Students can save money using their parents’ insurance
This autumn will see around 106,000 students with parents aged over 50 embark on university life and, whilst relying on the bank of mum and dad is nothing new - students with Saga-generation parents can save money whether they get their parents to pay to protect their belongings whilst at university - or whether they offer to pay themselves.
Students are generally less security-minded than their elders and often find themselves the target of light fingered felons because of their penchant for electronic gadgets. This makes getting insurance cover for a student just as essential as their books, computers, gadgets, sports gear and a subscription to Private Eye.
Stand-alone student cover can cost £130 a year - so one option for the cost conscious scholar is to use a student cover add-on to their parents' home insurance policy. This can save a tidy sum. For example, the Saga Home Insurance add-on costs from £31.50 - which could save enough money for just over 39 pints in the student bar.
Getting their over 50s parents to pay could save freshers around the country some £1.4 million, and with the average degree course taking three years the total saving could be as high as £4.2 million.
Using their home insurance to help provide cover for their children while at university could be a good money-saver. The average claim on Saga Home Insurance's student cover is over £356 and is typically for theft or accidental damage.
Roger Ramsden, Chief Executive, Saga Services, commented: "Many parents like to know that they have done what they can to protect their children's belongings when they leave for university - whether they ask their children to contribute or not."
Saga offers the following advice to students and their parents when looking for insurance cover:
Remember to specify that you would like cover for laptops and other portable electrical equipment as often it is not covered as standard
If you need cover for pedal cycles, make sure you say this when you take out your policy as this will not be covered as standard.