Insurance value to put on a system?

[Gyp]

It's one of those questions I've pondered over the years, but recent discussions have brought it back to mind

How do you value an older system for insurance purposes?

I put my main system together back in the early-90's (when I was single and solvent), and with a combination of patience, determination and good fortune I managed to buy all of the component I wanted for roughly half their list price. The amp was ex-dem, the speakers were a couple of months old as the chap's wife wanted then in a different colour than the one he bought etc etc. The CD, amp, tuner, speakers and cables set me back about £3500 rather than the £7300 or so if I'd have bought at list.

When we were part flooded in 2006 (the hi-fi wasn't affected), the insurance accessor suggested that we ought to consider specifying the hi-fi on the policy to ensure that we would be able to replace like for like, but I did nothing about it expecting the insurance to more or less cover it

On the recent visit to my local Sevenoaks however (when I bought the BR1s), I was looking at the Kef References that were there and they pointed out that the ones on display were the modern equivalent to mine, and very nice they were at £7000 a pair. Gulp!

So, realising that my insurance won't cover the cost of like for like replacements, what's the best way to set a replacement value? Working on the simple "well the speakers are almost 3 times as expensive as they were..." calculation, I should perhaps value the system at £20k, But that sounds ridiculous! But is it?

And should I (or can I) factor in the costs associated with putting the new system together; professional assistance and lengthy auditioning to get any replacement system "right" rather than just a selection of outrageously expensive unmatched boxes.
Perhaps there ought to be the What HiFi equivalent of the Antiques Roadshow... "When these Krell Monoblocks are much sought after and a good matched pair can fetch very good money at auction. What's that? You only have one? That is unfortunate as if you had a pair they can fetch anything up to £40,000 at auction, but just one, oh dear..."

 

[Thaiman]

I would take a few photographs of your set up and keep with the recipt of your components (even scan it and kept on the site like photobucket). The insurance company should cough up what you paid for if they can't replace them, but touch wood, nothing will ever happen to your lovely system

 

[Gyp]

Well, I was thinking more how to value it than prove that I own(ed) it but I guess that's just as valid.

Where's my box brownie...

 

[Gwyndy]

I had a similar problem as I built my kit up. I solved it by sending a letter to my insurers listing all items purchased, recommended retail prices and serial numbers, my insurance company's view was that they have to "buy replacement items for or the equivalent of" anything that gets damaged and therefore what matters to them is what replacements should cost, not what I paid.

To be on the safe side you could always ask Sevenoaks what they would charge to create an insurance valuation for you and send the insurers a copy of that.

 

[Gyp]

[quote user="Gwyndy"]I had a similar problem as I built my kit up. I solved it by sending a letter to my insurers listing all items purchased, recommended retail prices and serial numbers, my insurance company's view was that they have to "buy replacement items for or the equivalent of" anything that gets damaged and therefore what matters to them is what replacements should cost, not what I paid. .[/quote]

I'm not sure how they would replace kit either, if they would try and deliver equivalent items to you house or give you a £xx,xxx gift voucher for Currys. Fine Decent hi-fi's a little bit more esoteric than that.

[quote user="Gwyndy"]To be on the safe side you could always ask Sevenoaks what they would charge to create an insurance valuation for you and send the insurers a copy of that.[/quote]

I've got to pop in and see them over the next few weeks so I think that's what I'll do. The only trouble is that going in there usually costs me money

 

[JoelSim]

As above most insurers work on the basis of replacement so listing the kit you have and proving a value and serial numbers is a good start. Pictures will also help.