How Much Is Your Music Worth?
11.28.06 - 09:58pm
In the UK a new trend is starting in home insurance and bound to be popular one.
Home insurance coverage used to just cover the house and items in it. Now insurance companies are starting to expand it’s coverage to music collections on iPod’s. At no extra cost Privelege Insurance is adding coverage to music collections, up to 1000 pounds.
This may seem silly and perhaps a little overboard as music downloads being covered by insurance is the same as getting your dog insured, yet for anyone taking the dog to an emergency at the vet, insurance is suddenly a lifesaver. Dollars and tens of dollars spent on music downloads add up quick, and Privelege found that the average value of iPod owner’s collection among 18-24 year-olds was 310 pounds ($600 dollars), for those 30 to 50 was 159 pounds ($307 dollars) and for those over 55 was 100 pounds ($193 dollars). As we all know losing a collection of music can be like having an appendage removed. According to the research it usually takes three to four weeks for people to get their collections back in order and then repaying $600 dollars for a collection you already had, is like having a second appendage removed.
Kate Syred, commercial director at Privilege, said: “Our research has highlighted the risk music-lovers are taking by not insuring their favorite downloaded music collections. Many consumers do not realize quite how much it would cost – or how long it would take – to replace their music downloads.” Currently only 17% of music-lovers actually back up their downloaded collections and 24% have had their entire downloaded collection destroyed. If among the unlucky 24%, having your home owners insurance cover your music collection has got to seem like heaven. Not only would you get your collection back much sooner, you wouldn’t have to pay for it again. Home owners insurance one would like to have.
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