I just have a question, do you insurance your handbags? I’m just wondering if I should do it just in case anything happens. If so, who do you insure them through?
Insurance
- Thread starter audreydanbridge
- Start date
T
the_black_tie_diyer
Hi!
There is really no general answer to that question. And I suggest you seek professional advice.
A lot can be covered with classic insurance products like home owners insurance policies (ask about limitations and exclusions) and additional travel policies if that is of concern to you, for example.
It gets a little tricky when you own bags that are not easily obtained and/or replaced. When you own bags that raise in value. This needs to be documented. Some insurances agencies accept self written lists, some require additional photos and receipts. In some cases an expertise might be required.
It's also sometimes a question of wether your bag is considered a handbag or maybe more than that.
To give you a better idea: Let's say you own a "expensive" stainless steel watch, many insurance companies consider that a watch, not a valuable - disregarding it's price tag up to some point. If it's a gold/platinum watch, many insurance companies consider it a valuable no matter the actual price tag - so there might be certain conditions in a policy on how to store it, for example.
When in doubt, have them confirm (in written) that certain items are in fact covered.
Speaking from experience, when you seek professional advice, be specific in terms of what you want to cover and for what instances/cases. There are policies that would cover a stolen handbag from a parked car with open window at the gas station, or even a lost item that was not necessarily forced from you and you can't really explain how it happened ... Obviously these policies are more expensive than those covering the basics. It really comes down to what you want and what you (really) need.
An example, to stay with a watch: You're wearing a watch, someone in a highly crowded/touristy area asks you for directions and that person or a helper slips the watch of your wrist. If I'm not mistaken, it's called theft by deception.
There's no force, there's no threat and you might not notice until a couple of blocks down the street. Stuff like this is not necessarily covered by basic policies, classic statement, for Germany: If it's not taken by force, either using force or threatening to use force, a basic theft protection policy will not cover the loss.
And this goes hand in hand with stuff like missing signs of a forced entry to your home ...
So it's really important to know exactly what your insurance will cover under which circumstances.
Also be aware that depending on insurance agency and insurance agent, they might not take you very seriously at first because they highly underestimate value/ size of collection and have no experience. I had that happen to me at one of my first attempts to insure part of a - not so mainstream for Europe - collection I own. I learned that way that I need to shift away from basic insurance agencies to more specialized ones that have experience with collections and collectors in general. So it's a good idea, if you have friends who collect something, to ask them which agency/company they use.
If you want it less complicated because the collection is not that big, just make sure the bags a in fact covered, and there's enough wiggle room within your limit that you can replace them.
Oh, and one last but mayor point: If you are required to keep documentation for your insurer, store that in a safe place away from home. If you do that digitally (Thumb drive, memory card ...) these things have a habit of becoming unreadable when not regularly used in a longer amount of time. So I'd always suggest having a hardcopy, and also make a hardcopy of every receipt originally printed on thermal paper.
Also there's a lot of trust involved when you open up to a total stranger about your personal items/valuables. If something doesn't sound right, if you have a funny feeling - listen to your gut and cut such a meeting short. It's also never wrong to ask for the first meeting to take place at the agent's office. Bring a friend if you like ...
Hope this helps.
Kind regards,
Oliver
There is really no general answer to that question. And I suggest you seek professional advice.
A lot can be covered with classic insurance products like home owners insurance policies (ask about limitations and exclusions) and additional travel policies if that is of concern to you, for example.
It gets a little tricky when you own bags that are not easily obtained and/or replaced. When you own bags that raise in value. This needs to be documented. Some insurances agencies accept self written lists, some require additional photos and receipts. In some cases an expertise might be required.
It's also sometimes a question of wether your bag is considered a handbag or maybe more than that.
To give you a better idea: Let's say you own a "expensive" stainless steel watch, many insurance companies consider that a watch, not a valuable - disregarding it's price tag up to some point. If it's a gold/platinum watch, many insurance companies consider it a valuable no matter the actual price tag - so there might be certain conditions in a policy on how to store it, for example.
When in doubt, have them confirm (in written) that certain items are in fact covered.
Speaking from experience, when you seek professional advice, be specific in terms of what you want to cover and for what instances/cases. There are policies that would cover a stolen handbag from a parked car with open window at the gas station, or even a lost item that was not necessarily forced from you and you can't really explain how it happened ... Obviously these policies are more expensive than those covering the basics. It really comes down to what you want and what you (really) need.
An example, to stay with a watch: You're wearing a watch, someone in a highly crowded/touristy area asks you for directions and that person or a helper slips the watch of your wrist. If I'm not mistaken, it's called theft by deception.
There's no force, there's no threat and you might not notice until a couple of blocks down the street. Stuff like this is not necessarily covered by basic policies, classic statement, for Germany: If it's not taken by force, either using force or threatening to use force, a basic theft protection policy will not cover the loss.
And this goes hand in hand with stuff like missing signs of a forced entry to your home ...
So it's really important to know exactly what your insurance will cover under which circumstances.
Also be aware that depending on insurance agency and insurance agent, they might not take you very seriously at first because they highly underestimate value/ size of collection and have no experience. I had that happen to me at one of my first attempts to insure part of a - not so mainstream for Europe - collection I own. I learned that way that I need to shift away from basic insurance agencies to more specialized ones that have experience with collections and collectors in general. So it's a good idea, if you have friends who collect something, to ask them which agency/company they use.
If you want it less complicated because the collection is not that big, just make sure the bags a in fact covered, and there's enough wiggle room within your limit that you can replace them.
Oh, and one last but mayor point: If you are required to keep documentation for your insurer, store that in a safe place away from home. If you do that digitally (Thumb drive, memory card ...) these things have a habit of becoming unreadable when not regularly used in a longer amount of time. So I'd always suggest having a hardcopy, and also make a hardcopy of every receipt originally printed on thermal paper.
Also there's a lot of trust involved when you open up to a total stranger about your personal items/valuables. If something doesn't sound right, if you have a funny feeling - listen to your gut and cut such a meeting short. It's also never wrong to ask for the first meeting to take place at the agent's office. Bring a friend if you like ...
Hope this helps.
Kind regards,
Oliver
