Two in three (63%) parents pay for their children’s car insurance

A recent survey by Confused.com has highlighted that a number of parents pay for their children’s car insurance whilst they are at university. Furthermore, the majority of universities in the UK charge their students for parking, despite tuition fees rising every year. To read the full survey results please see here.

With many students heading off to university or returning to complete their studies, a number of them will make the decision whether they should or shouldn’t take their cars with them.

Two in three (63%) university students have their car insurance paid for by their parents

Taking your car to university could prove costly as students use their vehicles on average three times a week, for day-to-day tasks. These tasks include travelling to university, going food shopping and travelling home to see loved ones. As part of travelling to university a number of students will encounter the fee of parking permits and unfortunately many universities do not offer parking, which is why Confused.com created the University Parking Report.

Majority of universities charge students for parking, despite tuition costs rising year on year

A number of parking permits at university and at some halls of residence, range from £150 to over £300 per term, per year. For those who do not offer student parking permits, students are required to pay for on-street-parking at a daily rate, which for some, can cost hundreds of pounds per term.

Students also have to pay for unforeseen parking costs and fines when parking spaces are full, therefore having to park elsewhere. More than one in five (21%) students received 1-2 parking fines at university whilst trying to park on campus or near their place of residence.

However two in three (63%) university students were given money by their parents to help with the upkeep of their cars, in addition to this almost a third of students (31%) received money to help with car insurance costs.

Despite this nearly two in five (38%) students had to pay for the costs of their car upkeep themselves as they didn’t receive any help with money.

Therefore in hindsight, more than a third (35%) would’ve left their car at home or sold the car before going to university.

Alex Kindred, car insurance expert at Confused.com, comments: “Heading off to university is one of the most memorable moments in life and can be many young people’s first time away from home. It’s unsurprising that students want to bring their cars to university, to be able to drive home easily, and visit friends and family – but for many this ends up being a major logistical and financial burden.

“Not only can car park charges be financially challenging, but other factors too, such as types of parking and car park security need to be thought through before taking your car to university. This is on top of the running costs, such as fuel, tax and car insurance – which typically is more expensive for younger drivers.

“Those students that do decide to take their car are also required by law to update their driving license, vehicle logbook (V5C), vehicle tax and address on their insurance when they leave home – even for a short period of time. Not doing so could mean facing fines of up to £1,000.

“To help those going into higher education we’ve compiled a breakdown of what student parking facilities look like across a number of universities in the UK in our new University Parking Report.”

A further useful resource can be found by clicking here: https://www.bankrate.com/insurance/car/best-car-insurance-companies/