Once that their particular insurance company may not be offering.