Parents can help with cheap student insurance

Many companies offer student insurance, but the first place to check is on mum and dad’s home insurance policy. If a student goes home out-of-term, it’s likely most of their possessions are already covered.

A good home policy will protect items outside the home as well from theft, loss or damage: if this is not already included, ask the insurer to up the cover. It should cost a lot less than taking out a separate policy.

It’s easy to see why student insurance is needed- in the couple of minutes you take to read this article that at least two students will be the victims of theft. More than one in eight students (13%) were victims of theft while at university in the last year: that adds up to about 209,000 students losing gear worth £54 million. Even more astonishingly, 50,000 students had their possessions stolen more than once.

Money was the favourite target for thieves, with 37% of victims having cash stolen. Other top targets for thieves were mobile phones (24%) and bikes (24%).

The average student keeps £2,076 worth of goods in their student digs but just over half – around £1,100 worth – are not covered by insurance.

Not counting clothes, mobile phones and laptops are the most popular student possessions. Almost every student said they have a mobile (99.8%) with an average value of £152.13, while 94% of students own a laptop or an iPad, at an average value of £515.41.

Around 1.6 million mobile phones, 1.5 million laptops, 1.3 million MP3 players and 1.3 million cameras are lying around in student digs. Yet four in five students (79%) are not properly insured, and one in three (30%) have no cover. On average, students insure only 47% of their possessions.

These figures come from Santander Bank, and a spokesman said: “Students are unfortunately often seen as an easy target by would-be thieves and these figures highlight just how many students are victims of crime during term time.

 “Students should ensure they take precautions to protect themselves and their possessions from crime, and they should ensure their possessions are covered by an appropriate insurance policy so that if they are unlucky enough to become a victim of theft they can make a claim.”

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