Student contents insurance free on parents’ policy

31 July 2007
Student contents insurance free on parents’ policy

Moneysupermarket.com, the price comparison website is advising parents to put their student children on their home contents policy to avoid needlessly paying out twice.

According to the 2006 NatWest Student Money Matters survey, students are estimated to spend £33,000 over the course of their three year degree. And while many parents will worry about insuring their child’s property, they simply need to include them on their own home policy.

Peter Gerrard, head of insurance research at moneysupermarket.com, comments: “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.

There are several insurers that offer this option at no extra charge including Lloyds TSB, More Than, esure, and Norwich Union.

“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,” adds Gerrard.

Home Office statistics show that young people between the ages of 16 and 24 are three times more likely to be victims of burglary than any other age group with one in three students becoming the victim of a crime each year.

Learn more about student money and contents insurance here