OIP News - Students & Insurance
As students return to school, it’s a good time to review coverage specific to their needs…
BUYING A CAR FOR A STUDENT’S USE - Consider those factors that may affect the insurance premium:
The make and model of the vehicle – some types of cars (high performance or high repair costs) are more costly to insure.
Where one lives and drives the car - Premiums are based on where the vehicle is garaged and claims history within that territory; some areas also experience higher rates dues to general claims history.
Age – mature drivers attract better rates based on demographic averages.
Driving and insurance claim record – tickets and convictions will negatively affect premium, especially if incurred by a G1 or G2 class driver.
Driving experience – drivers with more years experience (and no tickets or convictions) will obtain better rates; previous accidents will negatively affect rates.
Pleasure driving - premiums are lower for those who use their vehicle for pleasure driving (no business use or commuting at all); to qualify, pleasure driving must be less than 16,000 annual kilometres.
Commuting to and from work - not more than 25 kilometres provides a better premium (depending on driving record) than commuting in excess of that amount.
Business use - a “limited business use” rating offers a special premium as well. Business use is not to be more than 15% of total annual mileage. Deliveries or transporting pets or equipment is not permitted within this rating.
Coverage and deductible selected – you can expect to pay more for more comprehensive or higher value coverage in return for the extra protection it offers; higher deductibles usually mean lower premium as the insured is willing to pay a larger share of the claim.
RENTING?Insurance is still a great idea.
Coverage for:
- Upgrades done and paid for by the insured in the unit
- Personal belongings – computers, jewellery, art, furniture, entertainment equipment, and other valuables
- Personal liability for accidental damage to a neighbour's property or if a visitor to the home is injured.
GROUP BENEFITS
Employee group benefit eligibility requirements for students attending school away from home vary by plan. In general, be aware that:
- Confirmation of attendance may be required by the insurer
- Most coverage for students terminates at age 25 or at the end of the school year in which you turn 25
Want to Know More?
Contact the OVMA Insurance Program at 1.888.681.2862 and speak with your Account Manager or a New Business Executive. The OVMA Insurance Program is administered by Pottruff & Smith Insurance Brokers Inc.