Hard pressed students need to swot up on cover
Cash strapped students preparing to start university should check their contents insurance options advises MoneySupermarket.
With tuition fees on the rise and average graduate debt expected to reach £23,200 it is more necessary than ever for students to shop around for the best deals to save cash, including on the insurance policies they will need if living away from home.
Contents insurance is essential for all students. Whilst standalone policies are available, parents should check whether their own home insurance will also cover their children who are planning on studying elsewhere. Standalone policies can sometimes prove costly for items such as PCs, TVs and gadgets especially if multiple items are insured separately however research from Britain's number one comparison site shows some insurers will extend the same level of cover provided on a parent's policy for children away at university for no extra cost.
Peter Harrison, insurance expert at MoneySupermarket, said: "Students gearing up for the start of university may be more focussed on the fun of fresher's week than thinking about their insurance cover. Whilst it is tempting for students to get carried away with partying and meeting new people, they can be a prime target for theft and burglary. Many will have a number of expensive electrical items which will need protecting; foregoing insurance could prove a false economy.
"It's vital to take out adequate cover to protect belongings such as iPods, laptops and mobile phones. One way to bring down the cost for this cover is to add students onto their parent's home contents policy. Parents should be aware however, that any claims made will directly impact their own claims history and potentially result in increased premiums in the future. It is also essential to make sure you read the small print as cover levels can vary from those applied to the existing policy, depending on the insurer. Students may also find it worthwhile looking at providers such as Endsleigh who offer specific student insurance policies."
In addition, taking a car to university can be a costly exercise as the postcode you live in can heavily affect your premium.
Pete Harrison continued: "Students need to weigh up the cost of taking a car to university as the change of address could increase their premiums. Additionally, once the costs of running a vehicle are factored in this could mean the total expense of running a car is beyond what many students can afford. Those who do decide to take their cars with them should notify their insurer so they can amend their policy details to reflect their change in living situation. It is crucial students getting behind the wheel shop around for the best car insurance deals to guarantee their money stretches as far as possible."