Financial News

Students told to inform car insurance companies of circumstances

Students are being urged to inform insurers of any changes in circumstances to avoid invalidating policies.

Mike Powell from Defaqto has stated that those moving away to university must inform their motor insurance provider of where their car will be parked.

He commented: "Failing to do this may mean that your insurer could refuse to deal with any claim made under the policy."

Students should also make the necessary amendments to their vehicle registration documents as this is a legal requirement, he added.

Recently, a study by the Children's Mutual discovered that youngsters as young as 11 have already started saving for university.

They are doing so because they have seen older relatives struggling to handle student debt, the research claimed.

Furthermore, it showed that 78 per cent of parents think the credit crunch has affected their ability to financially support their children through higher education.

The children should be taught on how to save for their education. Teaching them the value of saving at a young age will enable them to inculcate the value until they reach adulthood. They will become responsible individuals.