Endsleigh News & Press Releases

Endsleigh Launches Its 'Most Comprehensive Student Insurance Package Ever'

Also - exclusive survey results on student possessions and competitor analysis

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12th August 2005

Endsleigh, the UK's leading student and graduate insurance provider and the only one recommended by the National Union of Students, today marked its 40th year in student insurance with the launch of their most comprehensive student insurance package ever. For the first time, students will be able to opt for up to £2,000 of course fees cover as part of their student policy, should their studies be cut short by accident, illness, or death.

Alongside the enhanced product offering, Endsleigh today announced the results of two exclusive surveys:

  • Student Possessions Survey 2005
    Shows that students estimate their possessions at college to be worth an average of £3,494 while the true value, when accurately calculated, averages almost £750 more at £4,244.
  • Analysis of Parental Insurance
    A number of students believe they are fully covered by their parents' home insurance policies while at college or university. However, Endsleigh's survey of several insurance providers reveals that this assumption that parental policies are suitable for students cannot be made. Some specifically exclude students, while others do not cover students in the event of a 'walk-in' theft – i.e. without evidence of forced entry. Claims of this nature account for one in three theft claims paid out by Endsleigh, supporting the view that students are better protected by a specialist student possessions policy.

Course Fees Cover

Tuition fees are now an unfortunate reality and, recognising this burden on students, Endsleigh has become the first major UK insurance provider to offer course fees cover as part of its student possessions policy. This optional extra will cover fees that students have paid, or are liable to pay in the academic year; up to either £1,000 or £2,000, if as a result of illness, death or accident they have to leave their course early, or if a parent on whom they rely for financial support suffers illness or redundancy. Premiums start at just £25 for £1,000 of cover.

Student Possessions Survey 2005

For the second year running, Endsleigh surveyed students for an estimated value of their possessions via face-to-face interviews on campuses around the country. Students were first asked to estimate how much their possessions were worth before completing a simple calculator – available at www.endsleigh.co.uk/calculator - of typical student possessions (for example: books, clothes, computers and music). The initial average estimate of £3,494 was some £750 below the actual average sum of £4,244. The survey also found that male students on average take more possessions to college (£4,822) than female students (£3,724).

Last year's Student Possessions Survey showed an initial average estimate of £3,079 by students, some £1,134 lower than the actual average of £4,212, and resulted in a year-long campus awareness campaign by Endsleigh, which is clearly having some effect.

Analysis of Standard Parental Contents Policies

Some students believe they do not need a specialist possessions policy while at university or college. However an analysis of standard parents' contents policies reveals limitations and exclusions on many policies, which make them unsuitable for insuring students' possessions.

Endsleigh researched several standard home contents insurance policy documents available on the websites of leading insurance providers in June 2005.

  • Four providers (Halifax, Liverpool Victoria, Saga and Sainsbury) either specifically exclude students from their standard home contents policy or have exclusions which make the cover wholly inappropriate.
  • Other providers (Abbey National, Churchill, Cornhill, Marks and Spencer, Nationwide and Pearl) do not provide cover for walk-in thefts – a particular risk in shared accommodation such as halls of residence or homes with multiple occupancy.

Tim Larden, Endsleigh spokesperson, said:

"Endsleigh is the market leader in student insurance because we understand the specific types of cover students require and can offer flexible insurance at highly competitive prices, starting from just £16. Endsleigh's campus branch network gives us close, daily contact with students and student unions, which helps ensure our policies are designed to meet their needs. Our latest policy option, Course Fees Cover, covering up to £2,000 of course fees in case of accident, illness or death, has been specifically designed for the increasing tuition fees bill students will face. With this new addition, Endsleigh now offers the most comprehensive student insurance package available.

"Against the backdrop of a year-long campaign by Endsleigh to help students realise just how valuable their possessions are, the gap between perception and reality is definitely narrowing. However, students still underestimate the value of their possessions by an average of some £750. Students should ensure they know how much they stand to lose and that they have the appropriate level of cover. The Endsleigh Possessions Calculator – (www.endsleigh.co.uk/calculator) is designed to help with this.

"Over the past year we have encountered a growing number of students who believed their possessions were covered on their parents' insurance, only to find to their very real cost, that they had no protection at all or very limited cover was in place. In addition, many parents risk losing their valuable no claims bonus, or finding their renewal premiums loaded, if a student claimed under their policy."

Gemma Tumelty, National Secretary, National Union of Students, said:

"Home Office statistics show that one in three students is a victim of crime during their time in higher education. Students generally take all their worldly belongings to college or university, including computers and other vital equipment to enable them to complete their course. The value of these possessions runs into several thousands of pounds so it’s clear that insurance is not a student luxury – it’s a necessity."

- ENDS -

Notes to editors

Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people.

Originally founded in 1965 to serve the student market, Endsleigh is now the preferred insurance supplier for a variety of professional organisations, offering a wide range of services including motor, home, student and travel insurance.

Endsleigh also offers business insurance through Endsleigh Business Insurance Services and financial advice through Endsleigh Financial Independent Tailoring.

Contact Details
For further information about Endsleigh, to arrange an interview or to get more details about case studies, please contact:

Bridget Hargreave, Nick Faith, Aideen McDonald or Ben Frankel at Luther Pendragon on 020 7618 9100 or at endsleigh@luther.co.uk.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.