At any age, insurance is an investment in peace of mind. Even when you’re young, unforeseen events, accidents, or illnesses can happen at any moment. The key is understanding just how important it is to protect yourself against life’s risks. Young people are engaging more with the insurance industry, thanks in large part to alternative technologies, AI, and data analytics, which are making these products more accessible and appealing to younger markets.

That said, while most young people associate insurance with security and peace of mind, a survey conducted by Insurance Europe in collaboration with the European Youth Parliament (EYP) found that 82% feel they didn’t get enough financial education in school to make informed decisions about insurance. This figure clearly shows why it’s so important to keep building insurance literacy.

First steps with insurance

Let’s put the myth to rest: young people do take out insurance. But what for?

Your first car: because the roads are unforgiving! You just got your driver’s license and managed to buy your first car. Auto insurance will be there for you from day one behind the wheel, ensuring that you are at least covered for any damage you cause to others.  Remember that you can also add extra coverage, like roadside assistance, theft protection, and coverage for your own damages. Some markets even have policies designed specifically for responsible young drivers.

Your first trip with friends: see the world, stay protected. Traveling is an amazing experience, but the unexpected can happen anytime, anywhere. If you’re planning your first adventure abroad with friends, don’t forget to pack travel insurance. It’s an invaluable safety net in case of a medical emergency, lost luggage, theft, repatriation, and more—issues that can get very costly overseas. Young travelers often choose faraway destinations, longer trips, and adventures packed with all kinds of activities. Travel safely!

Cell phone insurance: your first contact. We won’t claim this tops the list of the policies young people take out, but it’s often their very first experience with the insurance world. These days, your cell phone is your window to the world, whether you’re young or old. We use them for payments, social networks, messaging, email, browsing the internet, apps, and saving photos and other personal or work files, among countless other things. Can you even imagine losing it, having it stolen, or breaking it? It would feel like a disaster, but having the right insurance can make it much more manageable. You can also cover other devices many young people rely on, like tablets, laptops, smartwatches, and more.

Studying abroad: put your health first. Learning a new language, attending a foreign university, or pursuing a postgraduate program is an incredible opportunity for any young person to gain knowledge and experience. But studying abroad comes with certain risks, and health is one of the most important to consider, since you usually won’t have the same healthcare coverage overseas as you do back home. That’s why the first thing you should do before studying abroad is take out insurance that protects you against any illness or accidents.

New personal mobility: protect yourself from the start. E-scooters and electric bikes are growing in popularity among young people worldwide as their top choice for getting around cities. However, they do pose risks to both riders and other road users. Having insurance for your personal mobility vehicle (PMV) from the beginning means you can rest assured knowing you’re covered if something goes wrong.

Savings and pension products: the sooner, the better. If you’re in your twenties, saving money might not be a priority, and retirement probably feels like a lifetime away. But there are life insurance products that you can use as a piggy bank to make your dreams come true within a set timeframe. We don’t mean to sound dramatic, but time flies—and before you know it, retirement could be closer than you think. Did you know that the sooner you start saving—from your first paycheck, for example—the better your financial situation will be in the future? It’s not magic: it’s the power of compound interest.

Key benefits of insurance for young people

The bottom line is that it’s important to remember that life is unpredictable, even if you’re young. The right insurance can be the safety net you need to:

At Mapfre, we’re committed to building stronger insurance literacy among young people, with a range of initiatives designed to help you understand its value at an early age. To make it even easier, we offer solutions tailored to your needs. Don’t get left behind—explore what’s available for your car, your travels, and the things you value most, like your phone.