Parental cover usually not designed to cover all risks
August 2016: Latest statistics from Endsleigh, the No.1 student insurance provider demonstrate why students should seek out a standalone insurance policy for their possessions whilst away at university.
Although some parents’ home insurance policies may cover some of the likely risks of taking your belongings away to university, students these days are taking a valuable haul of stuff with them. Endsleigh’s 2016 Student Survey, which was carried out by the Insight Team at NUS, asked 1872 students about their gadgets and possessions, finding that today’s students take close to £3,500 worth of possessions & gadgets with them to university (£3,375).
The most popular possessions included smartphones (owned by 95% of students), laptops (91%), and tablets (46%). However, students heading to university assuming their valuables will be covered at all times by their parents’ home insurance could be in for a shock.
A home policy will not necessarily provide cover for students when out and about on campus – whereas Endsleigh’s research showed that 93% of students carry their smartphones with them on a daily basis and 22% their laptops, emphasising the need for out-of-room cover. Additionally, parents’ policies may not even protect against accidental damage to valuables at a term time address.
Of those students who had experienced theft of their smartphones, Endsleigh found that 75% had done so outside their accommodation – either whilst simply out and about (42%) or on a night out (33%); and of those who had experienced damage to their smartphones, 52% had done so outside their homes – 23% whilst out and about, 19% in the street and 10% on a night out.
From a parent’s perspective, the average home insurance policy will receive a no claims discount - which could be lost if a student makes a claim on the policy.
Sara Newell, Manager of Student Markets at Endsleigh, said:
“Our research shows that today’s students own a range of high-tech, expensive gadgets that they rely on for both work and play. It’s understandable that some may simply assume that their parents’ home insurance will cover their valuables while at university – but that could be a dangerous assumption to make and the small print of parents’ policies may contain some crucial exclusions. The best way of ensuring that students have full protection for their gadgets while at university is by taking out a specialist policy, tailored to their needs.”
There are a number of benefits available on a standalone policy that would not necessarily be included on a parents’ home policy, such as:
Notes to Editors:
The NUS Insight Team conducted an online survey in June 2016, asking students various questions about their gadgets and possessions. The survey was completed by 1872 representative university students.
Founded in 1965, insurance provider Endsleigh specialises in the student, professional and education markets, with recent recognition from Moneywise as the winner of the Best Provider for Content Insurance Award.
Endsleigh was created to serve the student market and is still the trusted brand for student insurance, and the only insurance provider recommended by NUS.
Wholly owned by Zurich Insurance Group since 2007, today the company also offers a wide range of insurance products and solutions for both students, graduates and professionals, as well as being the preferred insurance supplier for a variety of trade unions and professional organisations.
Products include motor, home and travel insurance as well as business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team.
Endsleigh also offers business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team.