HiFi Insurance
- Thread starter Lucaslucas
- Start date
On a family recomendation I went with Regal they do a policy for Mid net worth which seems very geared up for specialst stuff without assuming that you are loaded either! It covered up £5k non specified single items and upto 250k specified. http://www.regalinsurance.co.uk/default.aspx if interested. they also cover vistors belonging up 2.5k so thought would be usefull if having a bake-off and anything got knocked.
Martin
Martin
canonman
pfm Member
Me too with Hiscox and I have just had a claim paid out for over £4000 after a water leak. No hassle claim and totally fair. Mainly computer equipment but they do cover all my expensive AV and hifi, plus very expensive camera and video kit which is taken abroad regularly and fully covered.
Johnny Blue
I made it to 'Member'!
Just to re-iterate my grief with Hiscox: they were indeed hassle-free when it came to paying up for the accidental damage claim. They took the £250 excess off our credit card and gave us a credit note for Currys for the value of the claim (£400) plus the £250 excess. So far, so good.
Six months later, when it came up for the annual policy renewal, they wrote and told us that since we'd had a claim, our premiums would rise (although there was nothing in their literature that warned us this would happen). I felt that a premium increase of over 25% was unreasonable, and tried to discuss this with Hiscox, but they weren't interested, so have now changed insurers. (Incidentally, that was the only claim I'd ever made, and had paid almost £5,000 in premiums over the preceding six years.)
Six months later, when it came up for the annual policy renewal, they wrote and told us that since we'd had a claim, our premiums would rise (although there was nothing in their literature that warned us this would happen). I felt that a premium increase of over 25% was unreasonable, and tried to discuss this with Hiscox, but they weren't interested, so have now changed insurers. (Incidentally, that was the only claim I'd ever made, and had paid almost £5,000 in premiums over the preceding six years.)
Another vote for Hiscox. I had two claims that I was worried that they could wriggle out of if they wanted to ... they paid up without hassle or quibble in both cases.
I strongly suggest taking a digital camera for a walk round your house once a year and snapping as many items as possible, including photographing jewelry and valuable collections. Burn to a CD and keep away from your house in case it burns down, or archive on an Internet repository.
Nic P
I strongly suggest taking a digital camera for a walk round your house once a year and snapping as many items as possible, including photographing jewelry and valuable collections. Burn to a CD and keep away from your house in case it burns down, or archive on an Internet repository.
Nic P
PigletsDad
My intelligence test came back negative.
If you put it on the Internet, make very, very sure it is secured from being seen by anybody except yourself - otherwise you have created a nice directory for the burglars so they know what is available at your address.
At a minimum, this means proper encryption, with a strong password.
Colonel_Mad
pfm Member
Firstly, apologies for resurrecting this old thread I found during a search for insurance discussions.
Today I have had a bizarre conversation with my insurers HBOS. When I took out my policy 5 years ago I specifically asked if my hifi had to be specified and was told no. I just thought I'd confirm again today and was told yes, if I had hifi units worth 1500 or more they had to be specifically listed with a current valuation. I therefore listed over the phone my Naim CDX/72/hicap/250/Shahinian Arcs giving current prices for a CDX2/202/hicap/250.2/Shahinian Arc system as the nearest equivalent.
Whilst it is a new for old policy the HBOS person said "Oh no we don't want the value of a CDX2 etc we want the current valuation for the model you have". I explained that the CDX isn't currently available but the equivalent is the CDX2. They didn't accept that! They insisted I give the current value of the CDX. I asked if they meant 2nd hand value to which they replied no "...as it is a new for old policy they would only pay out the current new value for the CDX". Queue a circular conversation. I ended up ringing off and thought I would seek the thoughts of others eg. here.
Does anyone here know how this sort of thing should work? Am I being unreasonable in thinking that if my CDX/72/hicap/250/Shahinian Arcs got stolen I could expect them to be replaced with a CDX2/202/hicap/250.2/Shahinian Arc system? I was after all being asked to pay an additional £15 a month to have the hifi listed.
Any suggestions or advice would be much appreciated.
Jonathan
Today I have had a bizarre conversation with my insurers HBOS. When I took out my policy 5 years ago I specifically asked if my hifi had to be specified and was told no. I just thought I'd confirm again today and was told yes, if I had hifi units worth 1500 or more they had to be specifically listed with a current valuation. I therefore listed over the phone my Naim CDX/72/hicap/250/Shahinian Arcs giving current prices for a CDX2/202/hicap/250.2/Shahinian Arc system as the nearest equivalent.
Whilst it is a new for old policy the HBOS person said "Oh no we don't want the value of a CDX2 etc we want the current valuation for the model you have". I explained that the CDX isn't currently available but the equivalent is the CDX2. They didn't accept that! They insisted I give the current value of the CDX. I asked if they meant 2nd hand value to which they replied no "...as it is a new for old policy they would only pay out the current new value for the CDX". Queue a circular conversation. I ended up ringing off and thought I would seek the thoughts of others eg. here.
Does anyone here know how this sort of thing should work? Am I being unreasonable in thinking that if my CDX/72/hicap/250/Shahinian Arcs got stolen I could expect them to be replaced with a CDX2/202/hicap/250.2/Shahinian Arc system? I was after all being asked to pay an additional £15 a month to have the hifi listed.
Any suggestions or advice would be much appreciated.
Jonathan
Mike Reed
pfm Member
Hello, Johnathan.
Most contents policies contain an A-V section which is for accidental cover, regardless if anything else is covered that way. I've yet to come across any specific requirement to either specify items or provide a blanket value, though obviously your overall cover can't be out of kilter with the Hifi/TV etc. value.
There are lots of recommendations abounding here and on Wigwam (such as Hiskox (sp?), who are bespoke and thereby expensive), but the one which seems to tick all the boxes regarding unlimited contents cover are John Lewis.
After many many insurance policies through the ages, from bespoke and high net worth to Saga 'special' £100K plus, I'm now happily with J.L. for not much more than £300 (incl. buildings) This also covers records etc.
None of the banks or building societies has ever offered sufficient cover for peace of mind (as most are agents anyway with fixed limits).
In conclusion, don't expect any 'operative' to to remorely knowledgeable regarding hifi; or indeed about the actual cover they provide. This is more down to programmed ignorance rather than obfuscation; the latter requiring a modicum of nous.
Hope this helps.
Most contents policies contain an A-V section which is for accidental cover, regardless if anything else is covered that way. I've yet to come across any specific requirement to either specify items or provide a blanket value, though obviously your overall cover can't be out of kilter with the Hifi/TV etc. value.
There are lots of recommendations abounding here and on Wigwam (such as Hiskox (sp?), who are bespoke and thereby expensive), but the one which seems to tick all the boxes regarding unlimited contents cover are John Lewis.
After many many insurance policies through the ages, from bespoke and high net worth to Saga 'special' £100K plus, I'm now happily with J.L. for not much more than £300 (incl. buildings) This also covers records etc.
None of the banks or building societies has ever offered sufficient cover for peace of mind (as most are agents anyway with fixed limits).
In conclusion, don't expect any 'operative' to to remorely knowledgeable regarding hifi; or indeed about the actual cover they provide. This is more down to programmed ignorance rather than obfuscation; the latter requiring a modicum of nous.
Hope this helps.
Johnny Blue
I made it to 'Member'!
x2 for JL, just signed up after being fobbed off by MoreThan to another insurer (my contents had, through inflation rather than new purchases, gone past their £150K limit).
JemHayward
pfm Member
Try living in a listed, thatched cottage that is two separate buildings, and has a wood burning stove, and then add in the fact I must insure my system at its replacement value (even though I bought most of it second hand) - I pay per month what most people pay per year!
darrenyeats
pfm Member
If your house burns down, the main thing is not to be in it. I was once fairly up close to a burning house, it's an impressive and horrible experience. There was very little left afterwards, just some charred walls.
Now I make sure I switch off everything possible when leaving the house unoccupied! We already had a fire extinguisher.
Now I make sure I switch off everything possible when leaving the house unoccupied! We already had a fire extinguisher.
Mike Reed
pfm Member
Jem, does the structure of your house influence the cost of the contents part? 'New for old' has been with us for yonks now and I doubt you could get cover based upon realistic values.
'New for Old' was, i.m.o., a marketing ploy to boost premiums, as it has little rationality with real world values of goods once bought, for whatever price. Furthermore, the ability to replace old with new, regardless of the type of goods, diminishes year by year as obsolescence sets in.
JemHayward
pfm Member
I'm not really sure as they don't quote the premiums in that way. I suppose the fact its a higher fire risk is probably reflected in all the premiums. Its called a "high net worth" policy, as the replacement value of my speakers is now nearly three times what I paid for them, and my power amp probably twice, so its pretty huge. The rebuilding costs are very high, as the building would have to be reconstructed from largely reclaimed materials, as its 500yrs old, and they just don't make them like that any more!
AndrewM
pfm Member
+1 I'm all for shooting buglers - noisy pests! (Sorry couldn't resist that one
)i provide a full list with serial numbers and values which is on new for old cover so the values rise with inflation.
No problems a few years ago when someone spilt a drink in a receiver.
I was covered when a lightning strike took out an amp but it was a Bryston so PMC fixed it under guarantee.
NFU Mutual.
No problems a few years ago when someone spilt a drink in a receiver.
I was covered when a lightning strike took out an amp but it was a Bryston so PMC fixed it under guarantee.
NFU Mutual.
Mike Reed
pfm Member
I've had 'high net worth' on my hifi in the past, due partly to 'hifi' paranoia and partly to ignorance. I had to list all items of value plus serial numbers etc. A real pain as I was box-swapping a bit at the time. This was the most expensive insurance (through Lloyds Bank) I've ever had.
I'd have a look at the A-V section of your policy, Jem, as most are accidental cover and don't need specifying, providing you're well covered for all other contents.
Years ago I asked Jack Lawson at the Music Room this question as our house insurance only insures seperate components up to 3.5 K.
The guy asked me if I had receipts for the 1600 albums and about the same in cd's let alone the system which was all bought second hand and would cost a fortune to replace,
end of conversation.
The guy asked me if I had receipts for the 1600 albums and about the same in cd's let alone the system which was all bought second hand and would cost a fortune to replace,
end of conversation.
ilikesteak
pfm Member
With large numbers of CD/DVDs then insurers generally just make a global ofer at a fixed sum of say £5 per item.
In insurance it's up to you to prove your loss so if you have anything out of the ordinary - like that Beatles first pressing - then you should make sure you have some sort of proof.
In terms of kit itself, this shouldn't be a problem subject to checking the right limits are in place. There is nothing special about hifi - people often have to make claims for expensive things that are irreplacable such as antique jewellery and there are processes in place for that.
Again though, if you have anything that's particularly valuable or out of the ordinary you should keep some proof of it such as boxes, manuals, emails tracking purchase, photos, etc.
In insurance it's up to you to prove your loss so if you have anything out of the ordinary - like that Beatles first pressing - then you should make sure you have some sort of proof.
In terms of kit itself, this shouldn't be a problem subject to checking the right limits are in place. There is nothing special about hifi - people often have to make claims for expensive things that are irreplacable such as antique jewellery and there are processes in place for that.
Again though, if you have anything that's particularly valuable or out of the ordinary you should keep some proof of it such as boxes, manuals, emails tracking purchase, photos, etc.
Mike Reed
pfm Member
Some good advice here; most sensible audiophiles would keep boxes and/or receipts etc, but logging your CDs and records is a sensible move.
I intend to take photos of my collection as a winter project; I've already got a chronological list of non classical records. Whether it'll get done, though, is another thing......