The other day I came across an article in a magazine, which said that more than 20% students in UK own a car and that all of them need car insurance! It’s quite a revealing statistic as car insurance just doesn’t protect you, and your car but also others. Mostly due to the high risks involved, students just like young drivers have to pay out more for their car insurance premiums.

Car Insurance for students has three primary coverage options

Third Party Only — the cheapest car insurance policy in town! It is also the minimum coverage allowed by law. Covers accidents which involve collision, injury or death. Doesn’t cover you or your car. If your care gets damaged, stolen, or destroyed you will have to bear all expenses. Doesn’t cover any incapacitating injury even if it ruins your life. Read the fine print carefully.

Third Party, Fire and Theft — a tad bit more expensive that the 1st option, but covers you in case of car theft or destruction by arson. Makes good sense if you live in a poor, crime-ridden area and drive an old, easy to steal car.

Comprehensive Car Insurance — expensive, and covers you for all risks including you and other people. Keep your premiums low by agreeing to pay a higher charge called ‘excess’. This is usually £300 and needs to be paid by you as the first portion of the cost in case of a claim. This type of car insurance keeps you well-covered for any serious incidents and accidents.

Guest Blogger Karma Kontent