Why is liability essential?
If another person is injured by you, you must be liable and bear the costs incurred. It doesn't matter whether it happened accidentally. You will also be held responsible if you are careless or negligent. This applies to all personal injuries as well as financial and property damage that you cause to others. The resulting claims for damages can quickly become a threat to your existence.
In the current financial test, various liability insurance policies are compared. This gives you an insight into the various services and components and allows you to choose the right insurance option.
Attention: Liability only covers damage to third parties, but not damage that you cause to yourself or your property. That's why it can make sense to insure your household contents or your electronic devices separately.
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As a student, your financial situation is already tense
According to the Federal Statistical Office, many students have to get by on around 1,000 euros per month. They have to use this to pay their rent, go shopping and pay all other bills such as internet or cell phone bills. At the end of the month there isn't much left to save. For this reason, even small misfortunes can lead to financial disaster. For example, if you accidentally tip a glass of water over a fellow student's laptop, you will have to replace the time value. In this case, it is a real relief to have private liability insurance to cover the damage. -
High claims for damages can result from years of debt
If you don't have liability insurance and you cause damage because you were momentarily careless, you could find yourself in debt before you even start working. So that you can realize your dreams after graduating and build a house or start a family, you should avoid such financial cuts. Unfortunately, it is not always enough to go through life carefully and thoughtfully. For example, you might cause water damage because you're so exhausted from studying that you fall asleep in the bathtub. The consequential damage and the associated costs can be enormous. Private liability insurance will examine the case and if you are really at fault, it will reimburse the landlord and the owner of the apartment under you for the costs of the damage. -
Good liability insurance protects you when you are abroad
Even outside of Germany, you can have mishaps with major financial consequences. So that you are optimally protected there, when looking for the right tariff, you should definitely make sure that liability covers you even during temporary stays abroad. Then you are covered during your semester abroad or during a gap year. How long insurance coverage is valid abroad can vary greatly. With some tariffs you only have liability insurance for one year, with others it is a whole three years.
Liability insurance for students – these options are available
Before you take out liability insurance, you should ask your parents how they are insured. As a rule, you remain covered by your family insurance during your initial training. Depending on the tariff, this may be subject to certain conditions. It may be necessary that your main residence is still in your parents' house or that you are not older than a certain age. If you want to move out of your home , you may lose your family insurance. If there is no protection from your parents, you can take out a single tariff yourself. Compare various offers beforehand in terms of scope of services, price and sum insured and choose a liability policy that suits you.
You can find even more information about insurance for students here: https://allmaxx.de/finanzen/finanzen_cat/versicherungen-fur-studenten/
Photo by Mark König on Unsplash
