£567m of Possessions at Risk as Students Continue to go Uninsured
Tuesday, 14th September, 2010: Research by money saving website moneymaxim.co.uk shows that one in three students - 150,000 people – head off to University each year without relevant insurance to cover their valuables in place, leaving a total of £567 million possessions at risk.*
Endsleigh Insurance reported recently that the average student takes personal possessions to university worth £3,785.** Money saving website moneymaxim.co.uk recommends that in the run-up to a new year at University, students spend a few minutes considering protecting their items with relevant insurance.
Mark Bower, Managing Director of moneymaxim.co.uk explains;
“Many students believe that the only way of covering their possessions whilst away is through a student insurance policy, but actually there are a number of ways they can protect themselves against risk, and the costs involved can be very affordable.”
“The important thing is that students consider the implications that a theft or fire could have on their studies. At the wrong time the effect could be catastrophic, so insuring items that are critical to study should really be placed ahead of a few extra drinks during Fresher’s Week! It’s also worth considering that the risk of property being stolen while at university is significantly higher than when living at home, with one in five students reporting that they have been the victims of theft during their university life.”
Moneymaxim.co.uk reviews the insurance options for students and the affordability currently on offer.
Student Insurance: There are a number of specialist student insurers in the market today, and the advantage they bring is that their products display an understanding of their customer base. Endsleigh for example offer walk in theft cover, so that if your laptop disappears from your room while you are in the kitchen making a cup of tea you are still covered for its disappearance. They also will replace the laptop within 24 hours of approving a claim, and even offer a loan netbook if there is a delay. More information detailing the key features of student insurance policies can be found at www.moneymaxim.co.uk
Home Insurance: Many home policies cover family member’s possessions when they are away at college or university. AXA cover student's possessions up to the full contents cover limit for all the same events as they would be in the insured home, except for claims arising from theft or attempted theft from a room in a University or College Halls of Residence or school boarding house where cover is limited to £2,500. Cornhill offer students cover for damage or loss of items up to £3,000 a standard feature of their home contents policy, and Sainsbury’s Bank offer cover as part of their home policies to a limit of £5,000. If parents are insured by a company offering such cover insurance can actually cost a student nothing at all!
Laptop or Mobile Insurance: If a student has some cover through a parental policy, or wants to keep their costs to an absolute minimum another option would be a specific policy to cover the highest risk items – Endsleigh’s research indicated that about a third of the value of student possessions were tied up in items such as laptops and mobile phones. Gadget insurance policies are available either on a single item basis or for multiple gadgets, and these can be compared using moneymaxim’s unique gadget insurance comparison service at www.moneymaxim.co.uk/compare-gadget-insurance
Bower concludes “The message is that students have a number of options which can help ensure they know that if a calamity struck their studies will be impacted to a minimum – the investment they are making in both time and money in getting the best degree they can means a few pounds protecting their possessions is money well spent.
Mark Bower, Managing Director of www.moneymaxim.co.uk
is available for interview. For Images and interviews contact Dale Lovell on 01753 859 588 / 0779 1414 681 or email:
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About the moneymaxim.co.uk Comparison Service: The moneymaxim gadget insurance comparison service was launched in August 2010, and currently comprises the following panel members: Betterbuy Insurance, gadget-cover.co.uk, insurance2go, JS Insurance, mobilephoneprotectinsurance, laptopcover, protectyourbubble and worldwideinsurance.
About moneymaxim.co.uk: Launched in 2008 by Mark Bower moneymaxim.co.uk aims to deliver an impartial and independent service both online and through telephone money saving specialists. In May the money saving website launched the UK’s only car hire insurance search engine. The launch achieved considerable national publicity as well as high consumer interest.
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* The figure of £567m is derived using an estimate of the number of students forecast to be living away from home during student year 2010 / 2011 (450,000) multiplied by the proportion uninsured (33%) multiplied by the value of property the average student possesses. Abbey estimated 30% of students started university without insurance - October 2007 whilst Sainsbury Bank estimated the proproption to be 34% - September 2009
**Students take £4,000 of possessions to university – and carry a third of them with them – August 2010. Students took £3,785 to university according to a survey (August 4th, 2010) published by Endsleigh Insurance.