The figure was totted up by police from music lovers reporting 1,100 crimes at the leading 11 festivals – with 75% of the thefts from unguarded tents and the others mainly coming from pickpocketing.
The cash figure comes from eight of 11 events as police did not supply the figures for the others, says insurer Aviva, which compiled the statistics.
With the festival season about to get in to full swing, the insurer is warning anyone with tickets to safeguard their possessions and to check they are covered for loss, theft or accidental damage on their home contents insurance.
Last year saw a 19% increase in the value of thefts compared with 2010.
The biggest increase was at the V Festival in Essex, which saw the value of thefts more than double to almost £87,000.
However, although the value of thefts was up, the number of thefts dropped by 14%, suggesting that people are taking more expensive personal items with them, like MP3 players, cameras and smartphones.
Aviva reckons the average value of possessions people take to a festival is £1209.97.
Jonathan Cracknell, household underwriter at Aviva, said; “Rain or shine, hundreds of thousands of people will be heading out to the many festivals and outdoor events being held this summer. So as well as thinking about what bands and stands they are going to see, music fans also need to think about personal security – it is clear that while festival-goers are watching the acts, thieves are watching out for their expensive gadgets and belongings left back in their tents or tucked in their pockets.
“Our research also shows that while crime might be down at festivals compared with last summer, the average cost of belongings being taken is rising – with people still venturing out armed with expensive screens and accessories. So swapping the digital for the disposable is a good idea and using the free lock-up areas wherever possible.”