You survived then? College graduation is one of those life defining events, that paves the way for all manner of celebration. More than just ‘a break from reality’, gap year travel has become a life affirming rite for those planning to take their well earned education to the next level – and it could be the most culturally enlightening trip of your life. Student travel insurance is, however, probably the last thing you’d want to consider, such is the excitement of escaping home, responsibility and patronising siblings. Do you actually need it?
Like most financial products, there are a few grey areas applicable to student travel insurance and the conditions associated with purchase. If you’re student travelling, chances are that single trip, student travel insurance simply won’t extend to such a long break. This, coupled with the likelihood you are going to be exploring multiple destinations will realise the necessity for multi-trip cover – a slightly higher premium due to the longevity of your holiday. Securing student travel insurance is not as difficult as you might think, predominantly due to the multitude of insurance companies now evolving to include this option among their many policy choices. The good news is, you don’t have to be employed; in perfect health or traveling within the EU to qualify and premiums are extremely competitively priced. As a rule, all-inclusive affordable travel insurance provides cover for:
• Cancellation, postponement and delays.
• Baggage loss and theft.
• Accident, injury and personal liability.
• Emergency accommodation/ transportation in the event of war/ terrorism or force majeure (definitions of which vary greatly by insurer.)
• Personal possessions cover, in the event of loss, theft or damage caused by others.
Before you rush ahead and arrange the first attractively discounted product available, you will need to ascertain your chief requirements. Are you likely to be trying out a few extreme sports? This alone necessitates additional cover, due to perceived increased risk to safety. Will you be jetting off to multiple destinations over the course of your break? You’ll undoubtedly require global cover if venturing beyond the boundaries of the EU (European Union.) Travel to countries deemed unstable either politically or economically can also impact your insurance premium, by as much as 22%.
Securing a great rate for students travel insurance isn’t impossible; in fact, your high street bank could be a great first port of call, as you’ve probably had a customer relationship with them since your mid-teens. High street banks fair well for competitive prices, often ousting online companies with a plethora of ‘all-inclusive’ incentives, such as zero per cent offers on currency exchange, low added rates for extreme sports cover and even cut price discounts on your flights! A key point of consideration is how long you intend to explore one particular destination, since high street banks also offer products tailored to backpackers. This variant of student travel insurance is known as multi-trip, providing a choice of either European, or international extension. Commonly associated with annual policies, multi-trip actually works out cheaper for longer breaks.
Venturing online for the best student travel insurance rates is often advisable, since the internet market features the greatest competition amongst travel insurance providers. As with any financial product, you should be wary of any company pricing themselves far below the mean average – their deals may well be too good to be true! The golden rule for searching student travel insurance online? Compare. Don’t just rely upon a single search engine for market leading deals – many feature sponsored results and can’t always be relied upon for tailored quotes. That being said, if you’ve left arranging your insurance until the last minute, an online company such as Direct Line are probably your best (and cheapest) bet!