Students: what insurance do I need to take out?

For most people, the beginning of a course of study represents a new phase in their lives. The protected days of schooling are long gone, while one is thrown into the life of a student. A new environment, new friends and often a new city and even their first apartment. And as is the case in life, not only new subjects and areas of knowledge come into an individual's life with studies, but also various duties and obstacles. This is especially true for insurance companies. Here, you are told a lot, but in fact, you are told little. So for many people, the question arises as to which insurance companies are really important for students? In general, most students don't need their own insurance because they are covered by their parents' insurance until the age of 25. But even then, there are exceptions, such as longer stays abroad directly after school or training completed prior to studies. And even if insurance is necessary, you should always compare providers beforehand and never conclude contracts without being prepared.

Health insurance for students

Health insurance is extremely essential for students, as well as for all those who lead a normal professional life. This insurance is compulsory. Thus, insurance coverage must be proven before starting studies. Here, the magic age limit of 25 years applies. If one should have entered the Federal Voluntary Service after school, the time is credited to the age. All those who have not reached this age limit are co-insured by their parents. If your own parents have private health insurance, the situation will change a bit. Indeed, you must now decide whether you want to take out private health insurance yourself or join the legal health insurance. In the case of private insurance, the monthly contribution is lower, as it is for legal insurance. But if you take out insurance coverage once, the costs can be several times higher in the end. In addition, you cannot change private health insurance during your studies and you are obliged to do so for the duration of your studies. It is possible that you may ride horses while you are studying and lose your parents' protection. Anyone who works more than 20 hours a week is no longer covered by parental insurance. In this case, there is, until the age of 30 or after the end of the 14th semester, the legal student insurance. This is still quite cheap. If you wish to spend a certain amount of time abroad as a student, you are obliged to take out your own travel insurance abroad. Because here the family protection ends between 17 and 20 years depending on the provider. This is why it is advisable to take care of health protection abroad at an early stage, in order to guarantee possible supplies and transport back home.

Liability insurance for students

One of the most important insurances remains the civil liability insurance. This insurance protects you in case of personal and property damage that you negligently cause to others. Since the costs of this type of damage can quickly run into the hundreds of thousands, you need to make sure that you are covered in case of damage. However, liability insurance is only really necessary if you have reached the age limit of 25 or if you have already completed an apprenticeship before studying. Anyone under the age of 25 who starts their studies directly after school is usually covered by their parents' liability insurance, provided they have taken out one. Anyone who spends a certain amount of time abroad between the end of their studies and the beginning of their training should check with their insurance company. Under certain circumstances, insurance coverage may expire during longer stays abroad. Health insurance and private liability insurance are the two most important insurance policies for students. It is important not to lose sight of the monthly costs, but rather to think about the costs that could arise in extreme cases. These can quickly lead to financial ruin also for the following years, especially in case of liability claims against third parties. Since liability insurance is already available for about 50 euros per year, you should not do without it. Other important insurances depend on the students' lifestyle and are not compulsory. Nevertheless, I would like to list them for the sake of completeness.

Occupational disability insurance

As a student, you may have everything in mind, but you have practically no insurance against incapacity to work. And yet, as a student, you sometimes live a little more recklessly and dangerously than others. So an accident can quickly turn into a dramatic experience that will be with you for the rest of your life. Occupational disability insurance can protect you if you become disabled and can no longer work in the occupation of your choice. Especially for students, disability protection is normally only provided by students. This means that you are only entitled to a pension if you are no longer able to work at all. As a student, you must therefore ensure that a corresponding subsequent insurance cover is included in the contract. Moreover, occupational disability insurance is not exactly one of the cheapest of its kind.

Home contents insurance

Insurance of your own property is only necessary if you are actually moving into your own apartment or if you have expensive furniture or electronics within your own four walls. If you are moving into a work group, you must ask the roommates how the rent is divided. If there is only one main tenant, the household insurance also applies only to the tenant indicated in the rental agreement. If the rent is equal, the insurance applies to all tenants involved. In any case, this is a matter that should be settled before moving into a shared apartment. Those moving into a student dormitory or living only in a small sublet room will probably not need their own household insurance. If necessary, parents' insurance coverage can be extended, externally insured by the parents' household contents policy. A call to the insurer is usually sufficient. Extension of parental coverage can also be requested in the case of shared accommodation. Depending on the provider, the sum insured is 10 to 30 times the amount of the parental insurance.

Automobile insurance

If you can drive a car as a student, you can also afford expensive car insurance. No, of course not. As a student, you are trying to save money, so you can also insure your car with your parents' car, as long as they have one. Insuring your car through your parents' company is usually much cheaper.

What's Really Important

In summary, the issue of health and liability insurance is really important. Supplementary insurances, such as international health insurance, occupational disability insurance, household insurance are also important. And even with the two major insurance companies, the need for a separate insurance policy only applies to certain groups of students.
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