Realistic Insurance valuations for my Naim items?

[Bas V]

So however unlikely or unfortunate an incident can be it can happen, shit happens.

ofcourse it can. Very sorry for your eldest! And ofcourse I have basic insurances for fire and such. But I don’t insure everything for anything. And audio equipment is one such thing.

 

[kensalriser]

Go on Fleabay, look for "Buy It Now" values for the items in question, that's your figure. Don't overthink it. If the worst happens you can haggle anyway, it's not as if they will haggle over the difference between £5k and £6k. If you told them it was £200 worth and then a claim said £5k, they would rightly complain. But £5k and £6k are the same numbers in their world. It's the same risk.

I did have my hifi stolen in 1995 but maybe the desirable items have moved on. Not many people had a home computer back then, I didn't. Then again CDs were worth stealing then, the various Theft Converter joints would give you £1 each so people would just hoover them up.

There used to be a school of thought that you should leave an item of reasonable value or some cash on view (on view inside, not visible from the window!) so that any thieves might well grab that and say "close enough" before leaving without further disruption. An old lappy and an old mobile phone might fit that bill.

They absolutely will haggle on the difference between £5k and £6k, I know because my wife is having that very argument right now. Item insured for £6k, they started at under £4k, currently at £4.8k.

 

[stevec67]

They absolutely will haggle on the difference between £5k and £6k, I know because my wife is having that very argument right now. Item insured for £6k, they started at under £4k, currently at £4.8k.

I start using words like "Ombudsman" when negotiations go that way. Last time I did that they went from "We're not paying" to "This claim has been passed to our Payments Dept, thank you for calling, Sir" in one day. They did, too, every cent.

 

[Mike Reed]

maybe change your insurance for one which does not classify hifi as valuables . there are a few about

It used to be with contents insurance that there was an element under Audio-visual which included accidental damage regardless of whether you had this on the rest of the contents. In recent years I see that either you choose a more premium version in their range (J.L., e,g,) or you paid a bit extra for 'limited extra cover' (Aviva, e.g.). I had a pricey Shiraz cartridge replaced/paid for (can't remember) under that old system 25 years ago.

Obviously, this cover must be in relation to your overall cover, which is why those poodling £50K and £75K contents quotes were utterly useless. I've been bespoke, which was a hassle, listing every change, and expensive, but for the last 15 years I've been covered for fair individual item amounts (£5 or £6K, maybe more) under the AV section. Audio-visual, which includes non portable hifi, is not and, I believe, has never been classed as a 'valuable'.

I find it hard to believe that Ireland, N or S., would be a desert for competent and large domestic insurance companies

 

[Darren L]

I find it hard to believe that Ireland, N or S., would be a desert for competent and large domestic insurance companies

I've never had an issues finding Contents Insurance here (N.Ireland) , to be totally honest I don't know who we're insured with now, Tracy takes care of all that sort of admin stuff, I did however speak to a person on the phone to discuss values of my records and hifi, no issues whatsoever.
It may be very different for John down in Dublin though, I'd at least expect insurances to be available but the price to be much higher.

 

[mikemusic]

I bought 2nd hand or demo and have only ever seen new for old policies. A lot of money when valued as new

 

[hifinutt]

Every year i ask my insurance if i need to put hifi down ..they say only jewellery and stuff like that has to be listed as valuables .hifi is just ordinary contents

 

[sktn77a]

Homeowner insurance policies in the USA can have either "Replacement Value" or "Actual Cash value" riders. Of course, you pay more for Replacement Value.

 

[Sloop John B]

Having spoken to the operative in the insurance brokers it seems the insurers would pay (within reason) the amount insured so I suppose that’s replacement value (new).

What I’m doing is moving it to cash value so as to reduce my premium - and because I’d never actually buy a new 552 if events conspired that I needed to claim for it on insurance.

My opening post now seems erroneous from the point of view of available insurance options.

.sjb