In College or University? Get an Insurance Discount.
If you’re attending college or university in Canada, you can get a discount on your insurance premiums through a student discount.
According to a Global News report, tuition fees have increased 40% in the past decade. A Canadian undergrad student now pays over $6,300 per year for tuition alone, on average.
While taking advantage of a student discount isn’t going to cut into a large chunk of that tuition number, it’s smart to make sure you’re taking advantage of any discounts you can get on your car and home/tenant insurance.
How It Works
There isn’t a set percentage savings, per se, for a student discount, unlike many other discounts available to customers. The discount comes through an increase in a driver’s class rating. An increase in a driver’s class rating means rates will decrease.
You might be wondering why/how insurers decided to offer this discount to students. All insurance companies evaluate many aspects of their customers when determining their price. Some insurers have discovered that college/university aged students (roughly 18 – 25 years old) who attend a post-secondary institution are safer driver’s than their same aged counterparts who are not attending college or university.
An increase in a driver’s star rating can lower insurance premiums by up to 15%.
The Fine Print
In order to qualify for a student discount, you must be able to provide proof of current enrollment in a college or university. The discount is available to full-time students only.
As hinted at earlier, some insurers – not all – offer a student discount. If you’re a student and want to take advantage of this discount, Surex can place your insurance needs with an insurer that offers a student discount.