What Students Should Know About Insurance

Things students must know about insurance.

Many of the IvoryResearch team are asked by students about insurance. The problem is that students are often cash-strapped on a tight budget, and yet they have it drummed into them that they need insurance. This article clears up the grey areas when it comes to students and insurance.

Car Insurance Is Expensive


Your lack of driving experience and your age count against you to the point where insurance is rather expensive. You can put yourself on your parent’s policy, but when you graduate, you will have to start again because the insurance companies are very unlikely to recognize the time you spent on your parent’s insurance unless you had an accident/made a claim, in which case they will be very interested when coming up with your future premium quotes.

For many students, the cost of having a car is simply not worth it because their funds are so limited. Going without insurance is really not worth it and you can get in a lot of trouble. Lying in your insurance quote will also get you in hot water.

Use Your Health And Dental Insurance

Some insurance companies will simply take your premium and then raise it whenever you make a claim for medical or dental expenses. Sometimes they raise it, and sometimes they leave it alone, it depends on what procedures you require.

There are other policies that happily allow you certain procedures and tests to the point where you are expected to have them. For example, there may be a policy that will happily pay for two dental checkups per year without increasing/touching your premium price in subsequent years. Find out what your insurance company offers because you may be missing out on tests and procedures that you are entitled to.

Is It Okay To Lie With Health Insurance Quotes?

No, it is not okay to lie, but consider bending the truth a little. For example, if you smoke, then why not resolve to stop so that you can legitimately write that you do not smoke. If you drink a little heavily but are not planning on becoming hardcore drinker, then maybe you could play down the amount you drink and big-up the amount you exercise.

Do You Really Need To Insure You Contents?


If you are living in student housing or a dorm of some sort, then ask yourself if you really need contents insurance. If you were to burn most of your stuff tomorrow, can you honestly say you would miss the stuff (excluding things that have sentimental value)? Many times, even an expensive phone is worthless in as little as two years. However, if you really want insurance, then insure your PC/Laptop and your Smartphone if it is a valuable one. Otherwise, with the exception of your transport, there is really no need to insure your other possessions.

Do You Need Life Insurance?

No, you do not. When you graduate and start building wealth, then you may consider life insurance, but as a cash-strapped student, life insurance is a silly and needless expense. If you are going to pay into a life insurance policy, then feel free to do it at a later stage, just do not do it whilst you are in full-time education.

Are There Student Discounts?


Oddly enough, there are a number of student discounts for many types of insurance. The worst discounts are for car insurance unless it is gap insurance (for new cars). The biggest discounts tend to exist in life insurance policies where the premiums are often offered at a very low rate. It is worth searching out a few discounts if you are searching for insurance, but remember that if a company is offering big discounts, then ask yourself if they are actually providing the lowest rates. After all, if a company were offering the lowest rates, then they couldn’t afford to give away discounts.

Joan Gilbert is a freelance writer. Now she is working under coursework writing service IvoryResearch. Her hobby are reading and insurance technologies. In the future she is planning to launch a blog dedicated to novelties in this sphere.
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