Students planning to take their cars to university have been warned that they could see their premiums increase significantly.
Website moneysupermarket.com suggested that students heading to university for the first time are likely to see their car insurance premiums increase by as much as £1,300.
It explained that this was partly due to the fact that many young people are able to park their cars on the driveways of their parents' suburban homes prior to heading off to study.
However, at university students typically have to park on the streets of larger cities, increasing risk and, therefore, premiums.
"Students taking their cars to university must ensure they have the correct insurance and amend their policy where necessary; cost-conscious students may want to think twice about taking their car with them," Peter Gerrard, head of insurance research at moneysupermarket.com, explained.
"For those that do want to get behind the wheel whilst at university I advise them to shop around for the most competitive policy possible."
Recently, Online bank Smile said that the current economic slowdown had made it even more important for students to manage their finances efficiently.
It was also suggested by the Telegraph that the economic slowdown had had an impact on the number of graduate recruitment schemes being offered across the UK.
