With student loans now bigger than they’ve ever been, it’s perhaps unsurprising to see students these days walking down the street in the latest Nikes, carrying the latest iPod or MacBook whilst talking into their Blackberry. With all these expensive gadgets to hand, insurers have been quick to see a niche market that needs cover. Once unheard of, student insurance is now a rapidly growing insurance market. Several insurers have followed the lead set by Endsleigh and the AA in setting up insurance products aimed solely at students. Student cover offers real advantages over regular home insurance policies as premiums are very low. Because student possessions tend to have a total value of around £3000 to £8000, rates are cheap. If a student has more expensive items such as a PC, DVD player, stereo equipment, camcorder, camera, laptop or bike, extra cover can be added to the policy at minimal cost. If you take any of these items out-with the home, you can get extra cover for this too. So you no longer need to worry about losing or dropping your MP3 player, phone or laptop while on your way to university, and you’ll be protected against theft too. Insurers also realise that many students will be flatsharing, which can be an unsecure environment, and that they will be unlikely to be living in accommodation that is fitted with the latest in burglar alarm technology. For this reason student insurance typically covers your possessions even in the case of a walk-in burglary, where windows or doors are unlocked. And if you do need to make a claim for a lost, stolen or damaged item, there’s more good news. Most household insurance requires you to pay an excess towards any claim that you make. The amount of this excess tends to depend on the size of the policy and cost of the premium. With student insurance, this excess is very low – usually around the £10 mark – low enough to make any insurance-owning parent jealous! So if you need to make a claim, you’ll only be required to pay £10 toward the cost of replacement of your possessions. It’s really never been easier for students to obtain insurance, and never has insurance been so tailored to their needs. If you’re a student thinking about home insurance, your best bet is to have a look online. Insurers tend to offer their best premiums there – Endsleigh, the AA and the Co-op all offer online discounts of 15% or more for new home insurance customers. The best thing to do is to draw up a list of all of your possessions, calculating the total value as closely as possible. Once you know how much cover you need, you can get online and start comparing policies and prices to find the best insurance deal for your student years.
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With student loans now bigger than they’ve ever been, it’s perhaps unsurprising to see students these days walking down the street in the latest Nikes, carrying the latest iPod or MacBook whilst talking into their Blackberry. With all these expensive gadgets to hand, insurers have been quick to see a niche market that needs cover.
Discover how we’ve made our home insurance simple at The Co-Operative Insurance.
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