Insurance: Valentine's £1.6bn bill
Valentine's heartbreaking £1.6bn bill
Thursday, 07 Feb 2008 00:01
Starry-eyed Valentine lovers are set to splash out £1.6 billion this year, as the quality of love is measured by the depth of the wallet.
A study by PayPal reveals 23 million Britons will spend on average £71.25 each on Valentine's gifts – compared to $92 (£47) spent by loved-up Americans for February 14th.
One in five Brits will spend between £100 to £249, while a third will spend between £50 and £99.
Those using Valentines to get down on bended knee are being warned to with the average engagement ring at Goldsmiths costing £1,005 – a gold band and a glitzy stone may need protection.
In total £467 million will be spent on jewellery this year.
Andrew Lowe, head of Direct Line Home Insurance, said: "Insurance is probably the last thing on most people's mind when they are showering their loved ones with gifts on Valentine's Day.
"Having the right cover in place could prevent heartache if the unthinkable happens and that precious item is lost or stolen."
Direct Line has now issued tips for those buying high value gifts to ensure they are safe:
- Keep the receipt as proof of purchase
- Get jewellery valued from time to time and update your insurer
- Keep photographs of expensive items with your policy
- Keep expensive jewellery not worn regularly locked compartment such as a safe
- Tell the insurer immediately if jewellery is lost or stolen
- High value items need to be specified on a contents insurance policy for protection
- Check with your insurer if adding the items will affect the security requirements at your home