Most students don’t have money to waste but often end up paying more for some products than they need to. Those in need of travel insurance could find a more cost effective solution by spending a little time looking at their options. Making sure to put the right policy in place, looking for student discounts and/or deals and comparing the costs of holiday insurance policies may help.
What Kind of Trip Will the Student Take?
Many students will never have had to take out a travel insurance policy of their own before and may not realise that these products can offer very different features and benefits. Working out what kind of cover is needed is the first step to take in this process. Issues to consider include:
- What kind of trip needs to be insured?
- How long will the holiday last?
- What kinds of activities may the break involve?
The answers to these questions can then help work out which policy/policies may work best.
What Kind of Travel Insurance Does the Student Need?
The type of trip that is being planned may dictate the type of policy that should be chosen. Generally, the options on offer include:
- Single trip: This kind of travel insurance is most often used for regular holidays.
- Backpacking: These policies are designed to meet the needs of students taking a backpacking break.
- Gap year: These products are set up to give protection for those taking a gap year between school/college and university.
- Study abroad: Those looking to study abroad may need specialist protection.
A student going for a week long European summer break to wind down after exams may simply need regular travel insurance. One taking a longer backpacking trip around the world that may include extreme sports and adrenaline activities may need something different. Choosing the right kind of policy is key. Not doing this could mean that the student ends up being inadequately insured.
What Kinds of Travel Insurance Discounts and Deals are on Offer to Students?
Students are often offered discounts and access to special deals by travel insurance companies. Some may, for example, give a percentage off policy costs or may put together special low cost packages. These discounts and deals may be found online, via university/student union deals or via financial products, such as bank accounts, that the student already has.
Those offered free or discounted travel insurance as part of a student bank account package shouldn’t, however, assume that the policies on offer will cover all their needs. These freebies may only work at a basic level and may not give all the features and benefits that the trip may need so this is worth checking.
Are Specialist Student Travel Insurance Policies the Cheapest Option?
There are a lot of travel insurance providers that offer a specialist service for students. The marketing for most of these companies will pitch lower cost cover than regular policies. In some cases this may well be true but it shouldn’t be taken at face value.
The fact that a company says that their trip policy is the cheapest doesn’t make it so. Comparing student travel policies against those offered to the general public may show some cheaper alternatives.
How to Compare the Cost of Travel Insurance for Students
Once the student knows what kind of policy may best suit them and has looked into potential discounts and deals, then they may want to spend a little time comparing costs. The travel insurance sector in general is very competitive and a bunch of policies offering the same features and benefits may all come with different premiums. Looking at online travel insurance comparison sites may be a good way to go at this stage.
Carol Finch - Carol Finch is the Topic Editor for Retirement Planning, Budgeting, E-Commerce & Technical/Business Writing on Suite101.
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