Mar 25, 2021 03:40 PM EDT By Ernest Hamilton, UniversityHerald Reporter

Insurance for non-licensed drivers? Is that even possible? Absolutely!

If you're a student driver, well-versed in driving, and regular at it too, you might want to consider getting insurance before it is too late. Here are the 5 must-have insurance policies to consider if you are in the driving game. This list shall help you choose the best insurance policy according to your budget and needs.

1. Full Coverage Car Insurance

Full coverage car insurance is exactly as it sounds; it covers complete damages of yours as well as the other person's vehicle too in case of a mishap. Not just that, it also tends to property damage and bodily injury too.

A full-coverage policy is a combination of many kinds of coverages in one. Because it includes the services of liability, comprehensive, and collision coverages all in one.

This plan starts from $345 per month.

If you don't know where to begin, here's a car insurance quotes guide from Insuranks.

Read more: Cheapest cars to insure in 2021

2. Medicare

As per its name, Medicare insurance is all about health care coverage. It was a program initiated by the federal government of the United States.

Medicare provides insurance plans mostly for Americans aged 65 or above. But that's not all, it also provides plans to younger audiences who are receiving Social Security Disability Insurance (SSDI) for a certain amount of time, or with End-Stage Renal Disease (ESRD).

If you are Medicare-eligible and choose to enroll, you can choose one of their four-part plans.

• Part A covers hospital (inpatient, formally admitted only)
• Part B covers outpatient services
• Part D covers mostly self-administered prescription drugs
• Part C is an alternative plan which requires the beneficiary to be enrolled in parts A and B first. This plan will at the least provide coverage of both plans A and B, some benefits of Part D too, but most often there are more benefits associated with this plan. It also allows an out-of-pocket spend limit which is lacking in A and B.

Medicare is funded in several different ways: through payroll taxes, through premiums that people with Medicare pay, and in part by the federal budget.

3. Renters Insurance

If you rent a place, it is time for you to apply for a renters insurance plan too. Many people believe that their landlord's insurance plan will cover any damages on their rental property too, but that is not true. Your landlord's insurance will only cover the building and not your home.

That is where the renters' insurance comes in. This plan covers the protection of your home, may it be an apartment, condo, townhouse, studio, loft, or any other living space you rent.

Renters insurance covers loss and damage in case of fire, theft, windstorm, lightning, hail, damage by vehicle, frozen plumbing system, and/or vandalism.

In the US, renters insurance begins from a minimum of $14 per month.

4. Life Insurance

Life insurance is an agreement between the insurance company and the insured individual, to pay an agreed sum of money to the beneficiary designated by the insured upon his death.

A question that may occur to you whether life insurance is worth it or not? If you have loved ones who are dependent on you financially, then it definitely is. It will ensure that they do not fall into a financial abyss in case you're not around to support them.

Life insurance plans usually start from $25 per month and above.

5. Disability Insurance

It might be triggering to even think of this insurance plan. However, it helps to view it as a financial protection plan for a prized asset - the capability to earn a living for yourself. In case such mishaps occur, these disability insurance plans permit you to keep earning despite the condition.

Disability insurance, also known as disability income insurance or income protection, is the type of coverage that replaces the whole or an agreed portion of the policyholder's income in case he seizes to work due to a disability.

The cost of this plan usually depends upon the individual's salary. However, the starting figure is $60+ per month if your annual salary is $50,000.

Conclusion

Insurance is useful financial protection for rainy days. If you think you can afford and maintain one, then definitely go for the one that meets your demand.

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