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Student Insurance Explained

Student insurance doesn't protect someone from being a student as the name suggests. Student insurance is a broad term to define any insurance policy designed specifically with students in mind. Student insurance policies can be found in the form of life insurance, health insurance, renters insurance and travel insurance. The biggest advantage of applying for student insurance instead of via normal channels is the vastly discounted premiums that are offered to students.

Who is a potential candidate for student insurance?

Students are not exempt from accidents or liability or theft. This is why students need to apply for insurance in the same way as the rest of society does. Students get more value for money as they often receive discounts on their premiums. They also receive broader policies with special inclusions particular to students compared with normal policyholders. Student life is expensive as it is without having to worry about covering costs of accidental damage, liability costs or the aftermath of a burglary.

What typically does a student insurance policy cover?

Student insurance policies are generally inexpensive. This would indicate that most student insurance plans are basic. This is true as general claims on accidental damage, liability, loss and theft are normally satisfied but any scope wider than that is normally rejected. That said each insurance policy varies so check the terms and conditions carefully to find your exact level of cover.

What typically does a student insurance policy not cover?

As mentioned before, student insurance tends to be reasonably basic in terms of coverage. Your policy may not cover any circumstance that is out of the ordinary and do not assume that your student insurance will have the same cover as a standard insurance policy coming from the same insurer. Check your terms and conditions to ensure that you have adequate coverage for your needs.

Additional coverage that policy holders might take out in this area

Student insurance policies are normally discounted because the level of cover may not be a large as a normal policy. As an example, renters insurance may only have a small amount of standard coverage because it is assumed that students don't have a large number of expensive possessions.
This is why it is likely that students will not need Additional coverage.

Additional coverage for a student insurance policy

Insurance given to students will cover students to a degree but also relies on students being apathetic to small loss. Car insurance is cheaper as the level of cars that students drive are generally older models that already need work. Insurers believe that a student will not make a claim against their car because they are concerned of their premium increasing.

What will student insurance typically cost?

As student insurance covers a range of different areas it is difficult to give you price ranges for specific insurance policies. That said as a student you can qualify for discounts of up to 25% on life, health, renters and travel insurance compared to a standard policyholder. It pays to be a student if you are looking for insurance.


Other Types of Insurance