It’s exam results time again, and as usual, it’s heralded by the big sell from banks, credit card providers and insurance firms looking for new business.
The market has a bewildering array of special offers and incentives all shouting “Me!, me!, me!” at students about to leave home for the first time.
Students have a million things to consider – like finding a course and somewhere to live – but just as important is not signing up for useless insurance that costs a fortune and fails to deliver.
So here’s the Quoteline Direct guide to student insurance for the new term:
Check out mum and dad’s home insurance
If a student lives with parents out of term time and their home insurance policy has all-risks cover, it’s likely a student’s valuables and belongings are covered even when they are at their digs.
That sounds too good to be true, but even if the policy doesn’t have all risks cover, it’s probably cheaper for mum and dad to add the option to their policy than to get student contents insurance.
This cover looks after valuables, like laptops, phones and electronic gadgets, including mp3 players and iPads and guards against loss, theft and damage.
Belongings are all a student’s mother stuff – like clothes and bedding.
For the insurer to pay up if a student makes a claim, the valuables or belongings need to be kept in a secure room or locker. An insurer is unlikely to pay up if a laptop goes walkies from a bag left in a bar while a student pops to the loo.
If mum and dad’s home insurance does not offer all risks or away from home cover, then look at personal student contents insurance.
Lock up your bike
The best advice for a student – or any other cyclist – is buy and old bike and a good lock.
Most home insurance policies include bike cover or can have the option easily added, so check mum and dad’s policy again before forking out for extra cover.
Phone friendly advice
Having to shell out for someone wracking up ‘airtime abuse’ or fraudulent phone calls on a stolen mobile is the biggest problem for anyone with a mobile phone.
The solutions are putting aside an emergency fund to cover the call costs or capping the minutes on a phone with a pay-as-you-go contract.
Mobile phone insurance is highly criticised as an over-rated and over-expensive cover. Missing phones are covered as valuables, so check the small print on mum and dad’s home insurance before signing up.
Gearing up for car cover
Any driver under 25 years old can expect to pay about £60 a week or £3,000 a year for motor insurance.
Mum or dad ‘fronting’ or saying they drive the car really doesn’t help and is likely to void the policy if a claim is made.
Quoteline Direct’s car insurance comparison site is a good way of narrowing down the best value car insurance providers.
Give one of Quoteline Direct’s trained consultants a call and discuss the best value insurance tailored to your personal circumstances. Ring on.