Barclays reveals British music lovers under-insured

20 June 2005
Research from Barclays Insurance suggests that British music lovers are failing to insure their music collections for their true value.

The average record collection is worth £1,500, the insurer found, and Brits currently have six billion CDs in their home, worth a collective £60 billion.

Brits may love their music, but much of these collections are under-insured, Barclays Insurance discovered: the average valuation people gave for their music collection was £635 - perhaps as little as half the collection's true value.

"If they had a motor bike or guitar worth £1,500 they wouldn't dream of having it not properly documented for their insurance, but for some reason people are often more casual about their music. Perhaps it's because we don't realize how much our music's worth," commented Adrian Grace, managing director of Barclays Insurance.

Men were the biggest collectors, with 178 records and CDs each, compared with 135 for the average woman. One in ten people revealed that they had more than 500 albums.

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