Introduction
Insuring cars is the least thing most young students worry about. Unfortunately, this something they have to face eventually. Insuring a car means that the student is investing some money on their cars so that if they suffer an accident the cost of the damage to the car is paid off by the bank. Since it is believed that students, especially youngsters are more likely to have car accidents than old citizens, special attention has always been paid to student car insurance.
History
The hypothesis that young students are more likely to face accidents has also led to high prices for insurance. The concept of having students insured their cars emerged few decades ago. In past the price of student car insurance was not that high as they are today. Today the car insurance for students is rapidly increasing in their costs with the premium packages becoming higher and higher every year. It has been estimated that if a student pays monthly for his/her car insurance almost 60% of their monthly allowance is usually devoted to that purpose. In Britain the student car insurance rates for young men were higher than that of women (£2,872 and £1,671 respectively for both) due to the hypothesis that men face more accidents than women but in 2010 the rule was abolished though the difference between adult car insurance and student car insurance remained the same.
Features
Many students tend to avoid student car insurance but unfortunately in many countries it is illegal for students to drive around a third party insurance which in common language is called a cover. Covers are cheaper than premium insurance packages because of which many students turn towards it. The third party insurance is a very basic kind of cover which insures you against the allegations made towards you in case of an accident. It also protects your accountability in case you have caused damage to other people’s property. Another kind of cover is the third party fire and theft cover which is same as the third party cover but it provides additional protection against a fire damage or theft. Another kind of cover is the comprehensive cover. This apart from providing what third party cover provides, gives accidental damage cover along with certain benefits such as protection of personal belongings and also medical security. The prices of the three covers vary with the comprehensive cover being more expensive than the former two but none the less cheaper than high premium insurance rates.
Tips and comments
Having your car insured is not exactly a bad thing after all. Although it is expensive there is no doubt that insurance helps you out when you have suffered from a great accident. It covers for you through really bad times. If you are a student and you think you can afford than having student car insurance would be really nice. If you are in a country where having a third party cover is compulsory then you of course don’t have much of an option. But is you are in a country where third party insurance services are available but not compulsory, it is advised that you avail cover insurance for your car at least. You might not realize today but in future you would understand the importance of insurance.
