As you move through life, you’ll experience all sort of new and exciting things. From your first day at university to the moment you decide to set up your own business, your life is filled with opportunities and decisions that will directly affect your future.
But while life is all about moving forward and embracing change, with change comes a variety of different situations and risks that may require some form of financial protection. Whether it’s a storm knocking down your garden fence or an embarrassing driving incident in a public carpark, in these situations you’ll be glad you have the right insurance in place so you don’t have to deal with the hassle or the financial burden of getting things back to how they should be.
To help you feel prepared for the years ahead, we’ve pulled together this handy guide that breaks down the different insurance policies you could need for all your exciting life moments.
Getting your first mobile phone
It’s a big day, the day you get your first mobile phone. You immediately download the latest games and apps, and snapchat your friends to let them know you’re finally online.
But before you get too engrossed in the Twittersphere, check that your mobile phone is protected against drops, spills and all sorts of other unexpected mishaps that could happen to your shiny new gadget.
If you’re lucky, your gadgets may automatically be insured under your parents’ home insurance. However, this may not protect your phone against accidental damage, or incidents that occur when your phone is out and about with you. You may find that you need to take out mobile phone insurance to protect your phone whilst you’re out and about, with additional accidental damage cover for the clumsier moments in life.
Learning to drive
After years of being ferried around by your parents, the day has finally arrived for you to get your own set of wheels and learn to drive for the first time.
But before you hit the open road, remember it’s a legal requirement to have a minimum of third party car insurance in place for your vehicle. This will cover the third party’s property and losses in the event of an accident. Taking out a comprehensive car insurance policy will protect your vehicle, as well as any damage to the other driver’s car and property.
But it’s not just accidents you need to protect yourself from when it comes to driving. Sadly, cars don’t last forever. And even brand new cars get flat tires on occasion. In these instances, you’ll be glad for having breakdown cover included as an optional extra on your car insurance policy.
With Endsleigh, you can tailor your policy with optional extras including legal cover, excess protection or RAC breakdown cover.
Taking a gap year
Now that you’re driving and pretty much a fully-fledged adult, you’ll probably be thinking about what’s next for you once you leave school. There are so many options available – do you go straight to work, or do you head off to university for a few years? Better yet, you could take a gap year and go exploring abroad before making a final decision about what to do with the rest of your life.
If you’re planning on taking a gap year, it’s important to make sure you have gap year travel insurance in place to protect yourself while travelling abroad. Our specialist gap year travel insurance policies provide cover for over 100 activities, from volunteering and wildlife conservation to snorkelling and windsurfing, so you can indulge your inner-explorer, worry-free!
Remember, it’s not just your gap year you’ll need travel insurance for. You’ll hopefully be going on holiday fairly regularly throughout your life, whether you’re studying abroad or trying your hand at skiing for the first time. Wherever you’re heading, make sure you have the right travel insurance in place for your trip.
Heading off to university
While getting a first-rate education and making a heap of new friends at university is exciting, it’s also important to make sure you have suitable student insurance in place for your belongings before you go.
Whilst your gadgets and belongings may be protected under your parents’ home insurance while you’re living in uni halls, it’s a good idea to check this with their insurance provider, just to make sure. You may find they’ll cover your belongings whilst they’re in your room in halls, but not whilst you’re out and about on campus. Having specialist gadget insurance in place will ensure your gadgets are protected wherever you go.
You may also find that your halls of accommodation has provided contents insurance inside your uni room. If this is the case, you’ll usually be provided with confirmation of what the policy covers on arrival day. You can also check to see if your halls of accommodation is covered with Endsleigh here.
Moving out of university AND your parents’ house
You’ve finally graduated university (with honours), and now you’re ready to fly the nest, get a full-time job and move into a home of your own.
More than likely you’ll be renting a home as soon as you leave university, so check your tenancy agreement to find out what you’re responsible for insuring in your rented home.
In most instances, the landlord will be responsible for insuring the buildings and any fixtures and fittings. This means if there’s a problem at the premises, such as a leaky roof, mould or a clogged toilet, it will be the landlord’s responsibility to repair it and pay for those repairs. However, as the tenant you’ll still be responsible for insuring anything you own in the property – such as your clothes, TV, and any other belongings. A flexible contents insurance policy should do the trick!
If you’re purchasing your first home, you will then be responsible for insuring the buildings as well as the contents (unless you’re buying the lease on a flat, but that’s a whole other kettle of fish!).
Don’t forget – when you leave university and move into your own home, you’ll need to let your car insurance provider know so they can update your policy. They’ll want to know your new occupation (previously it would have been ‘student’), as well as the address of your new home and details of where the car is parked overnight. It’s worth bearing in mind that this may impact your overall car insurance premium.
Setting up your first business
A few years into your career, you may find you’re ready to become your own boss and set up your own business. It’s a huge step, and not a decision to be taken lightly.
One of the first things to do before you start operating your own business is to make sure you have the right commercial insurance in place to protect your investment. As a start up, you may find that this initial insurance cover is fairly minimal, needing only to cover any contents and liabilities involved with your small business. But as your business grows, so do the potential risks involved with your operation, and you may find that you need more tailored insurance cover to protect yourself - such as cyber insurance or employers’ liability cover.