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Young Families - Insuring Kids
Your insurance plans should include your kids – most of
us think of insuring kids when they reach the age that
they get their drivers license, but it is also important
to think of them with respect to our life and home
insurance plans.
Sometimes parents will purchase life insurance on
children at a young age to ensure they can get coverage
when they get older or as a way to provide some savings
for them now. Sometimes grandparents will do this as a
way of helping the grandchildren. Generally unless the
death of a child would place a financial burden on the
parents, there are now other options such as RESPs which can be better used as saving vehicles for
the child's future.
Home insurance is important to children in a few ways –
make sure that any expensive bicycles, or collections –
cards, comics etc, as well as computer hardware or
software are properly insured. Some home policies will
put specific limits on these popular children's items.
As your kids get their drivers license, they will
progress through the graduated license system. New
drivers begin with a G1 license. The G1 license has a
variety of restrictions including the requirement that
the young driver have a fully licensed driver in the car
with them at all times. A new driver must hold a G1
license for a minimum of 12 months before attempting the
G1 road test. This time can be reduced to eight months
if you successfully complete an approved driver
education course. Drivers earn more privileges after
passing their G1 road test.
See also Young
Drivers in our Auto Section.
Once they have passed the G1 test, drivers receive a G2
license which they must have for a minimum of 12 months
before they can attempt the G2 road test. At this level,
you have more privileges because of your driving
experience. You may drive without an accompanying driver
on all Ontario roads anytime. G2 drivers have up to 5
years to pass the G2 exit test and receive their full G
license. We recommend that young drivers progress
through the system as quickly as they are capable, as
they may receive more favourable rates with the full G
license.
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