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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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5 types of insurance every student should have

Insurance is a topic most of us don’t really think about…until we crack our phone screen or prang our car and realise how expensive it is to get things fixed! Ouch.

As it’s Insurance Awareness Day, we want to remind you that taking out an insurance policy can save you at the worst times. As you prepare to spread your wings and enter university life – here are 5 types of insurance you will need.

Travel Insurance

Going on an international study trip abroad? Or maybe a holiday break with your uni friends? If yes, then travel insurance is absolutely essential! Outside of the UK, medical care can really cost a fortune, and you never know what kind of crazy emergencies you may find yourself in. The Post Office has a range of great cheap deals, even a ‘Backpack Cover’ for young people looking to travel the world. Find out what best suits you…after all, your health comes first!

Student and tenant contents insurance

There’s nothing worse than hosting your first house party and waking up the next morning to see your laptop broken! Contents insurance can protect valuables such as laptops, TVs and other electronics, with typical policies offering up to £50,000 in coverage for item damage as well as personal liability. Usually, your accommodation provider will offer something, but if not here are some cheap quotes.

Identity theft insurance

Did you know 1 in every 5 fraud-related crimes are reported by a victim between age 20 and 29? So it’s no great surprise that students are a prime target, especially around Fresher’s Week. Young people moving to a new city – many of whom have never lived away from home before – sadly, it’s like a thief’s birthday, Christmas and Easter all rolled in one. An identity theft insurance policy can help reimburse you for any money spent trying to restore your identity and credit. Find out more here.

Student car insurance

Ok, so this one’s pretty obvious as there’s no way of getting around it if you own a car. For new drivers between the ages of 17 and 24, the average insurance premium is £1,242. But if you’re thinking of taking your car to uni, there are some steps you can take to keep those costs down. Here are some tips on how you can get the best deal for your bucks.

Phone insurance

Ah…the dreaded cracked screen! We all know how it feels. And if there’s any time that it happens the most, you can bet it will probably be at uni on a night out! Surprisingly many young people still choose not to ensure their phones, but if you’re on a contract for 3 years, it’s definitely not worth taking the risk. If you’re waiting on a good deal to cut costs, look no further. You may also find our article on how you can save money on your phone bill useful.

Remember to follow us on Instagram, Twitter and Facebook (@MoneyForLIfeUK) to keep up to date with all our money advice tips.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.