Have you insured your collectibles?

7 January 2014

The majority (68%) of over 50s could be underestimating the value of their collectibles, leaving them at risk of being underinsured, according to research from Saga Services.

The insurer said more than half of over 50s have some sort of collection, with the most common things collected being music (24%), books (23%) and pictures or prints (11%).

However, when Saga asked more than 10,000 over 50s to value a range of seven items – including furniture, jewellery, rock and sports memorabilia – on average, they underestimated the price of four out of the seven items, overestimated the price of two and could only correctly value one of the items.

Roger Ramsden, chief executive of Saga Services, said: "Whilst 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."

Saga's research also found that Londoners are the most keen collectors, with three fifths over 50s collecting something, compared to just half of those living in the North East and Yorkshire & Humber – who were the least likely to have collections.

And men are more likely to have multiple collections, with 35% of men admitting to collecting two or more things, compared to 30% of women. 

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