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Guest itwasonly$60luv

Hi Fi Insurance

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Guest itwasonly$60luv

Moving house and didn't trust the moving 'professionals' with valve amps and lots of vinyl, so moving it myself. Insurer says not covered unless packed and carried by moving professionals. Explaining that I am more qualified to pack and move as I have an engineering degree and 30 years as a Chartered Engineer, still no go. AND, this is the big one, they had no record of a special mention of my Hi Fi as a specific insured item, despite sending them photos and receiving acknowledgement that this was on the policy. IT WAS NEVER ON THE POLICY AND NEVER COVERED.

 

Thanks IAG.

 

Question is where do you go for insurance?

 

Thought it must be like Classic Cars, as they have low premiums, as they are covering cherished items with (mostly) middle aged careful owners. But no, nobody wants to know.

 

So sitting my gun license tonight and going down that route of insurance.

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I'm insured by Tower and they assure me that all my audio gear and music is covered as long as none of the items are worth over $10,000 individually. if they are I need to have them added seperately.

 

 

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I'm insured with State (through BNZ) and phoned in March this year to update some high priced equipment I had specified. I thought this was required for items over $3k or something, but was assured that none of my gear had to be noted on the policy. It is all covered under furniture (??!!) and there is no issue with cover provided I had the usual proof of purchase etc. Total loss for me would be north of $30k but I was again assured that is not a problem so long as my policy cover is sufficient.

 

Interesting as I'm sure they are part of the IAG group.

 

Cheers, B.

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Guest itwasonly$60luv

I really baulk at a verbal assurance that you are covered - as I had received, and would really hate to put it to the test with a claim, as we all know the reputations of the insurers for dodging settlement.

 

Seriously - how do you think you would go asking for a replacement $10k of SET amp on total loss - on a verbal 'its covered'? They would request details, decide its not furniture or a normal household item and never pay.

 

Same with vinyl,  I offered to provide a full list - 'that's not necessary you are covered'. So, as I rock up with 500kg of melted plastic, are they going to give me the replacement price of top condition or valuable LP's or 10c a title?

 

Don't think so.

 

I think the old adage applies - 'its covered until you claim'.

 

 

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Agreed. Never rely on a verbal from a call centre operator.

 

Insurers will do anything to escape their obligations. Been there done that. Get communications in writing... And do it again.

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My AMI Contents policy says that they will pay:

 

- Replacement value on 'most things' regardless of age, except for:

 

Market value only on:

 

- clothing, linen, sports equipment, computers, jewellery/watches (unless separately 'scheduled').

 

The following amounts max. on these items unless separately scheduled:

 

- $2k each item of cameras, works of art, jewellery/watches, collectables...

 

Policy Schedule means you have to have it expert valuations done first.

 

'Market value' when it comes to a claim, IME they get their expert to give an opinion, talking to your specialist replacement retailer if necessary (eg specialist bicycle/hifi shop).

 

Just be sure you have purchase invoices.

 

Vinyl records - my reading of this particular policy is 'replacement value' if you can verify purchase details.

 

But read the Policy details in full.

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