How an alumni discount can help you save on car insurance
While you may have moved on from your university or college days, taking with you only memories, a degree, and maybe student debt, your alma mater can actually help lower your car insurance rate.
Depending on the insurance provider, university and college graduates across Canada can access discounted auto insurance rates as part of an alumni group discount, alongside other perks such as lower home, life, and health insurance, and discounts at local attractions and retailers.
These discounts can be a win-win for both insurance providers and alumni associations alike because insurance companies can gain a larger volume of business and association members can benefit from cheaper prices.
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How do I know if I’m eligible for an alumni discount on my car insurance?
The best way to check if you’re eligible for an alumni discount on your car insurance is to visit your university’s alumni page or contact the alumni association directly.
Excluding institutions in British Columbia, Manitoba and Saskatchewan (where auto insurance is publicly run), the vast majority of universities in Canada offer alumni car insurance discounts, in addition to home, tenant, and condo coverage.
For example, the University of Alberta, the University of Toronto, McGill University, Dalhousie University, and the University of New Brunswick all list TD as their group insurance partner.
Whereas Fanshawe College and Centennial College, for instance, partner with Johnson Insurance to provide alumni discounts to its alumni on auto, home, and travel insurance.
How much money can I save on my car insurance with an alumni discount?
How much of a discount alumni can receive with the TD Insurance Meloche Monnex program is unclear. Specific numbers aren’t given on alumni websites and TD declined a request for information.
However, the program does advertise that alumni can get additional savings if they bundle their auto and home, condo, or tenant insurance together. Alumni can also benefit from insuring multiple vehicles, including an additional motorcycle, ATV or snowmobile. Owning a hybrid or electric vehicle acknowledged by the Insurance Bureau of Canada can also provide savings.
How to get an alumni discount on your car insurance
Although most of the universities across Canada appear 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 every university in Canada.
If you’re already a customer and didn’t realize you have access to an alumni discount, you can request to update your policy. You don’t have to bundle home and auto insurance policies to receive a discount, but doing so could result in more savings.
While Sonnet declined to comment just how much of a discount alumni can receive, Eric Marion, vice president of Group Insurance at Sonnet Insurance, says “the discount is a meaningful one and when combined with bundling auto and home insurance, for example, it can lead to significant savings for the consumer.”
When it comes to insurance, it pays to let your insurance provider know where you went to school. If you have a few providers in mind, make sure to visit their website or inquire directly as to whether they have an alumni discount.
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