Debt Worried Students Need to Get Clued up on Their Cover

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30 Aug, 2011, 14:57 GMT

CHESTER, England, August 30, 2011 /PRNewswire/ --

Students Tagging on to Their Parents Home Contents Policy Can Save Money On Insurance

Cash strapped students preparing to start university should check their insurance options advises moneysupermarket.com.

With the cost of going to university continuing to rise year on year, and latest figures showing average graduate debt is a staggering £20,000[1], it has never been more essential for students to shop around for the best deals, including on the insurance policies they need. Contents insurance is an essential for all students, and parents should check whether it is possible their home insurance policy will cover their children so they don't have to pay out on a separate policy to cover costly items such as a PCs or TVs. Research by 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 at no extra cost.[2]

Peter Harrison, insurance expert at moneysupermarket.com, 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. But students are a prime target for theft and burglary and many will have a number of expensive electrical items which will need protecting, so foregoing insurance could prove a false economy.

"It's vital to take out adequate insurance to protect belongings such as iPods, laptops and mobile phones and one way of bringing 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 may lead to them losing any no claims discount and result in increased premiums in the future. It is also essential to make sure you read the small print as cover levels can vary between providers from those on the existing policy. 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's crucial students getting behind the wheel shop around for the best car insurance deals available on the market, to guarantee their money stretches as far as possible."

Notes to Editors:

[1]http://push.co.uk/student-debt-survey-2011/Debt-Survey-2011-by-region.htm

[2] Student possessions cover on parents contents cover

                        Covered Under
                           Parents
    Insurance Provider Contents Cover    Cost        Amount Of Cover
                                       Included
                                          in
                                       contents
    Aviva                    Yes         cover         Sum Insured
                                       Included
                                          in
                                       contents
    Churchill                Yes         cover        up to GBP4,000
                                       Included
                                          in
                                       contents
    Direct Line              Yes         cover   Up to 10% of Sum Insured
                                       Included
                                          in
                                       contents
    esure                    Yes         cover         Sum Insured
                                       Included
                                          in
                                       contents
    M&S Premier              Yes         cover          Unlimited

Sourced by: http://www.moneysupermarket.com 25.08.11

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