Insurance exists to enable those who suffer a loss or accident to be financially compensated. A few rules exist:
Being insured only covers the actual value of a product – it does not cover emotional or sentimental value.
The risk must be one which is common to other people – theft or damage.
In order to take out an insurance policy, the holder must have a legal interest in the insured item or event; this is their 'insured interest'.
Your rent will take up the largest proportion of your budget. There is no set cost for this, it
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Bank accounts are becoming a more and more important part of life. Without a bank account you w
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A good way to explain what home contents insurance covers is to imagine turning your home upside down – everything that falls out is contents, everything that remains in place would fall under buildings insurance.
Young people are a prime target for burglars. Accommodation is often located in cheaper, poorer area of town with young people tending to congregate close to each other making it ideal for thieves. Compile this with the fact that student accommodation is often empty for long periods of time (non-term time) and it’s not hard to see why burglars are attracted.
For most under 25s insurance is the biggest expense after buying a car. There is no way to avoid getting insurance, as by law all vehicles on the road must be insured. An excess will also apply with most policies, meaning that you have to cover the first part of any claim.
It is worth making use of a number of insurance comparison websites to gain the widest possible comparison of all policies which exist – try:
It might take a while, but will ensure you find the best possible deal.
Haggle with insurance companies to get the best possible deal – using your knowledge of other companies’ offers.
If you are going on holiday or taking a gap year its worth having a good travel insurance policy. Be wary of the travel insurance offered by travel agents or brokers – it is often the most overinflated with the highest prices. The best way to find good insurance is to search and research what you need via the comparison websites – use all three for the best quote: Both travelinsuranceweb.com and insureandgo.com have guarantees for the quotes they give; find a cheaper quote with the same or better cover and you will get the original policy for free. If you’re going to Europe get a free European Health Insurance Card, which enables you to get (free or very low cost) basic medical care within the EU. If you are covered by your parents policy stick with it – family insurance is generally cheaper than individuals as the risk is not calculated per person but per trip. There are some relatively unknown insurance providers who offer good alternatives for travellers in specific areas. Consider the following: Climate Sure - Eco Friendly Insurance company Flexi Cover^ - Annual Multi-trip insurance OUL Direct - Single & Annual trip cover includes (winter sports is standard) Travelplan direct insurance - Basic + Comprehensive backpacker insurance
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This section provides information on how to save money on those smaller ‘less important’ insurance policies.
These insurance policies can cost a large amount of money, as it is often tempting to buy the insurance package offered to you when you are you buying your bicycle or mobile phone . However these insurance policies are usually vastly inflated, and large savings can be made by taking out a separate policy.
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