Research by Saga Home Insurance suggests that although more than half of over 50s have some sort of a collection, 68% could be underestimating the value of it and could therefore be underinsuring their belongings*.
More than 10,000 over 50s were asked to value a range of items, such as; furniture, jewellery rock and sports memorabilia. On average, the over 50s underestimated four out of the seven items and overestimated the price of two of the items. In fact, on average, the over 50s could only correctly value one of the items.
The most common things the over 50s collect are music (24%), books (23%) and pictures or prints (11%). When it comes to playing the valuation game, 83% underestimated the value of a Beatles publicity card. They fared better when it came to silver items, with a quarter giving a correct value.
It appears that even collectors could be unsure about the value of some of their items, as only a fifth of over 50s who collect wine could identify the correct price for a 1967 Chateau d’Yquem, which is valued between £1,000 and £2,000.
Those with the collecting bug are prone to multiple collections: as a third of over 50s say they collect two or more things. Men seem the most likely to have multiple collections (men 35%, women 30%).
Perhaps trawling round Portobello and Camden market have made Londoners keen collectors, as three fifths say they collect something; whether its records, books or prints. However, people living in the North East and Yorkshire and the Humber are the least likely to have collections in their home (50%).
Roger Ramsden, chief executive, Saga Services, commented: “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 offers, Tailormade Home Insurance, geared at protecting those over 50 who may have high-end items in their home. The cover offers more than £90,000 for contents and £1,000,000 for buildings and also includes worldwide cover for contents and accidental damage cover as standard.
Notes to Editors
• *Populus interviewed 10,505 adults, all aged 50 and over, online between 18th and 24th October 2013. Populus is a member of the British Polling Council and abides by its rules.
• All items and their values were provided by the online art and antiques valuation service, www.valuemystuff.com
• Images of items available on request
Saga Home Insurance
Saga Home Insurance is designed for the over 50s and provides:
• Up to a 20% discount when people buy a combined buildings and contents policy online**
• Free Home and Heating Emergency cover (worth £59.99) for the first year when added to a Saga Home Insurance policy.
• Increase the sum insured by 10% for religious festivals, such as Christmas
• Up to £500,000 buildings and up to £50,000 contents cover as standard
• Higher levels of cover available through the Saga TailorMade Home Insurance policy
• New for old replacement of contents
• Full protection when home is unoccupied for up to 60 days in a row.
**14% of online quotes would see a 20% saving off the undiscounted offline price based on rates in force in November 2013.