This autumn will see around 106,000 students with parents aged over 50 embark on university life* and, whilst relying on the bank of mum and dad is nothing new – students with Saga-generation parents can save money whether they get their parents to pay to protect their belongings whilst at university – or whether they offer to pay themselves.
Students are generally less security-minded than their elders and often find themselves the target of light fingered felons because of their penchant for electronic gadgets. This makes getting insurance cover for a student just as essential as their books, computers, gadgets, sports gear and a subscription to Private Eye.
Stand-alone student cover can cost £130 a year – so one option for the cost conscious scholar is to use a student cover add-on to their parents’ home insurance policy. This can save a tidy sum. For example, the Saga Home Insurance add-on costs from £31.50 – which could save enough money for just over 39 pints in the student bar.
Getting their over 50s parents to pay could save freshers around the country some £1.4 million, and with the average degree course taking three years the total saving could be as high as £4.2million.
Using their home insurance to help provide cover for their children while at university could be a good money-saver. The average claim on Saga Home Insurance’s student cover is over £356 and is typically for theft or accidental damage.
Roger Ramsden, Chief Executive, Saga Services, commented: “Many parents like to know that they have done what they can to protect their children’s belongings when they leave for university - whether they ask their children to contribute or not.”
Saga offers the following advice to students and their parents when looking for insurance cover:
• Remember to specify that you would like cover for laptops and other portable electrical equipment as often it is not covered as standard
• If you need cover for pedal cycles, make sure you say this when you take out your policy as this will not be covered as standard.
NOTES TO EDITORS
*source – TGI
**Populus interviewed 9,229 Saga customers, all aged 50+, online between 22nd and 28th June 2012. Populus is a member of the British Polling Council and abides by its rules; for more information see www.populus.co.uk.
Student Cover enables people to protect a student’s possessions while they are attending, or traveling to and from, boarding school, college, or university. Saga offers two levels of protection providing up to £3,500 of cover, including £1,500 for computer equipment and £350 for DVDs, CDs and other audio and/or visual storage media.
• Cover available from £31.50 and covers contents at the student’s accommodation and whilst traveling to and from their home.
• Cover available from £83.99 and includes cover for personal belongings anywhere in the UK whilst at or away from the student’s accommodation, as well as a pedal cycle.