Insurance for Your Handbag?

So, you decide to buy an expensive handbag. When designer brands are considered, a purse by a lower-end brand will cost around $150, while some of the more expensive bags on the market – a Hermes Birkin bag, for example – will cost as much as a new economy car. But, when a handbag is stolen, it’s a fairly significant loss – not just for the money you put on the bag but also for the contents inside. Women, for example, will carry at least one electronic device, such as an iPod, inside and a cell phone, in addition to a wallet, makeup, and keys. Considering a designer handbag is a serious investment, what would you do if it and its contents were ever stolen?

In the UK, taking out handbag insurance is a possibility. According to this article, one in every three British women own a handbag between £150 and £500, and the items inside, ranging from expensive cell phones and media devices to high-end makeup, up the price of the theft even more. An insurance policy for a handbag, for example, would cost £2,500 for the bag and even more for items inside. Banks may give handbag insurance, while some car insurance policies also cover the cost of handbag theft.

Handbag insurance, however, mainly appears to be a British concept. Handbags in the U.S. may fall under the category of “valuables,” and insurance companies offering such insurance policies for jewelry, computers, and musical instruments may also extend the same type of coverage to handbags.

Nevertheless, should you be carrying around an item with you everywhere that needs insurance? If you’re worried about your bag getting stolen, the best bet might not to be purchasing an insurance policy but to find a cheaper-priced bag. Various designer inspired handbags have the same looks as many designer purses but are sold at a fraction of the cost.