Parents pay for kids' insurance claims

Teenagers who wear the latest designer fads or listen to brand new MP3 players are proving a financial headache for their parents as they are forced to shell out on expensive insurance claims.

A study by Cornhill Insurance discovered that three in ten teenagers are regularly the victims of theft or lose their valuable gadgets.

Teenagers are, on average, walking the streets wearing goods up to the value of £768, with at least £300 represented by highly prized items such as flash watches and iPods.

And according to Mark Bishop, spokesman for Cornhill Direct, it is for this reason that parents are facing such hefty insurance claims.

He said: "Young teenagers travelling alone are particularly vulnerable to thieves and muggers."

He added: "Leaving the house wearing expensive jewellery and using an MP3 player might attract attention but not necessarily the sort a teenager is looking for in the shape of thieves and muggers."

However, the survey revealed that parents are not the only ones footing the bill as half of teenagers are saving up for their expensive gadgets out of their own money.