Brits confess to replacing their own valuables
Jewellery-loving Brits are losing out by failing to follow easy insurance claims procedures for valuables that are damaged or lost, mainly because they think it’s ‘too much hassle’, latest figures show.
UK adults own an average of £1,705 worth of jewellery and watches per person, a survey by insurer Policy Expert reveals. And for many the figure is even higher; almost one-in-ten (8%) own jewellery worth more than £5,000.
Claiming is falsely believed to be ‘too much hassle’
But despite around one-in-three (30%) having lost or damaged an item of jewellery or a watch, only 6% actually then make a claim on their home insurance!
Many say it’s because they think it’s ‘too much hassle’ (42%), without realising that most insurers’ claims procedures have become much more straightforward and speedy in recent years.
Others forget to claim until too much time has elapsed (7%), while just over one-in-sixteen (6%) say they can’t be bothered. A small number (3%) indicate they simply don’t want to tell their insurer about the loss.
Inaction can cost hundreds, even thousands
But jewellery-owners inaction is costing them hundreds of pounds. The vast majority (79%) say they ended up replacing a valuable at their own expense, spending an average of £274.
Another one-in-five (20%) paid over £500 for a replacement and for one-in-twenty (5%) the figure was over £1,000.
Possessions most commonly lost or damaged
Jewellery, however, isn’t the most commonly lost or damaged possession; mobile phones come top of that list for almost one-in-two (45%).
Jewellery is second at one-in-three (35%). Laptops, tablets and eReaders are third (30%), then come televisions (17%), furniture (15%), clothing (13%), kitchenware (13%), sports equipment (6%), games consoles (6%) and wearable technology devices (5%).
About Policy Expert
Policy Expert is a customer centric company with a passion for making sure people get the cover that’s right for them. A one size fits all policy doesn’t provide the flexibility that customers want. We can adjust cover levels, add features or bolt ons, or even change excesses to ensure customers get the right policy to fit their needs. For more information about home insurance from Policy Expert, contact our experts today.
Published 1 March 2018