Insurance for the uninsured generation

Written by Lisa Stanley Mann on 3rd August 2016

There’s only two things certain in life: death and taxes, right? So why do we need insurance?

Here are some reasons:

  • How does it feel when you lose or break your phone?
  • How about when you lose your luggage (NOTHING to wear on holiday shocker)?
  • Or when you’ve wrecked your Sonos through over-use.

That’s where Back Me Up, from Ageas, an established insurer, comes in. A new app-based insurance policy designed by and for 18-34 year olds, covering the things that matter to this age group (#millennials – you’ll know if you are one) in one policy.

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Back Me Up’s research shows more than seven million 18 – 34 year olds don’t have any cover for their most important possession – a smart phone, five million don’t have any insurance to cover the contents of their home, and 2.3 million travel abroad without insurance.

It has created a policy to suit Gen Y:

  • Cover for certain possessions is arranged by taking a photo of them and can be changed swiping items, tinder-style, in or out of the app
  • There is no annual contract or penalty fees but the policy costs £15 per month – they say the same level of cover through other insurance providers would cost around £25 per month
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  • The £15 monthly fee covers any three most important possessions such as bikes, home tech, jewellery. It also includes worldwide travel cover; mobile screen repair and cover for lost keys.
  • Additional ‘bolt-ons’ can be bought to cover many other aspects apart from pets and cars
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Our Good With Money expert Andrew Hagger says: “Back Me Up will undoubtedly appeal to the Millennial market – it’s cost effective, flexible, simple to manage on your smartphone or online and protects the most important things in your life without tying you down to long term or annual contracts.”