Students: get contents insurance free

With A-level results released on August 16, it won’t be long until many parents see their children off to university. With students likely to spend £33,000 during a three-year degree, moneysupermarket.com urges them not to waste money on potentially unnecessary contents insurance, when they can get it free.

Peter Gerrard, head of insurance research at moneysupermarket.com, said: “A student’s life is an expensive one. With accommodation, tuition fees, and then pricy consumer goods such as laptops, contents insurance could be another costly addition. However, it may not cost anything at all if students are able to take out cover under their parents’ home contents policies. It’s easy to do and will save much needed cash at a time when budgeting is tight.

“Several insurers including Lloyds TSB, esure, More Th> n and Norwich Union offer this option for no extra charge for students living in halls of residence. The cover includes up to £5,000 worth of possessions or 15 per cent of the sum insured on the parents’ policy. This should be enough to cover most students’ collection of lifestyle gadgets, study tools and general possessions.”

One in three students become the victim of a crime each year and the fact people aged 16 to 24 are around three times more likely to be victims of burglary than people in other age groups, makes students all the more vulnerable.

Peter Gerrard added: "Those students moving away from a suburban home with a driveway to a big-city university with on-street parking will find a hefty hike in their car insurance, making a visit to a price comparison website such as moneysupermarket.com even more essential."