The Types and Benefits of Student Insurance

The Types and Benefits of Student Insurance - image


Many of us consider insurance to be intended for adults and those who own tangible assets such as a home or a vehicle. In fact, you might be surprised to learn that a growing number of individuals are opting for student insurance plans. Why is this the case? What benefits are offered and why might student insurance be a great idea if you plan on attending university in the near future? Let's take a quick look at the answers to these questions as well as what to take into account when selecting a policy.


The Principle Behind Student Insurance

The theory behind these packages is actually just the same when compared to other bundles such as life or car insurance. Student insurance is intended to provide the policy holder with protection in the event that specific circumstances come to pass. This will often revolve around the loss of personal possessions such as books, smartphones, televisions and similar gadgets. As such devices can be difficult and costly to replace, these insurance plans will tend to take the frustration out of the equation. So, what are some of the clauses included within the main policies?


The Types of Student Insurance

There are two main forms of student insurance:

  • 24-Hour coverage plans
  • Contents insurance


24-hour insurance policies essentially promise to replace any lost or otherwise damaged goods within a single day. This is an obvious benefit to students; particularly if they happen to have lost a computer with an important term paper or a smartphone with all of their contacts.


The other plan is known as contents insurance. This option tends to be much more comprehensive, as it covers all of the contents within a residence hall, a shared property or a leased building (such as off-campus housing). The only real catch here is that the levels of financial coverage will vary and they are often capped at a specific point. This is why it is a good idea to research different providers in advance in order to discover which one is able to offer the most protection at amenable premiums.


What to Consider in Advance

It is always important to work with reputable providers. There have been instances in the past when so-called "providers" took advantage of students with little knowledge of the industry. They were sold substandard packages and as a result, they placed themselves at risk. Take a look online to appreciate the top providers in your area. You can then look further to see what others have had to say about the services rendered. Word of mouth is one of the best ways to ensure that you obtain a great deal.


Also, take your budget into account and be sure that you can afford the monthly premiums. It might be possible to pay a higher amount up front in the form of a lump sum. This may substantially lower your rates. Above all, be certain to ask any questions that you may have; this will save you from consternation further down the line.