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Finance Industry News

Paymentshield highlights startling insurance knowledge gap amongst students


Research reveals that 31% of students do not understand contents insurance

Paymentshield highlights startling insurance knowledge gap amongst students


"Having the right insurance in place can provide that extra layer of reassurance if items such as laptops or ipads are accidentally damaged or even worse stolen"
James Watson, sales director at Paymentshield



With the new university academic year starting in just a few weeks, home insurance provider Paymentshield has revealed three in ten students are not confident they understand what is covered by contents insurance. 

 

The findings of the research poll conducted by YouGov and commissioned by Paymentshield suggest that there is a startling knowledge gap. 31% of all full-time students surveyed stated they were not confident they understood what was covered by contents insurance. 

 

The knowledge gap was also reflected in the data’s demographic breakdown with three in ten (31%) of 18-24-year olds, who are more likely to be students, stating they were confident in their understanding of contents insurance. 

 

National crime data has also highlighted that students remain one of the biggest targets for criminals. The annual demographic crime survey of England and Wales released by ONS earlier this year reported that students and those in training were the biggest victims of personal crime. It found that students and those in training accounted for 16.6% of personal crime, double the number of victims who were retired (8.3%). 

 

With record numbers of undergraduates expected to start at university in September, Paymentshield is urging students, parents and guardians to ensure they have the right insurance in place.

 

Some home insurance policies will provide cover for contents temporarily removed from the home by a family member in full time education as standard. This means students taking a range of items with them to University, from laptops to clothing and bedding could be covered under their parents or guardians home insurance for a range of events such as burglary, fire and malicious damage. Additional protection may also be available for loss or accidental damage to items normally carried around such as laptops if their parents also have optional personal possessions cover. 

            

James Watson, sales director at Paymentshield comments, 

“Our research showed that parents and guardians were the most confident with 75% stating they were confident in their knowledge of contents insurance but they should still double check if their home insurance will cover the items their children take with them when they leave for campus and decide if/what additional protection may be required. 

 

“We estimate a typical university packing list can easily run into £3,000 worth of contents so Paymentshield offer up to £5,000 of cover for loss or damage to these items. Having the right insurance in place can provide that extra layer of reassurance if items such as laptops or ipads are accidently damaged or even worse stolen. 

 

“Although we have uncovered a knowledge gap amongst young people and students, university provides a great learning opportunity not only academically but also to develop the knowledge and skills young people will need as they go through life – which includes insurance. Checking your policy documents and not making assumptions is vital to making sure you are properly protected.  

 

“This time of year provides a great opportunity to get in touch with clients with university age children to remind them of the benefits of their policy but this is also a great example of the benefits of quality home insurance to mention when discussing general insurance with your clients.” 

 

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Ten Times Ten

Analytics, Modelling & Business Intelligence Specialists