Note: Please understand that this guide does not provide any advice on which provider to choose. This is only information on helping you choose the right insurance provider for you, if you decide that you need insurance. Please take this information with a “pinch of salt”, we may have missed something!
Definition: in-sur-ance - “the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.” (From Dictionary.com).
The Figures: 1 in 3 students are a victim of crime each year (Home Office).
So you’re going to university, which hopefully will be the time of your life. If you’re like a typical student you’re probably taking some of your much loved valuables such as your phone, laptop or even your clothes. Well unfortunately you’re not the only people who know this, and some of these people will go that extra step to get what is yours. Accidental damage is also pretty common with students, the amount of times that phones “slip” into pint glasses will surprise you...You first need to consider where you’re living. If your living in halls, you may be able to go without insurance, as some universities provide pretty secure accommodation these days; such as key coded gates and guards. However don’t take our word for it; it can be surprising the lengths criminals will go to get something. In your second/third year, many students like to live in their own privately rented accommodation. These tend to be in less secure areas which are not student majority. Such houses can also be a great giveaway; beers cans over the floor, mess and a game console in the corner all scream student = easy target. You can get insurance at any time, and not just at the start of the year.
The best advice is to make sure that if there’s a lock, lock it. Don’t leave things on display, especially near windows and if you’re going home for any length of time, take what is most valuable with you. If you have an alarm in your house (2nd/3rd years), make sure you use it! Failure to lock/use alarms could potentially invalidate any future claim which you make.
The best thing that we have found about insurance is the “comfort feeling” it gives you. It prevents you from worrying too much about your prize possessions and you find yourself avoiding the typical “what if I damage this”, “should I take that” etc. This is especially true if you are unfortunate enough to have something stolen/damaged.
Weigh up what you will be taking to university against the cost for insurance, and see if it worth it.
Also consider if you can be covered on your parents insurance. Sometimes this is the case, but with a lot of such covers, they are very limiting and not as good as specific student insurance covers.
So which provider do I choose / how do I?
Ok, you’ve decided student insurance is for you and now you’re on the hunt. Well, as we’ve previously said; the best insurance provider varies depending on the individual. It’s your choice to make, depending on what you need, your lifestyle and what you’re taking.However we have provided some practical tips in choosing the insurance provider for you.
Read the small print
Yes, it may be boring; but reading the small print is a must. You don’t want to find out your not covered for something after it has been stolen. Accidental damage is a prime example; many insurance providers may not provide this as standard and even after you purchase it as an extra, certain things may not be covered. Make sure you know what you will be covered for. This involves any policy documentation that the insurance provider provides you with (before you buy!), terms and conditions etc. There are always exclusions, so make sure you know what they are.
Calculate!!!!!!
Work out the value of items, clothes etc that you will be taking to uni. This will enable you to get this best insurance for you, as you need to make sure the total value of what you want to be covered is.Quote, quote, quote, and more quote.
Shop around. As we’ve previously said, the best insurance provider for you may not be for the next person. Get quotes for as many insurance providers as possible. By the time you’ve done, you should be dreaming of quotes.Cheap as chips?
So you may have been given a sublime quote, that maybe too good to be true? Well as they say, it probably is. Look at the small print, is something missing that’s so obvious that your missing it? Consider the factors we’ve already mentioned / mention below.Holiday Celebrate, Holiday, Celebration, Come together in every nation (Madonna....)
Are you going to leave your stuff in your room/house over the holiday periods? If so, you’ll probably want to make sure you’re covered (depending on what you’re leaving).Excess
Excess charges can vary hugely depending on the insurance provider. This is the amount you have to pay to the insurance provider for making a claim. If the excess is huge and you’re just insuring your handbag, ask yourself if it really is worth it?FSA
The insurance provider which you choose should be FSA regulated. The FSA is a government agency which monitors the financial industry; and if the provider is regulated it means that they comply with FSA’s strict standards. If you want to View More on this, click here to be taken to an FSA page.In, out, shake it all about?
Are your possessions covered just inside your room, outside and where in the country (or maybe abroad)?Limits, limits, limits
What is the item limit for claiming on an item? Maybe you have a £3000 computer that you want to take, but will the whole price be covered by the insurance. For such items you want to take out separate insurance or name specifically state them. Consider the total valuable limits as well.Living Out
If you’re living in privately rented accommodation, check with your landlord if you have a certain level of insurance provided with your accommodation. Even though this is pretty rare, it’s always nice to check.Tag and record
It’s always a good idea to record what you take to uni (can also help if you lose something without realising it) and also take pictures of your room/items. This can help for insurance claims for evidence purposes. Labelling what’s yours and using ultraviolet pens/other methods on your possessions is also a good idea (Name, Telephone, Postcode; NOT YOUR ADDRESS as this may invite criminals to visit your room/property). This will increase the chance of getting your possession back if you lose/have it stolen.If you have a mobile phone, record the IMEI. This is unique ID of your phone, and can usually be found on the box or dialling “ *#06# ”. This is so if your phone is lost/stolen you can have it blocked and made totally useless (you wouldn’t want to lose call time as well).
Backup, then backup the backups, then backup the backups of the backups
If you’re like us, you probably get told to backup stuff a lot and actually never do it. Well, we quickly learn't our lesson. Even if you have insurance, still backup your laptop and crucial data as this isn’t going to stop a criminal / water falling into your laptop and losing all your precious data. Losing your work is a nightmare, backup now before it’s too late. We’ve found DropBox to be ideal for this, especially at university if your transferring files between computers. It can eliminate the need for a USB stick. (Click/Go to links page to find more info).Cycles
Some student insurance allows you to insure your bike. If you’re going to take one, make sure you insure it. Bike theft can be very common, even if it’s locked, a wheel can still fetch a criminal some cash.The other bits and bobs / doesn’t fit with the rest.
We’ve listed some other pieces of information which you may wish to consider as well.Legal (it’s a good thing)
Legal cover is also offered by some student insurance providers. This means that legal fees, to a certain amount are provided for you. However as always, make sure you know what’s covered as some may cover legal disputes relating to tenancy for example, whilst others may not.Fee Protection
Some providers can protect you if you’re ill or for whatever reason (as long as its covered), you need to leave uni; they will pay the rest of the tuition fee bill or other charges for missed exams.Mobiles
Most student insurers will provide mobile cover as long as you state it when purchasing. However always check the small print with this, as it may work out cheaper / be better for you to pay for mobile insurance with a specific mobile insurer or your network. Remember also that if you change your mobile at any time, you may have to notify your mobile insurance provider and may have to give them the new IMEI number of the phone (+ model etc).
