Student Insurance ­ The Price of Education

All young people planning to go on to college or university, who are currently protected by their parents’ Health Insurance, will have to carefully consider their insurance need options.

Students are a high-risk target, and many become victims of crime whilst studying away from home. Many students expect that their possessions will automatically be covered by their parents’ Home and Contents Insurance, but this is often not the case.

Other options:

• One of these choices is to remain on the existing policy your parents have. Most Health insurance policies will provide cover for young people who remain in education up to 25 years of age. Remaining on this policy may not offer protection against walk-in theft so it is advisable that you check the small print for exclusions and further details.
• Short-term Health insurance coverage is an option worth considering if you will soon be working, and will therefore have insurance protection through your employment.
• An individual Student Health Insurance policy is also available. The premiums will be higher than for group health insurance, but will offer all the required protection.

Types of Insurance Coverage

Student Insurance

This will protect possessions while studying at university. This policy will cover accidental damage to entertainment equipment, loss or damage after forcible entry, protects possessions left in student accommodation, and loss or theft of money. There are also optional extensions available on the insurance policy, which will cover bikes, PCs and other valuable equipment.

Student Contents Insurance

This policy will also provide protection against the loss or theft of a mobile phone, protects university property like books, and covers student fees in the event of an accident, illness or death of the student or a financially support parent.

International Student Insurance

A policy that will offer protection to students planning to study abroad. There is a range of comprehensive benefits and these include:

• Medical coverage.
• Prescription medication.
• Maternity coverage.
• Mental Health coverage.
• Sports coverage.
• Terrorism coverage.

Student Car Insurance

This insurance also provides competitively low cost cover with specially negotiated rates. This policy will protect your vehicle from theft or damage whether it is at the registered home address or during term-time at university for a prolonged time.

Modified Car Insurance is also worth considering if your vehicle is fitted with tinted glass, alloy wheels, a fitted turbo and performance exhaust system, as this type of vehicle is usually more attractive to thieves.

It is also worth noting that any parent can own the vehicle a student wishes to insure. However, the student must be registered as the car’s driver.

Student Travel Insurance

This provides cover for a host of different situations and vacations. Students are protected whether they are backpacking around the world, taking a Gap Year or studying abroad as part of a university course. Extreme Activity Insurance and Student Wintersports cover is also available.

As with all insurance coverage exclusions are in place, so it is important to familiarise yourself with the policy’s small print. Other student insurance policies available also offer protection when renting and sharing accommodation.

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