45% of students have no insurance

Christina Hoghton
Written By:
Christina Hoghton

Half of students who had possessions stolen last year were not covered

A worrying 45% of students surveyed don’t have insurance in place to cover their possession while at university, according to M and S Bank.

That’s despite respondents taking an average of £2,150 worth of belongings to university last year, with one in 10 estimating that they took over £4,000 worth of possessions.

Not surprisingly, the vast majority (94%) took their mobile phone/smartphone with them to university last September and 92% said they took a laptop. Six out of 10 took their own kitchen appliances and one in five took a bike.

Paul Stokes, head of products at M and S Bank, said: “In a digital age, students are moving into halls or student accommodation with an ever-increasing amount of tech like smartphones, tablets, laptops and TVs, which can often add up to thousands of pounds in value. It all means that ensuring all your belongings are sufficiently covered against damage or theft is absolutely vital.”

Victims of theft

M and S Bank’s study showed that 22% of respondents reported they were a victim of crime while studying at university in 2015/16, up 2% from 2014/15.

The most common form of crime was theft, with 10% reporting that they had items stolen while away at university last year.

A significant 14% of those who had been a victim of theft while studying at university reported losses of over £500 with an average of £257.01 worth of belongings stolen across all respondents. Of those, nearly half did not have insurance at the time and therefore were unable to make a claim.

Paul Stokes continued: “Thankfully, 23% of the students we surveyed do have their own standalone insurance policy in place. Also, some students may well find that their possessions are already covered under their parents’ existing home insurance policy, so it’s worth checking this out before paying for separate cover.”