M&S Money urge University students to do insurance homework

Released on: October 30, 2008, 6:38 am

Press Release Author: M&S Money

Industry: Financial

Press Release Summary: New M&S Money survey reveals average student bedroom contents are worth £1650

Press Release Body: Following a new M&S Money survey which reveals that the contents of an average student bedroom are worth £1650, students heading to university are being urged to make sure they have appropriate insurance.

The poll of 2,000 students by M&S Money found that the average student bedroom contains:
- £718 worth of electrical gadgets and appliances
- £498 worth of clothing
- £224 worth of sports equipment
- £210 worth of text books

The huge value of a student’s bedroom is not surprising, with over half of students (53%) owning an MP3 player, 52% possessing a laptop and 42% enjoying movies on their own DVD player. The expense continues outside the bedroom, with a quarter of students owning a bike.

The survey also revealed that 14% of students have been burgled while at university and 22% of student cyclists have had their bikes stolen.

Despite this, only 16% of students have taken out their own insurance policy to cover their possessions whilst living in student accommodation. However, many people heading to university will not need to buy a stand-alone student policy and should check if their parents’ home insurance policy provides sufficient cover.

Steve Price, M&S Head of General Insurance, said: “Insurance may be the last thing on students’ minds as they prepare for the new academic year. It often feels like an unnecessary expense on top of everything else. Many students would be surprised to know that their valuables may already be covered – they just need to check whether their parents’ home insurance policy covers their property when away from home.”

Students whose parents have M&S Premier home contents insurance could even enjoy unlimited cover for their possessions when away from home. This covers events such as damage, flood or theft from halls. Students are also covered if their bike is stolen when they are at university, as long at it is left secured when unattended.

Ends

Notes to Editors
The poll of 2,000 students was conducted by One Poll on behalf of M&S Money in August 2008.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world's largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer - quality, value, service, innovation and trust.

Web Site: http://www6.marksandspencer.com/

Contact Details: For further information please call the M&S Money press office:
Liz Neild
M&S Money press office
Marks & Spencer Money
Kings Meadow
Chester
CH99 9FB
01244 686 068

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