How to get cheap student contents insurance
In the mood to be shocked? One in three university students will be a victim of crime at some point.
It’s perhaps of little surprise that students are a prime target for thieves – we’re now estimated to own an average of £4,000 worth of gadgets, clothes and other belongings and there could easily be six of you living in just one house.
But, that doesn’t mean you have to have to take these risks lying down. A combination of careful precautions and cheap contents insurance can help to protect yourself against heavy losses.
To this end, this guide will cover all of the important questions about contents insurance for students, including how to spend as little on it as possible.
What’s on this page?
Do I need contents insurance?
Given that we’ve just been preaching on about how students are a victim of crime, this might seem a little odd. The point we’re getting at, however, is that you may already be covered.
A lot of university halls will offer a basic level of insurance, but many students just don’t know about it. You can find out if you are covered by your student halls here.
It’s important to note, however, that what’s on offer will change depending on where you live, so do check.
You may also notice that this free student insurance only covers a limited amount of items and normally they must be in your room at the time, with doors and windows fully secured. If there’s no forced entry, you may not be covered.
Additionally, if you lose belongings whilst out and about or damage things yourself, then you probably aren’t covered.
The other thing it’s always worth checking out before you shell out is whether you come under your parents policy at home. While this isn’t as common as it used to be, you could save yourself some serious dollar.
Even if you don’t currently come under their policy, it’s worth asking for a quote to be added on, as it may work out cheaper than a separate policy.
Do bear in mind though, that the excess on your parent’s insurance might be higher, and would also affect their no claims bonus if you need to use it.
What do I need to know before I buy?
Insurance is one of those things that always seems to come with a lot of tricky words, but once you know the lingo it really isn’t too hard.
Contents insurance does exactly what it says on the tin – it insures the contents of wherever you live.
The most basic student contents insurance will cover your belongings when they are in your household. They can be protected from theft, loss, general damage, earthquakes, lightning, falling trees, and water damage.
If you want to add protection for when your out with stuff like your phone or camera then you will need to look at personal protection or extra gadget insurance (try Protect My Bubble).
There are a couple of other important things you should know too:
- The excess of a policy is the amount that will be deducted from your payout when you claim. So if your laptop’s covered for £900 and your excess is £25, you’ll get a payout of £875.
- Often you can choose your excess. The higher the excess the lower your monthly payments, however this does mean you own’t get as much if you needed to claim, so balance price with the level of risk you foresee.
- Some things will cost extra, it’s a sad fact of life. Bicycles, laptops and other high value goods will often have to be added on top. It’s the same for things like accidental damage.
- You do not have to insure the building. It’s your landlord’s responsibility.
- Similarly, your landlord does not cover your contents insurance. They might cover their own contents in the house, but not yours.
How can I save money on it?
We all know the whole point of us being here is to help you spend even less on this kind of stuff, so we’ll cut straight to the chase with our money-busting tips.
- Make sure to get lots of quotes from lots of different companies. Shopping around is always the way forward to getting a better deal.
- It’s totally okay to barter with insurers. If you’ve got a better quote from someone else, ring them up and tell them. They might be willing to fight for your custom.
- Consider what you really want to insure, if you’re not that bothered about your banged out phone that’s worth a fiver, it’s not worth paying out to insure it. The less you insure, the lower your premium.
- Always make sure to be super careful with your stuff. We know we sound like your ‘rents but if you make a claim then your premium will be higher next year and it’s insane how many thefts are caused by drunken mishaps and unlocked doors.
- Pay upfront if you can afford it. Again this is a good bartering tool to get the price down and in some cases you could save up to 25%.
- Make sure to always read the small print. Knowing your package inside out is the only way to avoid costly mistakes later when you discover your not covered for that cracked screen.
- Think about paying online. Many companies will offer their best rates online in an effort to sell their packages will minimum interaction.
Where should I buy it from?
So, if you’re looking to protect your treasures and you’re fully genned up, here’s our hotlist of where to buy from.
Endsleigh is the only student contents insurance provider that is supported by the NUS. This pretty much makes them the number one choice for students both on price and customer service.
There are a variety of options available depending on what you want to protect. You can choose to insure your belongings, gadgets or pretty much everything up to £3,000. The price per month will of course reflect how much cover you choose and under what circumstances.
Endsleigh also insure students for non-forced entry as they are aware that many make the common mistake of leaving doors and windows open.
Protect Your Bubble
Whilst Protect Your Bubble do not offer student contents insurance as Endsleigh do, they do offer the cheapest cover on individual gadgets such as your mobile phone and laptop.
Prices start at just £5.99 a month making peace-of-mind more than affordable for most students. If you’re always the one to lose your expensive smart-phone, you definitely need to get covered!
Insurance policies cover everything from theft to cracked screens.
Overall, the best option for most students is insurance with Endsleigh, but there are a number of other options available through most of the major high-street banks. It will cost you more each month but some banks have special deals for their customers.
If you’ve got any tips – or horror stories – about student contents insurance we’d love to hear them. After all, it’s a huge part of how we add to our guides!