Manbags And Gladrags

The contents of your bag might be worth more than you think -- maybe you should insure them.

Quick: without looking, guess the value of the contents of your handbag (or man-bag).

Now take everything out and estimate how much it would cost to replace it all, if you left your bag on the bus or it got stolen.

The chances are you'll have under-estimated how much these bits and pieces are worth.

So, who's got most to lose if their bag disappears -- men or women?

Well, It might surprise you, but according to new research from insurance company, LV=, the contents of the average man-bag tot up to £64 more than those of a woman's handbag.

Apparently, as many as 65% of men carry bags and the contents of their rucksacks, briefcases, satchels and Tesco carriers add up to around £319 worth of stuff, whereas the 97% of women who usually carry bags are shouldering contents to the lesser value of £255.

What makes the contents of man-bags more valuable?

Whether male or female, most of us are carrying around a pen, mobile phone, sunglasses, reading glasses, book, camera and gloves.

But the main difference between the contents of a man-bag and a handbag is that more men than women also tend to carry laptops, iPods, MP3 players and headphones.

Instead, women's bags are more likely to contain cosmetics, perfume and cigarette lighters, which in most cases don't cost quite as much to replace.

The price of parting with your Prada

Even if there's not much more than a cheese sandwich and your season ticket in there, you might still be seriously out of pocket if you lose your bag. Because that average figure of £319 or £255 worth of contents doesn't include the value of your purse, wallet or the bag itself.

Not too much of an expense, you might think. Especially if you're in the 50% or so of women who spend less than £20 on their bag. But 5% of you like to spend more than £100. So, if you're partial to designer labels, add anything between a few hundred up to a thousand or so pounds onto the total cost. The same goes for men: some of you like to splash out on Louis Vuitton too.

There's also the small matter of losing whatever cash you had in your bag when it went missing. It all adds up, doesn't it?

As well as the financial loss, let's not forget the inconvenience factor. Research by Churchill Insurance found that it takes an average of 6 days to sort out all the admin involved when you lose your bag, e.g. cancelling credit cards, getting new keys cut and so on.

OK, it's a lot of hassle, but at least you'll be able to claim on your home insurance policy. Or will you?

Insure it or hide it

Rather than making any assumptions that could disappoint you later, it might be a good idea to have a look at your policy and check out what it covers and what it doesn't. Then you can make the decision as to whether you need more insurance or not.

If you decide you do, bear in mind that you can specifically insure your handbag or man-bag. Sheilas' Wheels, for example, offers car insurance that includes up to £300 worth of handbag cover, for loss of or damage to any handbag and its contents, caused by accident, fire, theft or attempted theft while it's on or in your car.

The Motley Fool Insurance Service might also be able to help you.

But to save yourself all the bother of insuring, claiming and replacing, keep an eye on your bag at all times, make sure the contents are well hidden and be extra careful where you leave it, especially if you're in a public place.

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