Whether you keep your whole life in your handbag or just love it as a fashionable accessory, handbag insurance could be essential for you.
This guide takes you through how to insure your handbag, whether you’re worried about the contents or the bag itself. It also goes through the difference between insuring it inside and outside of the home and gives some pointers for keeping costs down.
In This Guide:
- How can I get handbag insurance?
- Cover for inside the home
- Cover for outside the home
- Other things to know:
How can I get handbag insurance?
There are a number of different ways you can insure your handbag. There are specialist insurers that will provide cover specifically for your handbag. They primarily cover it against damage or theft, but some also provide cover for the contents up to an agreed limit. This is typically up to £1000, but it can vary depending on your policy provider.
If your handbag is particularly expensive, you can purchase policies from specialist designer handbag insurers. This kind of policy is only offered by a few insurers, and it will have a much higher limit on how much you can claim in the event of damage or theft. This benefit, however, comes with the price of higher premiums.
As an alternative to standalone handbag insurance, your handbag may be covered on your home insurance or on personal possessions cover. Whether either of these apply to you depend on your circumstances, and whether you need your handbag covered in the home, or when out and about.
Cover for inside the home
When looking to keep your handbag safe, one of the first things you should know is that most standard home insurance policy providers will cover your valuables when in the house as standard. As with most insurance policies, there is an upper limit of what your provider will be willing to pay-out when you make a claim. Due to this limit, if you own a particularly expensive handbag, you may have to take out a more comprehensive policy, or even a completely new policy, that lists your handbag as a separate item. You may already have this option available if anyone in your home has insured an expensive gadget, for example a laptop.
Most home insurance providers will ask you to provide them with a list of valuables when you sign up for a policy. If they don’t do this, you should make it a priority to let them know about what valuables you need included. A failure to declare your handbag may well mean that you will not be able to claim for it should anything happen.
Cover for outside the home
When you’re out and about, cover for your handbag works slightly differently.
One option to get cover is personal possessions insurance. This is offered by certain home insurance providers as part of your standard home insurance policy. Just like the cover for your handbag when inside the home, there will be an upper limit on how much your provider is willing to pay out for your handbag (and other possessions). If not included as standard, you can usually take it out on top of your policy for an additional cost.
Generally, if your handbag and its contents are worth more than around £1,000, personal possessions insurance may not cover it as standard. It’s worth checking your policy documents and letting your insurer know. This will help you to ensure that it’s covered.
If you do have a more expensive handbag, or carry expensive items around with you, another option is to get specialised handbag insurance. Whilst this is usually more expensive than personal possessions insurance, it will cover more expensive items, and can offer extra services, for example help with cancelling your credit and debit cards. It’s worth noting however that this kind of insurance can impose a high excess on claims, and high premiums along the way.
You can also insure your handbag under other policies. For example, some car insurance policies can cover your personal belongings that are stolen from your car, or damaged when inside it. Car insurance providers will usually insist that valuables must be hidden and locked away in your car, or the policy could be void.
Other things to know:
- Keeping costs down: Getting your handbag and its contents insured can seem like an expensive process, and it may be tempting to cut costs. However, cheaper policies may not cover much or any of what you need protected. You can use our free online home insurance comparison tool to help you find the policy that’s right for you, balancing cover and cost. If it’s still too expensive, have a think about what you’re carrying around and whether you can leave the more expensive bits at home.
- Insure your gadgets separately: If you carry around lots of gadgets in your handbag, instead of insuring the contents along with your handbag, it may be easier (and cheaper) to insure them separately using a specific gadget insurance policy.
- Keep note of your possessions: When first purchasing a policy, it can be a good idea to make a list of what you carry with you. This will make applying for a policy easier. It will also help to have accurate estimates of the value of objects. This will prevent you from paying too much for your insurance premiums, whilst also ensuring you get a big enough payout to replace all your items.