Insuring your gear

[Pigmy Pony]

I just learned yesterday that my contents insurance only pays out a maximum of £1000 per item, and now this thought is nagging me. I was wondering how other members deal with this, if at all.

[Mixc]

With my home and contents insurance I specify additional items worth over £1000.

[Edward]

Insurance companies will allow you to add high value items. I have mine marked as 'Hifi Items' with a total value. Important to keep a record (with pics) of these hifi items should you ever need to claim.

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[Lawrence001]

I spoke to Halifax many years ago and tried to explain the concept of separates but they couldn't comprehend the idea of a HiFi system not being a single item. None of my individual items would be over the limit (except speakers now, maybe I need to revisit that) and I'd like to see how a loss assessor could justify them being a single item given they can be stolen individually (as happened to my Nad amp years ago).

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[struth]

Change your insurance company. I used to have mine listed separate. Dont need to now ho as its cheaper gear now. Tt,arm and cart would still be under a grand.
Records and cds is more of an issue

[hifinutt]

I just learned yesterday that my contents insurance only pays out a maximum of £1000 per item, and now this thought is nagging me. I was wondering how other members deal with this, if at all.

any chance you could advise which company that is ? hope its not the one i am with who tell me every year that i don`t need to list hi fi as its not classed as valuables , whereas jewellery is

[Mike Reed]

As far as I'm aware, the vast majority of contents covers contain an 'audio-visual' section which is covered for accidental damage, regardless of the cover for the rest of your contents. The rule which applies to all in a claim would be the proportion of the claim item to the rest of the contents cover.

As for many years I had audio systems in the higher tens of thousands, I've chosen bespoke through Lloyds and Barclays (many years ago), then a Saga cover which went to 125K eventually, then, and currently, John Lewis Premier, which is UNLIMITED on both buildings and contents. It's also more affordable than previous covers. Hiscox (bespoke) has a good rep. and a number of audiophiles use them, but they are pricy.

For me, the beauty of John Lewis, apart from the very reasonable premium, is that I don't need to inform them of any changes to kit. Not sure of single item max. but it's more than a grand. Hope this 45+ year experience helps.

[Pete The Cat]

Hiscox (bespoke) has a good rep. and a number of audiophiles use them, but they are pricy.

Hiscox are well-regarded by collectors too, ie records.

Pete

[Mike Reed]

Hiscox are well-regarded by collectors too, ie records.

Pete

Ah, yes; an important part of the equation, and my vinyl and CD collections are fully covered under the limitless John Lewis policy.

[Oddball]

Mines just a collection of old shyte anyway

[Mike Reed]

Mine's just a collection of old shyte anyway

Not an effluent collection, then.:lol:

[Yomanze]

I have accidental damage cover, and a claim value of £5k per item.

[Stryder5]

Just checked on my house insurance, difficult to find out how A/V, HI FI is included unless you wade through 72 pages of what's included in the main policy.

So I rang Barclays as my Contents Policy is with them.

Turns out that it is covered in the overall "Contents Sum Insured" which in laymans terms is the total cover you have paid for. So if your total sum assured is say £70000 this is where your single item hi fi is covered, along with furniture etc.etc.

Gary

[Mike Reed]

Strange, Gary, as when I had Barclays' buildings and contents cover for a few years some time back, there was an A-V section which had accidental cover (the rest of the contents were not covered for accidents). If you bust a cart., e.g. (as many do) you could claim on that section providing you had enough overall cover.

[Stryder5]

It appears there's no A/V section now it's referred to as home entertainment.

Gary


Strange, Gary, as when I had Barclays' buildings and contents cover for a few years some time back, there was an A-V section which had accidental cover (the rest of the contents were not covered for accidents). If you bust a cart., e.g. (as many do) you could claim on that section providing you had enough overall cover.

[Mike Reed]

It appears there's no A/V section now it's referred to as home entertainment.

Gary

Same thing but different terminology as I'm sure you can see.

[Stryder5]

Same thing but different terminology as I'm sure you can see.

Yep, I have clear and recorded confirmation that single hi fi units are covered to the total value of the sum assured, including accidental damage.

Gary

[Oddball]

Not an effluent collection, then.:lol:

I expect the whole lot owes me about 600 quid , so to be serious , I probably would recover that -should the worst happen
Being serious for a moment , I can imagine the need to specify values amongst you serious buyers of gear , thus pushing the cost of the insurance up a bit , but better to be covered than not !!

[MikeMusic]

If you buy 2nd hand at a nice price seems you have to value everything 'new for old'.
Plus you have lots of 2nd hand kit you should sell !

Then your total value goes up to the level where you need a pukka (expensive to install and maintain) burglar alarm.
Remedy : Sell all the kit you will never use again - heartbreaking !
:)

[Mike Reed]

Then your total value goes up to the level where you need a pukka (expensive to install and maintain) burglar alarm.
:)

I've never been refused cover because I don't have an alarm; actually, I wouldn't have one and I'm pretty sure it's not mandatory with the vast majority of underwriters. Ghastly things !

[MikeMusic]

Talking to L&V they would increase total value for no extra - good

Must have a pukka burglar alarm and probably with yearly maintenance.
Looks like just under £1000 and at least £100 a year.
Better to sell my old gear.

Don't want a burglar alarm and will do a lot to avoid it

[Mike Reed]

My unlimited buildings and contents cover is a little over £300 annually. I do live in a 'good' insurance area, so that might be why, but different underwriters are geared up to different risks, which is why they differ so much. As I mentioned before, try John Lewis and others, like Aviva etc.

[MikeMusic]

I will punt around next renewal

[hifinutt]

I was using a broker to get my Aviva contents and then went direct which was about 25% of the price. I was shocked and I live in a very high risk area

[MikeMusic]

Must be a company that will give me what I want
Aviva might be the one

[Barry]

My unlimited buildings and contents cover is a little over £300 annually. I do live in a 'good' insurance area, so that might be why, but different underwriters are geared up to different risks, which is why they differ so much. As I mentioned before, try John Lewis and others, like Aviva etc.

Thank Mike!

Based on your recommendation, I have just renewed buildings and contents insurance with John Lewis. Previously I had insured through my bank, but John Lewis are offering greater coverage for a lower premium. I've saved £200 - thanks again Mike! :)

[Mr.Ian]

I just moved from john Lewis to M&S. Single item cover with m&s has increased, cant remember what it is but it's ok for most

[Stryder5]

Just been quoted for next 12 months by Barclays, unlimited household content at £204 pa. I'm just checking the small print but appears to include hifi up to that (no) limit!

[Mr.Ian]

I would look at what the single item limit is too, the policy says they wont pay out more than the single item limit for any single item ( and I guess they will apply those to sets to). High end gear inclusing TVs could easily be over this level. I was looking at OLED TVs in a depatment store in China a few weeks ago and some were like £9000!

[stairpost]

After working for Direct line for a couple of years I switched my cover to them. The policy is excellent. As long as my total contents are less than 50k I only have to specify valuables (jewelry, watches, art, stamps, coins and so on) Even then, only if they are worth more than 2k for any single item/collection. and not more than 15k in total. So my hifi and records are covered automatically in my contents without having to tell them about them. Accidental damage cover is optional, but I do include it on my policy as it's essential in my opinion.

I pay something like £6 a month for my contents cover.

I know people have a very poor opinion of insurance companies, but I have to say that after having worked for them the policy is great and the customers came first whenever possible. We did get the odd policy holder that just didn't understand the concept of insurance or elements of the cover, and some people are never going to be happy whatever you offer. And not a lot can be done in cases like that, but the vast majority of customers were well looked after and happy with the service.

[Stryder5]

I would look at what the single item limit is too, the policy says they wont pay out more than the single item limit for any single item ( and I guess they will apply those to sets to). High end gear inclusing TVs could easily be over this level. I was looking at OLED TVs in a depatment store in China a few weeks ago and some were like £9000!

Just spent an hour or so checking small print and talking to Barclays.

I don't have to list as single items any of the hifi or home cinema, they are not defined as valuables so there isn't a limit on value and do not require listing.

Confirmed twice with different contacts and I have a recording of the conversations. Price confirmed.

Gary

[Mike Reed]

Having been with Barclays some years ago, they might only do contents cover up to, say, £75K or £100K. Assuming that is an adequate cover for ALL your possessions on a new for old basis, then fine. Does this cover software (records, CDs etc.)? It may be that Barclays now do an upgraded cover well above the £100K, in which case I'd be interested, as I bank with them.

Depending on the premium they charge, John Lewis's no limit cover does still appeal.

[Stryder5]

Having been with Barclays some years ago, they might only do contents cover up to, say, £75K or £100K. Assuming that is an adequate cover for ALL your possessions on a new for old basis, then fine. Does this cover software (records, CDs etc.)? It may be that Barclays now do an upgraded cover well above the £100K, in which case I'd be interested, as I bank with them.

Depending on the premium they charge, John Lewis's no limit cover does still appeal.

Firstly may I say I don't work for Barclays, but their offer which I've taken up is good.
My policy with them is contents only, ANY item not defined as valuables are covered in the unlimited value.

So for me, in the area I live, no limit cover is £204 per annum.

Gary

[Mike Reed]

Firstly may I say I don't work for Barclays, but their offer which I've taken up is good.
My policy with them is contents only, ANY item not defined as valuables are covered in the unlimited value.

So for me, in the area I live, no limit cover is £204 per annum.

Gary

I didn't work for Barclays, have simply banked with them for yonks. Yours sounds like a good deal; mine is a £100 more, but includes buildings. Of course, premiums depend upon area as much as anything else. Nice to know that Barclays are now offering unlimited contents cover; I shall contact them if my J.L. premium goes up too much early next year.

[Stryder5]

I didn't work for Barclays, have simply banked with them for yonks. Yours sounds like a good deal; mine is a £100 more, but includes buildings. Of course, premiums depend upon area as much as anything else. Nice to know that Barclays are now offering unlimited contents cover; I shall contact them if my J.L. premium goes up too much early next year.

Sorry didn't mean to imply you did, just that I seem to be plugging Barclays.

Gary