August 5, 2022
  • August 5, 2022

How a graduate discount can help you save on car insurance

By on July 23, 2022 0

Although you may have dropped out of college or university, your alma mater can actually help lower your car insurance rates.

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Although you may have left university or college, taking only memories, a diploma and perhaps student debt with you, your alma mater can really help you. lower your auto insurance rate.

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According to the insurance provider, university and college graduates across Canada can access reduced car insurance rates through an alumni group discount, along with other benefits such as home, life and health insurance, and discounts at local attractions and retailers.

These discounts can be beneficial to both insurers and alumni associations, as insurance companies can earn a greater volume of business and association members can benefit from cheaper prices.

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How do I know if I qualify for a graduate discount on my car insurance?

The best way to check if you qualify for an alumni discount on your car insurance is to visit your university’s alumni page or contact the alumni association directly.

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Excluding establishments in British Columbia, Manitoba and Saskatchewan (where auto insurance is public), the vast majority of universities in Canada offer discounts on alumni auto insurance, in addition to home, renter, and condo coverage.

For example, the University of Alberta, University of Toronto, McGill University, Dalhousie University and the University of New Brunswick all name TD as their group insurance partner.

While Fanshawe College and Centennial College, for example, are partnering with Johnson Insurance to offer alumni discounts on auto, home and travel insurance.

How much money can I save on my car insurance with a graduate discount?

It’s unclear how much discount alumni can receive with the TD Insurance Meloche Monnex program. Specific numbers are not given on alumni websites and TD declined a request for information.

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However, the program announces that alumni can get extra savings if they combine their auto and home, condominium or tenant insurance. Alumni can also benefit from multiple vehicle coverage, including an additional motorcycle, ATV, or snowmobile. Owning a hybrid or electric vehicle recognized by the Insurance Bureau of Canada can also save you money.

How to get a graduate discount on your car insurance

Although most universities across Canada seem to have a public partnership with TD Insurance, you can still find alumni discounts with other providers.

Sonnet Insurance, for example, offers a Canadian alumni group discount to graduates and students of all universities in Canada.

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If you’re a current customer and didn’t know you had access to a graduate discount, you can request an update to your policy. You don’t have to bundle home and auto insurance policies together to get a discount, but it could save you more.

Although Sonnet declined to comment on the amount of a rebate alumni may receive, Eric Marion, vice president of group insurance at Sonnet Insurance, said “the rebate is significant and when combined with bundled auto and home insurance, for example, can result in significant savings for the consumer.

When it comes to insurance, it’s worth letting your insurer know where you went to school. If you have a few vendors in mind, be sure to visit their website or inquire directly to see if they have an alumni discount.

LowestRates.ca is a free, independent rate comparison website that allows Canadians to compare rates for various financial products, such as home and auto insurance, mortgages and credit cards.

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