University students use expensive electronic devices and text books and must make sure they have insurance against loss or damage.
As university students across the country prepare for the 2025 academic year to kick off, tuition fees, living expenses and study materials are likely top of mind for students as well as their parents but there is one other important thing to remember: insurance.
Karen Rimmer, head of distribution at PSG Insure, says it is very important for students and their parents to remember short-term insurance.
“When you are a student, you rely heavily on your belongings for academic as well as personal use and therefore it is critical to make sure everything is properly covered. From laptops and smartphones to bicycles and vehicles, these high-value items are essential for day-to-day student life, but they are also at significant risk of theft, damage, or loss.”
Rimmer advises students and their parents to double check that their policies include Sasria cover on contents and motor vehicles as well.
“Sasria provides cover specifically against losses caused by riots, strikes and public disorder. It complements standard insurance policies by covering risks typically excluded from traditional insurance.”
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Watch out for insurance exclusions for students
It is also important to understand any other policy exclusions, such as damages caused by negligence or theft from unsecured locations, she notes.
“While students may be covered by their parents’ personal insurance, it might not cover all the necessary risks. Understanding the nuances of policy inclusions and exclusions will help to avoid out-of-pocket expenses. Working with a short-term insurance adviser will help to understand what is covered, and what is not.”
For students who have their own cars, Rimmer strongly recommends comprehensive car insurance that will cover their cars in case of theft and accidents.
Many students use a family car when they move to university but Rimmer says this would mean that the regular driver would change. If the car was previously insured in another area, such as if a student is studying in another province, the risk could be different, affecting the cover on a policy.
Parking may also no longer be in a locked garage. “These kinds of updates are essential to communicate to your adviser so that cover can be amended accordingly.”
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Also ensure you insurance covers your bicycle
She also points out that bicycles vary significantly in value and care should be taken to ensure that these are covered for the correct amount and that policy requirements to keep cover active are adhered to.
When it comes to personal items, such as clothing and textbooks, Rimmer says it can be covered under the contents section of a parent’s policy, provided that the student’s address is updated. “This can be a cost-effective way to ensure personal property is protected while at university.”
It is also worth noting that structural damages, such as fire or flood risks, are typically the university’s responsibility. For students living in off-campus accommodation, the insurance requirements change depending on ownership, Rimmer says.
“Structural and contents insurance may apply to privately-owned flats, while contents-only insurance is sufficient for rented properties.”
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Insurance provides invaluable protection for students
While insurance might not seem like the most exciting financial priority for a student, it provides invaluable protection for students and their parents, particularly in the face of unforeseen disruptions.
“University life should focus on learning and growth, not worrying about theft, accidents, or unpredictable events. If you are unsure about how to insure your belongings when you go to university, talk to an insurance adviser,” Rimmer says.
