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Gocompare.com Urges Students to Study the Insurance Small Print
The average student bedroom contains a wealth of belongings including clothes, a phone, books, a laptop, a bike, musical equipment, TV and more. Add up the cost of these belongings and it soon becomes clear that contents insurance is a necessity.
There are two main options for covering student possessions - extending the family home insurance policy or buying a specific student insurance policy.
Using an existing home insurance policy
Many home insurance companies will offer student cover as part of their platinum or comprehensive policies or as an add-on to a standard policy. For example, Hiscox offers up to £2,500 worth of contents protection for students' belongings whilst living away at university or college while, Swinton offers additional cover for students in halls of residence or shared houses, providing the room has a lockable door.
However there are issues with this approach. Not all policies will have such cover available and some policies only cover one child at a time so if you're sending siblings off to university, you'll need to check they are both covered.
Phil Paterson-Fox , head of home insurance at Gocompare.com, said: "For many families, it may well be possible to provide cover for a child at university under an existing home insurance policy. It is well worth checking the cover available as it can mean you avoid doubling-up on cover. However, it is important that you check the policy terms and the exclusions."
Buying a stand-alone policy
Basic student insurance is relatively inexpensive and there are several insurance companies that specialise in the student market. Cover4students.com also offer contents cover; a basic policy starting at £15** as well as more comprehensive policies that can be built to your specification. Saxon Insurance is another option; the Student Shield and the Student Shield Plus are policies worth looking into.
Phil from Gocompare.com continues: "Preparing to go away to college can be stressful for students and parents alike, but it is worth taking time to get the insurance right. These days, student rooms are crammed full of high tech goodies and, as a result, student areas can be a target for criminals. There is good value cover available but there are also restrictions and exclusions, so it is worth having a good look at your existing home cover and comparing it with policies specifically designed for students."
How to keep your things secure while at University:
** As at 12 September, 2011. £15 annual premium includes insurance premium tax and is only available online. Premium is based on basic cover whilst living in halls of residence, with a sum insured of £2,000.
Notes to Editors:
Gocompare.com launched in November 2006 to help people find the right insurance cover at the right price. It was founded by Hayley Parsons who has worked her entire career in the insurance broking and aggregator markets and was the first comparison site to focus on displaying product features rather than just listing prices. It was this philosophy that led to Gocompare.com becoming the first price comparison site to be invited to join the British Insurance Brokers Association (BIBA) in May 2008 and helped force older comparison sites to change their 'quick quote' ways and stop using assumptions to calculate estimated figures.
Today, Gocompare.com provides one of the most comprehensive online car insurance comparison services in the UK as well as comparing home, pet, motorbike, van insurance and breakdown cover.
Gocompare.com is authorised and regulated by the Financial Services Authority.