15+ Best Student Insurance To Apply For In 2023

Best Student Insurance To Apply: One of the necessities for study abroad students is getting various cheap insurance plans to help foster savings, payment of various fees, bills, and other expenses.

Insurance plans for students are one way to get adequate medical, accommodation, and other expenses at a very cheap price. Beyond that, having coverage helps you in case of emergencies so you’re not saddled with more debt. 

However, in this dispensation students think having insurance coverage is old-fashioned, leaving about 30% of young adults without insurance coverage.

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While in college students have multiple options to get health insurance ranging from parental coverage to cheap premiums. However, finding the perfect fit can be a daunting task, especially for study abroad students.

Therefore, we have conjured this piece in response to the many questions on the list of best student insurance to give you details about the cheap insurance plans for students studying abroad.

Also, we have stated various insurance coverages such as travel, health, and auto that students can leverage due to their cheap cost. 

We have also answered all other questions that plague your mind about this subject matter to give you a smooth sail to make a valid choice for yourself.

Welcome Aboard Scholar!!!

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What is Insurance?

Life is faced with so many uncertainties which many times, we cannot control when it happens, the extent of damage, and how dangerous the outcome may be.

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Although we have limited control over natural circumstances that may throw us off balance, we certainly have control over what happens next after nature has taken its course.

One way to take control of natural damages is through insurance. Insurance is a way to manage risk and damages. Basically, insurance is a way to purchase protection against unexpected financial losses caused by nature or accidents.

By ensuring your properties and health, you get assistance to rebuild your damaged property financially. What insurance companies do is pay you if something bad happens to any of the properties you insure as long as you pay your premium.

However, if you do not have any insurance coverage, you get to foot the bills and costs of your damages all alone. Students in a foreign land are no exception to getting insurance policies. And because you’re a student studying abroad, you have a chance of getting cheap insurance plans.

Do Students Need Insurance?

Absolutely, students need insurance coverage. Being a student is a financially stressful moment, especially for students who cannot afford to pay their tuition independently.

Besides enrolling in the Work Study Program, students can also leverage cheap insurance policies to help pay less cost for basic life and student needs such as health, travel, accommodation, etc.

Insurance plans will help you pay for medical emergencies, hospitalization, contraction of any illnesses, and treatment.

What Type Of Insurance Do Students Need?

Whether a student or not, basically, insurance companies cover 4 major areas according to financial experts. The major types of insurance for students include;

  • Life
  • Auto
  • Health
  • Travel.

What Are The Factors That Affect The Cost Of Insurance For Study Abroad Students?

Insurance premiums have no standard cost because of so many factors. These factors determine how much students get to pay for particular coverage.

#1. Insurance Company

The cost of insurance will depend on the insurance company offering coverage to the student. Some insurance companies have insurance plans that are affordable and some cost a fortune to insure any of your properties. 

In the USA, Allstate insurance company is considered the most expensive, and Geico is considered the cheapest. Getting an insurance plan from Allstate will definitely affect your budget as a student unless you can afford it.

Therefore, if you’re looking for cheap insurance plans as a student, it’s ideal you look out for the best insurance companies with affordable plans.

#2. Type Of Coverage

Another factor that determines the cost of insurance plans for the average student is the type and level of coverage you are seeking for.

For instance, the average cost of health insurance will not be the same as the cost of travel and auto insurance. Also, bundle policies will cost more than just a single coverage where you’re protecting just one aspect of your life that you consider more important.

Therefore, depending on the coverage options in your policy may be more expensive or very cheap.

#3. Location Of Study

The cost of study abroad insurance for international students will also depend on the location of your study program. Some states in the USA have high insurance premiums because the area is prone to natural disasters, health conditions, accidents, and other contingencies. 

Therefore insurance companies may charge high or less premiums if the area where you are taking your study program is at high risk of any of the problems stated above.

What Is The Average Cost Of The Best Student Insurance Plans?

The average cost of health insurance in the USA for international students ranges from $500 to over $1,000  per year while in Canada it costs about $600 CAD to $900 CAD. 

For students who want to have an insurance plan that will last them through their university days, that would cost about $1500-$2500 annually. 

On the other hand, insurance in the UK costs £470 per year.

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List Of The Best Insurance for Study Abroad Students

Here is a list of the best health insurance companies for students abroad;

#1. Cigna 

  • AM Best Rate: A+
  • Rating: Best Overall

Study abroad students looking for the best insurance plans should consider Cigna because of its coverage options and cheap cost. 

The varieties of policies available on Cigna insurance plans range from bronze to platinum policies. The bronze insurance plans are cheap and an ideal option if you’re a student. 

Whichever policy of the Cigna insurance plans you choose includes $0 preventative care. What this means is that you get an annual checkup, flu shot, and health screenings without paying extra money. 

Also, Cigna remains a good option because of the availability of low-cost virtual care, the opportunity to connect with board-certified doctors, and comprehensive coverage.

Furthermore, students who sign up with Cigna have the option of qualifying for subsidies. However, this subsidy will only be applicable if you’re independent. 

#2. Everest 

  • AM Best Rate: A+
  • Rating: Best Short-term Coverage

One of the best insurance for study abroad students is Everest, best rated for its short-term coverage and customizable options.

In Everest, students can choose a deductible plan ranging between $1,000 and $10,000 and a copay between $40 and $50 which makes it cheap student insurance. Also, this helps students customize their plans to fit their budgets all on a short-term basis.

The not-so-good news about this insurance company for study abroad students is that Everest does not cover treatment for preexisting health conditions, prescription drugs, vision care, or dental services in its coverage plan. What this means is that Everest is a good option for students who are in good health.  

Also, Everest does not operate in all states of the US. Therefore students who stay in a state where Everest as an insurance company does not operate may not enjoy their services.

Everest is not available to residents in all states; If you live in a state where Everest doesn’t operate, you’ll have to find another insurer. 

#3. IMG

  • AM Best Rate: A-
  • Rating: Best For International Students

Student abroad students can leverage the cheap student insurance plans at IMG. IMG currently is rated as the best insurance company for international students in the US. 

The insurance company; IMG, has multiple insurance plans for international students that are customizable to fit your insurance needs and budget. 

The good news about IMG is that the health coverage the company offers students covers prescription drugs and the opportunity to get the necessary medications. Also, students for an additional cost can add other coverage options such as protection from the loss or theft of baggage, valuables, and personal papers. 

Rider additional coverage covers accidents incurred during adventure sports such as bobsledding, parachuting, whitewater kayaking, or windsurfing. 

However, it’s ideal that you know that the IMG insurance coverage does not cover for treatment of chronic illness and lower-tier options do not comply with J1 and J2 visa requirements.

#4. School-Offered Insurance

  • Rating: Best For Convenient Access

Next on our list of good study abroad, insurance plans for students are School-Offered Insurance. What this means is that this is an insurance policy that is tied to your tuition and fees. With a school-offered insurance plan, you can get coverage at student health centers on-campus. 

School-provided insurance plans are a good choice for a student looking for a cheap option with an easy enrollment process.

However, the downside of this type of insurance policy for students is that you may not be able to customize your plan or visit your current healthcare providers because they aren’t in-network. 

Also, the school-offered insurance will require you to maintain full-time student status to keep your coverage. And if you take a break from school or become a part-time student, you’ll have to find other insurance plans.

#5. State Farm

  • Rating: Cheapest Car Insurance For College Students

State Farm is one of the top rated insurance companies for college students especially for a student looking for car insurance plans.

Car insurance at State Farm comes at very affordable rates and the insurance agents are very accessible. Also there are a lot of discounts for drivers younger than 25 years. 

Furthermore students get other discounts such as the Good student discount which offers 25% off for students who have good grades in college

#6. Auto-Owners Insurance

  • Rating: Best Coverage For Students

In the list of the best student insurance plans, Auto owners come tops with a good coverage plan, add-on option and discounts for good students.

In addition to the many discounts available for students on Auto-Owners, the teen driver monitoring discount allows students to have GPS permanently installed in their vehicle.

#7. Geico

  • AM Best: A+++
  • Rating: High Customer Satisfaction Ratings 

Students love Geico because of its very affordable rates, competitive discounts, and their high satisfaction and reliability ratings.

When it comes to policies, Geico customers can choose liability limits and purchase additional coverage. Students have access to the driver’s education discount, good student discount etc

#8. Safeco

  • Rating: Comprehensive Student Discounts 

Just like its rating goes Safeco is best known as the hub for discounts for students looking for insurance plans at a very affordable rate. 

Through the Teen Safety Rewards Program by Safeco, young drivers can access a lot of discounts and driver training programs.

Safeco also offers drivers add-ons such as medical reimbursement coverage, accident forgiveness, and a diminishing deductible. 

#9. AAA

  • Rating: Best Roadside Assistance For College Students

If you’re a student looking for car insurance plans, AAA  is the best bet for study abroad students. The roadside assistance program will benefit college students with less driving experience. 

Students can also bundle their policy and add other coverage options such as: essential, advantage, ultimate etc.

#10. Esurance

  • Rating: Best Tech For College Students

Esurance is known for being a high-tech alternative to traditional car insurance providers, which could be especially appealing to college students. 

This insurance company offers basic liability car insurance coverage, rental car reimbursement, loan/lease gap coverage, and roadside assistance.

There are also a long list of discounts available to college students such as the esurance fast 5 discount, renters plus discount, good student discount and the defensive driver discount.

Also, esurance is a great idea for college students due to the availability of online services and apps that make it very accessible to student drivers.

Although Esurance is not an independent insurance organisation, its policy is backed up by Allstate. 

Keep in mind though that Esurance is not available in every state.

What Are The Best Health Insurance Companies for Study Abroad Students?

The best health insurance companies for students abroad include;

  • IMG
  • Pivot   
  • Cigna
  • Everest
  • Blue Cross Blue Shield   
  • Tokio Marine HCC Medical Insurance Services

READ ALSO: READ ALSO: Affordable Health Insurance for International Students in USA | A Complete Guide

What Are The Best Car Insurance for Study Abroad Students?

Car insurance policies for students only last for a limited number of days abroad. Most insurance companies offer car insurance that covers 30 consecutive days in a single trip and 90 days in one year.

The cost of auto insurance is not standardized due to many factors. However, on average, Canadians living in Ontario get to spend $4,228.92 and those in Alberta get to spend $3,250.43 on auto insurance. On the other hand, students in the UK get to pay over £1,000 for auto insurance against an average of £470 for UK drivers.

The sad news is that students don’t get discounts on car insurance. However, if you’re looking for cheap student auto insurance, you can get insurance from;

  • AAA   
  • Geico
  • State Farm 
  • Erie Insurance

What Are The Best Travel Insurance for Study Abroad Students?

best student insurance plans
best student insurance plans

Students who can travel abroad can leverage any of these best travel insurance companies to get cheap rates to help foot the financial expenses of their travels.

Here are cheap travel insurance companies for study abroad students;

  • Seven Corners
  • IMG Travel Insurance
  • Trawick International
  • AXA Assistance USA
  • Nationwide Insurance
  • Allianz Travel Insurance
  • GoReady Travel Insurance
  • Generali Global Assistance
  • World Nomads Travel Insurance
  • American Express Travel Insurance

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Frequently Asked Questions About The Best Student Insurance

Can College Students Use Their Parents’ Health Insurance?

Yes, following the Affordable Care Act, college students and young adults are allowed to stay on their parent’s health insurance policies until they turn 26 years old even if they are married. 

What Are The Principles Of Insurance?

Basically, there are 6 basic principles or forms of insurance coverage that must be fulfilled by every insurance company before you choose them;

  • Indemnity
  • Subrogation 
  • Contribution.
  • Proximate cause
  • Insurable Interest
  • Utmost Good Faith

Why Do Students Need Insurance?

Basically, students need insurance to be able to pay for medical emergencies, hospitalization, treatment of illnesses, the required medical care, and other natural occurrences, accidents, and damages.

Is Insurance Mandatory For International Travel?

Buying travel insurance is mandatory, many countries worldwide consider it as important as a VISA and therefore would not let you enter their territory without valid travel insurance. 

Conclusion

Students seeking the best student insurance plans should also factor in how cheap and the extent of coverage before they settle for a company.

Also, it’s ideal that students considering studying abroad insurance should ensure that the insurance company they are choosing fulfills the principles of insurance so that the validity of their insurance is assured.

We hope you found this piece helpful in your search for student insurance. Do well to follow our Facebook page and YouTube Channel for more information about academic-related content that will help you make informed decisions on your academic journey.

Good luck Scholar!!!

References

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