Hi I have a 500 system … and I am wondering how others manage to insure their pride and joy…currently I used enhanced house insurance but it is not ideal…
The ‘usual suspects’ like Hiscox and NFU will cover you for pretty much an unlimited amount on Hi-Fi equipment. Of course the proof of the pudding is if they pay up when you actually have a problem. Lots say they will but seldom do!
We had a lightning strike hit our telephone line a few years back and it knocked out a lot of kit. I sent my whole system back to Naim and Hiscox picked up the service and repair costs, plus all the replacement costs for TV’s, digital lights and a load of other stuff. I think the final bill was around £7k.
Absolutely no issues or even questions. Sent them photos and the bills and the money was in my account the following day. They are not cheap but then peace of mind never is.
We are with NFU for my 500, and am assured all will be ok…
Three things
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At statement level or any serious classic level , check with the insurer or broker, notify them and check on what the replacement basis is
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See a pukka insurance broker and not some Welsh guy pretending to be an Italian tenor or a bunch of sub-Saharan rodents - you don’t want your Naim Classics replaced by a Leak Integrated
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Take photos , keep receipts and boxes
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Hifi is just contents on most policies these days so if you have unlimited contents cover you should be fine. It’s valuables such as art and jewellery that need to be declared. Certainly that’s how our Aviva Plus policy works.
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If you want peace of mind it’s always best never to assume anything… speak directly to the insurance company and provide details of each black box and current cost of replacement…
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The insurance world seem to have two viewa, perhaps more, on how to price risks presented to them.
One view is that any content is not covered above their standard maximum, often as low as £75K. Not much use for the owner of a 500 system especially if you factor in the front and back ends to it.
Others with a more “enlightened” approach are aware that walking out of the house with the above system might be seen as a bit suspicious. Their view is based on easily transportable items, upmarket watches, rings etc. are small, easy to steal and dispose of. They often have no upper limit within reason and will underwrite the risk.
Be sure to get a new for old replacement is part of the deal. A lot of them are guilty of nudging up the price on renewal in the hope you will accept it without question.
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