All the years of saving for your child’s RESP has finally paid off. Your child is moving on to post-secondary education! Whether your child is moving away from home to live closer to campus or have chosen to stay home and commute, there are opportunities for insurance savings.
Here are 3 ways to save as your child embarks on their post-secondary education.
Health & Dental Benefits
Students are automatically enrolled in health and dental benefits and the costs are added to their student account. However, if they are covered under your policy, they can choose to opt-out and receive a refund. There is a window of time to do this so you have to be sure you complete the opt-out form and send proof of alternate coverage before the posted deadline. Once the opt-out has been approved, the refund will be processed. This has to be done at the start of each school year.
Auto Insurance
If your child is on your auto insurance policy, and they are moving away to attend school, you can receive a discount on your auto policy. The required distance away from home differs for each insurance carrier, so be sure to ask. For example, my insurance carrier needed a minimum distance of 100km from home and the discount was 50%. So the savings can be quite significant.
Tenant Insurance
Whether your child is living on or off campus, your existing home insurance policy should cover their tenant insurance. Give your home insurance company a call to confirm exactly what is covered for your student. Although tenant insurance is not very costly, every bit of savings helps. Should their landlord ask for proof, your insurance company can provide a letter confirming that your student is covered under your existing policy.
Should your child be living in residence, some post-secondary institutions may add the cost of tenant insurance to the student account. If so, you should be able to opt-out and receive a refund.
