wedding gifts, clothes and bikes under insured

7th October, 2009

The latest figures from insurers on the most under insured items owned by the average household have shown that clothes and bikes are undervalued along with couples who marry but do not adjust their total worth after receiving wedding presents.

With many people still spending every month on clothes and accessories regardless of the credit problems experience by many, those lucky enough to afford to buy are not increasing their sum insured. Some dedicated followers of fashion are spending more than £1,000 a year on fashion, it could mean that their total wardrobe worth is far more than they think and could spell disaster if their possessions were stolen, damaged or lost in a fire.

There are around 8% of people who spend far beyond £1,000 a year but 30% of people were unsure whether their wardrobe contents were sufficiently covered. The average value of a wardrobe would be around £2,838.

Newly weds are failing to adjust their worth after their wedding and this could cause a problem if they need to make a claim, all additional purchases and possessions should be taken into account and a call to the insurance company to add on any significant rise in possessions in lieu of any future claim.

Bikes are regularly stolen, especially in university towns where the cases of bike theft spikes by almost 30 per cent in September when new students arrive, almost 22 per cent of cyclists say they have had at least one bike stolen, bikes are a prime target for thieves and a good bike lock or a shed to store it in is advised.

 

• Next Article: Energy costs could rise dramatically
• Previous Article: Good weather means cut in claims
• This Month: News For October 2009