hifi insurance

Your profile doesn't even give your country, so no-one can know or give guidance for neck of the woods in which you reside!

This has been discussed in some previous posts.

I have posted that I don't have specific Hifi insurance - it is covered by home contents and the insurers are not interested in how much the HiFi is worth; for safety ensure you tell the call handler the value of your HiFi and get them to tell you that this is covered - keep a note of the day/time of the call - they will have recorded this and therefore it gives you backup if you make a claim and they query it.

My insurer is with LV and there was no issue when I claimed for a Linn Krystal cartridge that had been accidentaly damaged.

Allan

I am still searching for a comprehensive policy that will cover humming power supplies.. For the time being the system is covered under our home policy and its replacement cost guarantee negates any worries about price increases. 

My Hi-Fi is covered by my household policy, albeit like most policies I looked at, entertainment equipment was capped at a certain percentage of the total contents cover. This means my 100% total cover is way overstated when grossing up the Hi-Fi. Another pitfall of using contents cover seems to be that the insurance company's have a perception of what value should be in specific rooms. I had a friend  who lost out big style when he had a fire in his living room and the Hi-Fi was destroyed. With his Hi-Fi being a large proportion of his contents, the insurance company said the value was way more than would be expected in one room and paid out less than half the value of the replacement costs of the living room. Guess we never know how good insurance is until they have to pay out!

I hope my naming of companies below doesn't infringe forum rules: it is not advertising, nor recommending any in particular, just factual info for anyone it may assist.

I'm insured with M&S, and the cover is good - unlimited total and per item, other than what they call valuables (which apparently doesn't mean hifi), including anywhere in the world so if I take something expensive to a demo it is covered, subject to certain limitations (e.g. Restrictions if in an unoccupied car). But I don't know how good they are when it comes to the crunch. I've renewed several years in a row, but with increasing premiums and hearing suggestions of much lower premiums from others I sought other quotes at renewal recently.

Hiscox, who were mentioned by someone in another forum), sounded good but were slightly more expensive. John Lewis also similar, and slightly cheaper but don't cover anything other than specified valuables or a quite low total amount away from home, though one or two other things were better like the amount of cash covered. Liverpool Victoria were frustrating because I had to list things over £3k (IIRC), and it said or implied that this applied to high value non-valuables but there was nowhere to put in online, and the nearest I could do with online quote to get a rough idea wasn't sufficiently low to be worth pursuing. Also NFU Mutual, though I can't remenpmbervthe amount.  On balance it seemed that what I thought was exorbitant £730 for buildings and contents (in a rural, relatively low crime, area) is actually par for the course if you have moderately high value posessions while not being in the 'high net worth' category. (New for old, accidental damage, protected no claims, minimum excess)

NFU mutual had a good comparator that popped up with the summary of their policy cover, allowing selection of other companies' policies allowing very easy comparison of the different amounts covered under the different carptegories, which made light work of picking out differences.

I assume everyone is aware, but in case not, if an insurance company judges that you are under-insured - say policy cover £100k but they assess as worth £150k, it doesn't just limit what you get in the event of a total loss, but you will get only that proportion (in this case 2/3rds) of the value of each item, which can be very significant in more common instances of partial loss. And that leads to a question to which I don't know the answer, which is with new for old, what happens if ian item was bought secondhand? Perhaps even only recently before a loss, when the only proof of ownership you might have is a receipt for the low price you paid? I have always assumed that new for old really does mean that, but that then becomes significant if you have quite a bit of old stuff of low resale but high new replacement value, especially if a loss adjustor visits and sees it, so you would need to factor the cost of buying new today (whatever is the nearest current equivalent) into your total posessions value.

Thank you Innocent Bystander for your summary. Very helpful as I'm at the stage of looking for an insurer without inflated unrealistic premiums for my beloved stuff. 

Our Aviva  policy covers unlimited claims on AV equipment with no maximum stipulated value.  This has always been a stumbling point when trying to compare policies from other companies. I list the NDS and they cringe, I add the 552 and they say "no way without special cover, I add the 500 and the conversation is pretty much over - before I've even got to the speakers!). When Aviva said "sure, no problem" I half didn't believe them. But the small print is clear and as a result we have been with them for about 5 years now. For us the premium (mid four hundred) is good considering the coverage.

Harry posted:

Our Aviva  policy covers unlimited claims on AV equipment with no maximum stipulated value.  This has always been a stumbling point when trying to compare policies from other companies. I list the NDS and they cringe, I add the 552 and they say "no way without special cover, I add the 500 and the conversation is pretty much over - before I've even got to the speakers!). When Aviva said "sure, no problem" I half didn't believe them. But the small print is clear and as a result we have been with them for about 5 years now. For us the premium (mid four hundred) is good considering the coverage.

Thanks for this Harry. Similar conversation I have had with most especially when you tell them the turntable, arm and cartridge comes to over £35k. I will have a close look at then next month when I need to look at renewing. 

Harry posted:

Our Aviva  policy covers unlimited claims on AV equipment with no maximum stipulated value.  This has always been a stumbling point when trying to compare policies from other companies. I list the NDS and they cringe, I add the 552 and they say "no way without special cover, I add the 500 and the conversation is pretty much over - before I've even got to the speakers!). When Aviva said "sure, no problem" I half didn't believe them. But the small print is clear and as a result we have been with them for about 5 years now. For us the premium (mid four hundred) is good considering the coverage.

For comparative purposes, is that just contents or contents and building?

All the best with it. And I'm sure many will be interested in hearing how you got on, myself included.

As I'm still in the cooling off period from renewal,I've just sought a quote from Aviva. BUildings & contents is coming out promisingly only a little over £400 with many options atbtheir maxima, but I need to contact them formcover of non-valuables over £3k away from home, with one musical instrument needing that - at the same time I'll inquire as to cover for transporting hifi items, though it is a rarity somif expensive I'll leave and arrange just before doing, in the event of needing to. The buildings component is £60 (unlimited). EXcesses are £100'more than now - but the premium so far more than compensates even if I have a claim in the year. 

They say it includes 20% discoundpt for being an existing customer with something else, and I have max no claims.

I speak with john Lewis on the phone every time I renew to ensure that the hifi is still fully covered but as has been said one never really knows for sure until you have to make a claim. The problem is no one will ever give you assurances in writing anymore, you have to hope that your interpretation of the small print and what you have been advised over the phone is correct.

Southweststokie posted:

I speak with john Lewis on the phone every time I renew to ensure that the hifi is still fully covered but as has been said one never really knows for sure until you have to make a claim. The problem is no one will ever give you assurances in writing anymore, you have to hope that your interpretation of the small print and what you have been advised over the phone is correct.

Too true.

However I've been with M&S for 5 years now. They initially required me to specify any item above £4k. Now there is no need to specify. I need to point out that M&S are underwritten by AXA. I seem to remember they changed from AVIVA some years ago. I'm on their Premier Buildings and Contents cover for £360. I read the policy booklet from front to back and it seemed to cover my needs. I suppose the proof will be in the pudding if I make claim. You never know how they will interpret the small print.

Let's hope you never have to make a claim. Or any of us.

This insurance lark is a bloody joke. Same with cars. They seem to make a lot of it up on the hoof. M&S could not insure me because they wouldn't cover my HiFi system. Maybe Aviva won't insure yours. But they will mine. It's farcical.

Harry posted:

Let's hope you never have to make a claim. Or any of us.     This insurance lark is a bloody joke. Same with cars. They seem to make a lot of it up on the hoof. M&S could not insure me because they wouldn't cover my HiFi system. Maybe Aviva won't insure yours. But they will mine. It's farcical.

Tell me about it  ............  a house insurance claim 10 years old this year & about to go thru the financial ombudsman for the 2nd time, nuff to say Lloyds do not receive any recommendation from me.   But I have to agree with Graham re M&S, I've double checked with them on individual box cost & new for old,  also if the unit is no longer made,  then the new eq..          I (Mrs) made a claim from them on a lost, old & very sentimental jewelry item,  OK we didn't get the sentimental bit replaced but no quibbles & quickly paid & to a higher value then we expected  - tip:  its worth getting jewelry & similar stuff described & valued professionally,  even if the item was valued years ago they will give a revised estimate on their description value today.

Mike-B posted:

Harry posted:

Let's hope you never have to make a claim. Or any of us.     This insurance lark is a bloody joke. Same with cars. They seem to make a lot of it up on the hoof. M&S could not insure me because they wouldn't cover my HiFi system. Maybe Aviva won't insure yours. But they will mine. It's farcical.

Tell me about it  ............  a house insurance claim 10 years old this year & about to go thru the financial ombudsman for the 2nd time, nuff to say Lloyds do not receive any recommendation from me.   But I have to agree with Graham re M&S, I've double checked with them on individual box cost & new for old,  also if the unit is no longer made,  then the new eq..          I (Mrs) made a claim from them on a lost, old & very sentimental jewelry item,  OK we didn't get the sentimental bit replaced but no quibbles & quickly paid & to a higher value then we expected  - tip:  its worth getting jewelry & similar stuff described & valued professionally,  even if the item was valued years ago they will give a revised estimate on their description value today.

I will check out M&S come renewal time.

Ken

So will I. Again. Third time lucky maybe, although we're happy with our present policy. At the moment...

Thanks for the Lloyds mention Mike. Duly noted.

Southweststokie posted:

I speak with john Lewis on the phone every time I renew to ensure that the hifi is still fully covered but as has been said one never really knows for sure until you have to make a claim. The problem is no one will ever give you assurances in writing anymore, you have to hope that your interpretation of the small print and what you have been advised over the phone is correct.

At least, if you have to specify items over a certain value, they can't quibble about its high value. Last renewal, I had to specify the make, model and value of my Naim boxes. You're not asked to do this until after the initial quote, and then the price goes up, but at least they are specified in writing as part of the policy, which makes it that much harder for them to wriggle out of a claim.

ChrisSU posted:

At least, if you have to specify items over a certain value, they can't quibble about its high value. Last renewal, I had to specify the make, model and value of my Naim boxes. You're not asked to do this until after the initial quote, and then the price goes up, but at least they are specified in writing as part of the policy, which makes it that much harder for them to wriggle out of a claim.

Bearing in mind someone's earlier post, did you have to specify the rooms they are in?

Innocent Bystander posted:

ChrisSU posted:

At least, if you have to specify items over a certain value, they can't quibble about its high value. Last renewal, I had to specify the make, model and value of my Naim boxes. You're not asked to do this until after the initial quote, and then the price goes up, but at least they are specified in writing as part of the policy, which makes it that much harder for them to wriggle out of a claim.

Bearing in mind someone's earlier post, did you have to specify the rooms they are in?

No, I just had to list the items, e.g. Preamp, Naim Audio, NAC 282 and value. They are now listed on the insurance schedule, so I have written evidence that they are covered. I think the policy price went up by £20 or £30, to a dizzying £185 for building and contents - living in an obscure backwater with low house prices and crime rates has its advantages.

Hi Chrissu, may I ask which insurance company you went with please?

I've recently renewed with AA, doubling my total cover to - largely - reflect hifi and AV additions over the last year.

They had no issues with hifi taking up a third or more of the total cover, and didn't need any details of anything that wasn't easily portable. As others have noted, this is all subject to what actually happens should I have to claim on it. 

Also surprisingly cheap - £250 ish - given I live in an area that's bound to be in the top crime decile and have been burgled in the past few years.  If anything, the cheapness makes me wonder about how much use they'd be, but they happily replaced laptops, iPads etc within a week. They did, however, replace like for like - ie they have a supplier with a warehouse full of computer stuff of varying vintages, a little like when balls are replaced before the 80 overs in cricket. I hate to think how that would work with hifi...

ayisgroovy posted:

Hi Chrissu, may I ask which insurance company you went with please?

Swinton. Never used them before, but the price was right, as was the level of cover. When I e-mailed them a query, I received a reply a few hours later from a real, English-first-language human from their local office a few miles from me, which helped.

It's not only the electricals value, but also the recordings. Ripped CDs and downloads can be backed up, perhaps even to another location (but do you still own the right to play them if the original CDs are destroyed?) but vinyl is a valuable in itself, and so hard to put a price on! 

And if you need to insure cycles too, well sometimes you just have to compromise. And then there's the electric wheelchair and the stairlift - why is this so complicated?!!