You must keep in mind that when you are travelling using a student insurance, it will have a different benefit and exclusion so don’t expect it to have the same with your parents. It is important that you identify the right plan that can cover the things that need to be covered. You must buy an international insurance plan if you are residing outside Canada or United states.
Students purchasing a regular student travel insurance needs to pay a monthly insurance premium and provide a deductible. Most of these plans cover a medical portion which means that a co-payment will be possibly included.