Students: how much will it REALLY cost to insure your laptop?

By We Know Money staff 23.01.2012

Most students don't know how much it will actually cost to insure the things that matter. Here's the lowdown on what insurers charge.

Many students go through university with advice ringing in their ears; don't drink too much, don't miss lectures and don't forget to check how much it will cost to insure your valuable possessions. After all, student digs are not renowned for their security and safety – home insurance could well be a sensible option. 

Many students will be covered on their parents' policy; others may need to take out specialist insurance to ensure their precious processions are covered, as we have previously reported. 

But many students will be amazed at how much it will cost to insure their laptops, mobile phones and digital cameras.

For the majority of young people, these are the most valuable items they own, yet insurers charge extra to cover them. Personal possessions cover and accidental damage cover are also not included in many basic student insurance policies so you'll have to fork out extra.

For example, a 20 year-old female student living in a typical student area in Leeds could pay £65 more for insuring a laptop with HSBC than if she simply opted for basic student cover.

This doesn't include personal possessions cover, which would cover belongings such as a digital camera and jewellery when taken out of student accommodation – this would cost her an extra £31 to add to her policy. It completely excludes insurance for pricey smartphones.

If she goes to Barclays, it will cost her £80.79 more to cover her laptop worth up to £750. Personal possessions cover up to £500 will include any fancy smartphone she owns, but this will increase her insurance quote to a whopping £203 and it doesn't include accidental damage cover.

NatWest charges £193 a year for a more comprehensive package, which does include mobile insurance, accidental damage and laptop insurance.

So to keep costs down, specialist student insurers could be the answer. Endsleigh will offer you accidental damage cover, mobile cover and laptop/personal gadget cover, all for £119.87.

Quotes will vary significantly, depending on your circumstances and what you want to insure, so shop around and apply for quotes online to get a proper idea of what insurers and banks offer.

Here are some tips for getting a good deal on your home insurance – and how to keep your possessions safe from thieving mitts...

1. Don't forget to get a quote on ordinary home insurance policies to see if you'll get a better deal than specialist student insurers. Price comparison sites or specialist brokers could be the way to go.

2. Santander offers free insurance with its student account, which includes insurance for all the things that really matter to students; laptop, gadget and mobile phone insurance. If this sounds tempting, don't forget to look at what the current account itself has to offer and assess whether it really suits you; you don't want the tail to wag the dog. If in doubt, check out our guide to student accounts.

3. If you live in student halls, it can feel safe and communal but do not be lured into a false sense of security. Even if you are nipping to the laundrette or library, take the time to shut your windows and lock your door – your belongings are never 100% safe from anyone.

4. If you rent from a private landlord, make sure the property has a solid lock on its front door. It may even be worth investing in a lock for the door of your own rented room, particularly if you live with lots of new housemates. You could also get a small cupboard or set of drawers that can be locked up – just pop your laptop and other valuables in there whenever you go out.

5. Many students want to take musical instruments to college, but they aren't necessarily covered by student home insurance. Consider a separate 'musical instrument' insurance policy – guitars, violins and other instruments can cost hundreds, if not thousands of pounds to replace.