We compare student insurance policies - which is top of the class in 2011?
Publication date: 18th August 2011
Subjects: student, insurance, possions, property, theft, loss, laptop, mobile phone, valuable
Welcome to the moneymaxim round up of 2011's student insurance policies.
When planning the big move to University insurance is often well down the list of 'must do's' - but we believe its critical both for students and their parents that students not only cover themselves properly, but also that they find a policy that will suit the requirements of the life they are about to lead.
Unfortunately its a fact of life that theft rates are higher on a university campus or student digs than they are in the parental home - and not surprisingly, given all the attractions that will be on offer, students do not always pay the highest attention to protecting themselves when living on their own for the first time.
Before you start searching for insurance do make sure you not already covered though - many students can find they are aleady insured to a greater or lesser extent - either through the home insurance policy that covered their parents property or through a block policy organised by the university. Do read the small print though as cover is often limited to possessions whilst in the students room, and excludes high value items such as laptops and mobile phones.
Check the policy, and if necessary extend the cover through the existing provider (Endsleigh for instance can be reached via this link), or look for additional laptop or mobile insurance such as that available through the moneymaxim gadget insurance comparison service. For instance Worldwide Insure are just one of the companies on that website and offer worldwide laptop or PC cover, covering theft, breakdown and accidental damage. The premium on a £500 laptop or P.C. is just £30 p.a. with a low £25 excess in most cases. .
If relying on a home policy do consider the following:
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Insurers
We always recommend starting a search for student insurence with Endsleigh - not only are they competitive and undisputed market leaders (they insure 290,000 students directly through universities) - but doing an Endsleigh quotation will raise your awareness to the various options that are open to you.
Headline Endsleigh rates start low, but then you have a series of optional extras so do a full quote before deciding its right for you.
Endsleigh often already offer block policies in many universities and colleges, and by entering your details in their quote system they will check to what cover you might already be getting - then you can top up that cover to include extras such as laptops, phones and all risks cover for items you take away from your residency.
They also offer pretty comprehensive cover in the extras - and whilst thist might be ideal if you have expensive gadgets to insure do check prices elsewhere as well, as someone with an inexpensive mobile and laptop will probably find alternative insurance at a lower price. Unusually though they cover the loss of laptops away from your home and also cover for accidental loss of a mobile phone. These claims do result in a higher excess (the part of the claim you have to pay) though.
The JS Insurance policy is designed for those with a moderate level of possessions and who want a simple product. They avoid offering a range of add ons, and there is no All Risks insurance (i.e. cover for items when outside your room) at all within the basic cover. Be careful you understand the 'rules' of these policies - the number of items valued over £250 insured is capped dependent on the total value of possessions you insure.
Harrison Beaumont Student Insurance
Underwritten by Aviva the Student Possessions cover from Harrison Beaumont offers pretty comprehensive cover from just £26. A nice touch is the 24 hour helpline for legal advice, which is handy in case of landlord disputes. They also offer new for old cover for items under 2 years old (clothing and bikes are subject to a wear and tear deduction). Make sure that valuables are not left in the halls / rental property in holidays - cover falls to £750 outside term time.
The niche insurer E&L offer a strong student possessions product. It has some nice features, particularly fees cover in case of an accident, but also some exclusions that potential customers need to be aware of - mobile phones cannot be covered by the company at all, and you must check your property meets their minumum security requirements. The firm offer an 20% online discount.
If living in Halls do tick the box for holiday cover - it doesn't cost any more to have it.
Other Options
All the major banks offer Student policies, and extentions from some home insurance policies are also available.
Student Insurance Price Comparisons
A full comparison service is not available for Student Insurance - the products tend to be launched at short notice, and have a fairly short shelf life (the vast majority are bought before November), so before development is completed the customer demand would have fallen away. During the Student 'season' the insurers often amend cover as well if they find product development is necessary, so we would suggest you to undertake personalised quotation with each company - it only takes a few minutes, and individual situations can be easily catered for.
Before you start though identify the following as that will make the process simpler!
- What is the value of your possessions you will keep in your room?
- What pcs, laptops and mobile phones will you have and what is their individual value
- What items will you want all risks cover on - this means they will be covered when you are outside your home - so might include luggage, clothing you are wearing, jewellery, watches, sports, musical and photographic equipment and other items which you normally wear, or carry with you.<>
- Do you want to have fee reimbusment cover in case of illness or accident
Whilst there are more features individual insurers will present you with these will help you wizz through a few quotations in no time at all. Remember to read the policy documents fully as well so you do know what you will be covered for and what exclusions apply - every policy has them and its far better to know up front rather than find out when you are making a claim!
A Guide to Student Insurance Cover Levels, Key Features and Exclusions
Please do check your individual policy as insurers could make amendments at any stage)
| Company | Insurance Value Range | Standard Excess | Accidental Damage Included | Items covered as optional extras | Common Items not covered |
| Endsleigh | £3,000 - £10,000 | £25 | Optional Add On | Mobile phones, Laptops, Bikes, Tuition Legal & Rent Protection | No common items, but refer to policy |
| JS Insurance | £2,000 - £4,000 | £50 | No | All Risks cover | Mobile Phones, Contact Lenses |
| Harrison Beaumont | £2,500 - £7,000 | £30 | No | Computer equipment, Bikes, PC's, Laptops | Mobile Phones, Cash, Contact Lenses and Skis! | E&L | £2,500 - £8,000 | £49 (£98 in high risk areas) | No | Computer Equipment, Bikes | Mobile Phones, Cash and Apple iPods |
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