September is right around the corner and soon thousands of college and university students will be leaving the nest (and the car) behind. If your child is going away to school and is listed on your auto insurance policy, it’s time to give your insurance broker a call. It’s a call worth making as it could lead to a lower auto insurance rate.
Many auto insurers offer discounts designed to help parents keep a lid on the cost of auto insurance, and there are three discounts in particular that are worth exploring.
If your college-bound student is attending school in another city or province, they won’t be driving your car nearly as much. Their time behind the wheel will be limited to holidays, school breaks and the occasional trip home for the weekend. As a result, many insurers offer a discount that could save you up to 50 per cent of the premium you’re paying for listing them on your policy, as long as the college or university is far enough away – Most insurance companies stipulate that the school must be at least 150 km away.
As the proud parent of a college or university student, keep in mind that their good grades are worth bragging about—especially since it may result in a discount. If available, a Good Student discount could save you money on your car insurance policy. Make sure you have a recent copy of your child’s report card or transcript as the insurance company will need to see it.
If your student is a newly licensed driver who hasn’t taken an approved driver’s training course, it might be worth adding one more class to their schedule. You could save hundreds of dollars each year in premiums, for typically up to three years, after your child has successfully passed a driver’s training course. Insurance companies will require what’s called a “Driver’s Licence History Report”, which can be obtained from Service Ontario either online or at your local branch.
Whether you think you may qualify for one of these discount or if you just have questions in general, give Absolute Insurance Brokers a call at 1-877-941-2266 or email us and we’ll be able to help you out!