How To Understand a Student's Insurance Needs

Choosing insurance requires common sense and sound judgment. Considering that your university years might put you at a greater risk than ever before, what are the top insurance plans that you may need as a student? Here's how to learn what you need:

Health Insurance
You may be in college but that does not mean you are indestructible. Health insurance is still the most important insurance that you could have. Remember that being treated for an illness or an accident is very expensive, and having health insurance may just make the difference between paying off your medical bills for years, and relaxing knowing that your insurance has the bill covered.

It's good to know that many insurance companies will allow you to remain on your parents' insurance plan as long as you are a full time student. Consult with your parents' insurance agent to confirm this.

Along with health insurance, consider obtaining dental insurance as well.

Car/Vehicle Insurance

As you will likely use your car or bicycle extensively during your college years it may be wise to have them insured (aside from the fact that some countries like the US require automobiles to be insured). Know that a bicycle may be included under student possessions insurance. In the case of a car, however, you may choose to be a named driver in your parents' car insurance policy, or you may choose to purchase your own insurance plan. Be advised that typically, car insurance companies may quote students higher premiums since students statistically are at a higher risk for accidents. Acquiring your own insurance early would enable you to build up your No Claims bonus and therefore assure you of lower premiums later on. Also, research other insurance perks that you can take advantage of, such as "good student" discounts that may offer you lower premiums on the basis of high grades in college.

Student Possessions Insurance
Be advised that student boarding houses are common attractions for burglars. That's why it's important that you acquire a student possessions insurance, which is expected to cover your personal possessions during your stay at the university. Shop for policies, and see that they cover damages by theft, fire, or water. Study policies for accidental damages and for conditions to cover holidays. With regard to how much insurance is enough, make an inventory of your possessions and determine their overall value. Your insurance should enable you to replace these possessions in the event of an unforeseen accident or calamity. Also, consider insuring your more valuable possessions--your laptop, for example, individually, since most insurance companies set limits on their coverage values.

Travel Insurance
You may consider this especially if you travel over long distances to get to your university, or if you are planning to participate in study-abroad programs. This insurance should cover travel accidents and medical costs during your travel. Research the terms and coverage that different insurance companies supply.

These are the top insurance plans that a typical college student may need. Always remember that choosing the right insurance plan takes sound judgment and common sense. Look carefully at the fine print so you know the extent of coverage that you could benefit from, and the terms and conditions that apply. You may also consult your university as to what insurance they automatically apply to you as long as you are enrolled there. This will keep you from getting insurance that you probably already have. Good luck!


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