Endsleigh News & Press Releases

'Check Your Maths When Taking Out Insurance,' Endsleigh Warns Students

Average student underestimates value of belongings by over £1,100.

23 September 2004

As new and returning students across the UK this week prepare to leave home for university or college, Endsleigh is warning that the majority are likely to significantly miscalculate the value of their belongings when its comes to taking out insurance. Research carried out by Endsleigh found that the average UK student underestimates the value of their belongings at college or university by more than £1,100.

Endsleigh, the only insurance company recommended by the National Union of Students (NUS), found through its research, carried out at colleges and universities across the country, that the average student estimated their possessions were worth £3,079 while the actual average was found to be £4,212.

Tim Larden, Marketing Operations Manager at Endsleigh Insurance, said, "It's absolutely essential that students get their sums right when working out how much insurance cover they need. Our research has shown that the amount of belongings that students are bringing to college or university has risen substantially over the last few years.

"A high proportion of students now bring laptops or PCs whereas they were in the minority not too long ago. We are worried that students simply don't realise just how valuable their possessions are, particularly when you add up the smaller items such as CDs and clothes."

The main national findings from the survey included:

  • Female students were more likely to underestimate the value of their possessions. They underestimated on average by £1,213, while male students underestimated by £1,042.
  • Third year students on average had the highest value of possessions - £4,742. Compare this figure to the average first year - £4,234, and it is clear that students accrue possessions over the duration of their course.
  • Students at London Southbank University were found on average to have the highest value of possessions (£7,889) while students at Birmingham University had the lowest (£2,113).
  • Students at Queen's University Belfast were the worst at estimating the value of their possessions and underestimated on average by around £3,000.
  • Students at Greenwich University and Birmingham University were the best at estimating the value of their possessions and were on average only around £300 out.

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.