It would seem that there is no end of insurance on offer to us these days, some is compulsary (such as Car Insurance) and others optional (such as Pet Insurance). Now, it would seem, there is a growing trend towards women taking out Handbag Insurance - but is it really necessary?
The Value of the Contents of your Handbag
There is no doubt, with the massive growth in technology, that the value of handbag contents has increased massively. On top of that, handbags themselves can be an investment, be they a dream designer purchase such as Louis Vuitton or Dolce & Gabbana or a more expensive high street quality purchase such as Radley or Tula.
One in three women now admit to spending over £150 on a handbag, but what COULD be inside them?:
Blackberry or iphone - (upto) £400
Ipod - £118
Purse (not including contents) - £50
Sunglasses - £150
as well as make-up, organisers, cash, credit cards and much, much more.
All in all, the handbag and its contents could potentially exceed £800 - £1000 in replacement value!
How does Handbag Insurance work?
There are now lots of providers who offer stand alone Handbag Insurance policies. Some offer up to £2500 worth of cover for world wide coverage as well as options on what you want to cover.
The insurance covers whichever handbag you are carrying on a specific day, rather than individual handbags, so you are free to change handbags without notifying the insurance company.
You can choose the level of cover you require from around £800 to £2500, which then covers the handbag and contents such as; Make-up, perfume, sunglasses or reading glasses, Ipod or MP3, Camera, Passport, driving Licence, Purse, Keys and replacement locks etc.
You can also add cover for cash, credit cards and mobile phones.
Is Handbag Insurance Necessary
The cost of handbag insurance can be costly depending on the items you have covered. With a £50 excess, it can cost from £60 a year to £126+ a year to cover cash, phones etc.
However, the contents of your bag may well be covered by insurance you already hold, such as Content Insurance or by the providers themselves, as with credit cards.
Contents Insurance providers have the option for you to add personal possession cover whilst away from home, which would be adequate cover for your handbag and its contents, and is likely to work out cheaper than buying individual Handbag Content Insurance - typically only adding £15 - £25 a year to your policy costs.
Other insurance policies, such as some Car Insurance policies, offer handbag insurance as standard (but this may not cover up to the amount you would like).
Unlike Handbag Content Insurance, which covers YOU and YOUR handbag and contents, the Home Contents Insurance add-on covers everyone in your household, though they may have a limit on payments for single items.