What do I need to know about Insurance now that I graduated from College?
First of all congratulations, the commitment you have shown to further your education is admirable. This will give you a competitive advantage in the 'real world' which is not always so friendly. Speaking of the 'Real Wold' lets go through some things that you're going to want to know about insurance.
Auto Insurance In Nova Scotia
While you where in University or College you where likely covered under your parent's auto insurance policy as technically you still lived under there roof. This is or was a good thing as it provided you with a history of insurance which is one piece of the Insurance puzzle. Most insures want to see a minimum of 3 to 6 years of insurance history before they will consider giving you a perfect '6 star' driving record.
Another piece to that Insurance puzzle is your driving record, have you had accidents? Have you had an convictions? Accidents in Nova Scotia can be at fault, meaning you were in the wrong or not at fault which means you did nothing wrong. If you went to College or University in another province that province's rules could be different, so it is always best to tell us about any and all incidents regardless of the situation. As far as convictions go, most people think this means you have a criminal record. In insurance terms this means you have had a ticket of sorts, speeding, seat belt, etc. These things can all affect the rate you may pay or the discounts you will receive on your own insurance policy.
Car Insurance Tips
- If you are moving home or moving to another province always go to the Department of Motor Vehicles (DMV) and request a copy of your drivers abstract before you leave.
- If you are moving home or to another province and you currently have insurance ask your current insurer for a 'Letter of Experience' before you leave. This helps with the insurance history part!
Regardless of your driving experience good or bad, A.A. Munro Insurance has many insurers that can help save you money but also provide you with the proper protection.
Renters Insurance or Tenants Insurance
While you where at school most of your belongings where covered as an extension of your parent's homeowners insurance. But now that you're out on your own they are not and you would be surprised how much stuff you actually have. While much of it may seem worthless to you at the time, if you had to replace it as a result of a fire or another insurable claim it would cost you a lot out of pocket!
The simplest and easiest way to avoid this is buy purchasing tenant's insurance. This can be very inexpensive and can provide you with some protection for the stuff you have accumulated. Many landlords will require you to have tenants insurance for the liability part of it. Even though you may not think something is your fault, in the eyes of the courts you could be, and if you don't have that tenants policy with one or two million in liability protection you could be hung out to dry.
Another situation could be you're living in an apartment building, you can control what goes on in your apartment but not necessarily what happens next door. Perhaps they could cause a fire and put you out on the streets, with nothing. Getting anything out of them is like getting blood out of a turnip! If you have a tenants policy we can help you get into a hotel and then find you another place to live and replace some of your belongings to get you back on your feet.
The best part about tenants insurance is that in most cases you'll get a discount off your auto insurance, with some insurers up to 15%. In many cases the tenants policy is almost FREE once we factor in the discounts on the auto!
- If you have a tenant's insurance policy, when it comes time to buy a home, it will make the process easier as well as home insurance much less expensive!
- If your tenants policy and auto insurance policies are with the same company you are eligible for great discounts!
- In the event that you need to be evacuated from your apartment building, others will have to stay with family or in a shelter set up by the red cross. You will stay in a hotel!
Health Insurance & Travel Insurance
Weather you decide to get right down to it and start working when you graduate or you decide to take some time off and do some traveling, you need to consider Health Insurance and or Travel Insurance.
If you start a job with a company they may offer a health plan for you. If they don't you need to consider purchasing health insurance to protect yourself. When you're young, health insurance is typically inexpensive and once you're sick it is too late, health insurance companies will exclude preexisting conditions.
If you decide to travel you need travel insurance! An annual travel policy for a younger person is very cost effective and if you get sick or somehow hurt yourself when you're away from home, you'll be covered. Travel policy covers more than medicine and hospital stays while your away, it also covers transportation costs to get you home!
A.A. Munro Insurance has a full financial services division which can answer questions you have about Health insurance and/or travel insurance.
One Stop Shopping for your Nova Scotia Insurance!
Once you make the transition from school to 'real world' the last thing you want to have to worry about is running here, there and everywhere for your Insurance. A.A. Munro Insurance has the markets and the staff to be able to serve you regardless of your insurance needs.
The last thing you want is to be one of those people that says 'I should have had that' or 'I should have asked about that' after it is to late. Let us be your trusted Insurance Advisers!