Over 50s aren’t putting an acurate price on their collectibles


House Icons Shows Selling Real EstateThe over 50s are big collectors but are likely to underestimate insuring their valuables, according to new home insurance research.

Watching TV shows like Flog It! And The Antiques Road Show are good indicators that many over 50s have no idea what some of their valuables are worth as presenters surprise them with big ticket prices time and again.

Now, research by insurance firm Saga says many over 50s may tune in to see other people’s antiques and collectibles valued, but often fail to heed the advice to take their own belongings to an expert to be priced up.

The firm reckons as more than two-thirds of over 50s could be under insuring their valuables.

The most common collections are books, art and music.

As some collections were inherited or started many years ago, values have sometimes soared and many over 50s are unwittingly sitting on undisclosed fortunes.

To test the theory, researchers asked 10,000 over 50s their valuations for a number of collectibles, like furniture, jewellery, music and sports memorabilia.

On average, they put the wrong figure on four out of every seven items, and in most cases, the figure was far too low.

The study also revealed the over 50s failed to put the right price on an average one in seven items; many had multiple collections they had put together over the years.

Londoners were the keenest collectors, while those from Yorkshire and the North East are much less likely to have caught the collecting bug.

Roger Ramsden, chief executive of Saga Services, said: “While few will have that undiscovered masterpiece, it is wise to have your collections valued regularly so that if the worst happens, then your insurance can help cover the cost of replacing your treasures.”

Insurers generally value collections by item rather than by number – so a collection of rock or sports memorabilia would have individual price tags rather than an overall figure.

Most policies also require items over a certain value to be ‘named’ on the policy. This rule differs between insurers, but generally starts with items valued at £500 or more.

For great deals on over 50’s home insurance visit Quoteline Direct 

 

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One Response to Over 50s aren’t putting an acurate price on their collectibles

  1. Carole Woodrow says:

    Buyer beware!!

    When I lived in Shefield I thought it good idea to get insurance for my valuables, although living in rented accommodation; having just returned to the U.K. from living in Spain for some years.
    Through Confused.com, I took out an insurance policy which Home Protect which is underwritten by Axa.
    I subsequently moved home to Cornwall and unfortunately lost a diamond ring (which was insured under the all risks policy) on Halloween night 2015.
    I duly made a claim with Axa. I found them to be quite unhelpful in asking for things like current photos of the ring, (which no one asked me to do when taking out the policy in the first place), which I could only furnish from many years ago which hardly showed the detail; and valuations from 1997 which both appeared to be insufficient and they refused to pay out on the loss.
    So this is a heads up for all of you intending to go through this procedure with said company.
    1) Be sure that you have photo evidence which you update at least every 12 Months.
    2) Make sure your valuations are up to date at least every 12 Months.
    3) Send any documents in a claim by recorded delivery, (even if you are sent a first class post paid envelope). It’s worth the difference in expense.
    Otherwise you may find that the insurance is not worth the paper it is written on! They do not like paying up and you may find that when you have your initial conversation with your insurers, they do not inform you of your requirements, leaving it totally up to yourself to wade through the small print.
    All the best. Carole W.

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