Australians spend on average around $2200 a year on clothing and footwear, so our wardrobes are holding valuable items. Here’s a guide to estimating how much your apparel is worth to assist with any potential insurance claims.
Home Insurance
Handbag insurance: how to help cover your luxury and designer bags
Learn how to insure your handbag, including luxury and designer bags, against events like theft and damage by using your contents insurance policy.
Losing your handbag – or having it stolen – can cause significant distress. Not only do they often contain valuable items like phones, keys and laptops, the bags themselves are commonly a valuable item, with designer and luxury bags possibly even irreplaceable.
Insuring your handbag (or purse, briefcase or backpack) is one way you can help ease the financial burden should an event like theft or loss occur. You might not realise that it’s possible to even insure your luxury and designer handbags under your contents insurance (though you may need extra cover if taking your bags outside the home).
Here’s how you can insure your handbag in Australia, including how to insure it if leaving home or travelling, plus how to make a claim.
Portable Items Cover can help insure your handbag when you take it outside your home, such as to work or on holiday.
How do I insure my handbags? Are handbags covered under contents insurance?
RACV Contents Insurance can be used to cover your everyday and work handbags, as well as provide insurance for luxury handbags and designer handbags. Contents Insurance can provide coverage for your handbags while they are at home, with optional coverage available if you want your handbags to be insured outside of your home – see below.
Am I covered if I leave my house with my handbag?
Check your individual insurance policy to see if your handbags are covered once they leave your home.
With RACV Home and Contents Insurance, handbags are only covered outside of the home if you choose to add Portable Items Cover.
Portable Items cover is entirely optional and can help provide coverage for an individual's handbags up to $10,000 while in Australia or New Zealand. If you have a handbag worth more than $10,000, you can increase the sum insured amount by listing the specific item separately on your policy.
Handbags are not covered for scratches or dents under Portable Items Cover, nor are they covered while being repaired, restored or cleaned.
Am I covered if I go overseas with my handbag?
If you have taken out Portable Items Cover, the most RACV Insurance pays is $10,000 for all items while you are overseas.
Depending on your individual circumstances, you may also wish to consider RACV Travel Insurance*, which can help cover your luggage if it is lost, stolen, damaged or delayed while you’re travelling. Policies can be tailored for both domestic and international travel.
It can be helpful to review your policy and sum insured amount regularly, such as when purchasing or receiving an item of value (such as a handbag). Image: Getty
How much should I insure my handbag for?
The amount you insure your handbag for will depend on its value and your individual policy. Generally speaking, it should be insured for at least the amount it would take to replace to it in today’s prices.
Underinsuring your handbag could leave you paying more out-of-pocket if you need to replace or repair it. Conversely, insuring your handbag for more than it is worth means you’ll only be able to claim the actual cost, minus the excess, should an insured event occur.
Having your luxury or designer handbag professionally valued can help you determine the amount it should be insured for, as well as providing you with a valuation certificate that can be helpful should you need to make a claim.
Can I insure my designer handbags?
Designer items, including handbags, are insured as general contents as part of an RACV Contents Insurance policy.
As luxury or designer items can increase in value over time, it can help to routinely revisit your policy’s sum insured, as this figure represents the maximum amount you can claim should an insured event occur.
RACV Contents Insurance does not provide coverage for items kept for sale, distribution, on display, exhibition or on consignment.
Can I add a handbag to my Contents Insurance Policy at any time?
Many insurers understand that your needs can change and allow you to make changes to your policy at any time, not just at renewal.
It can help to review your coverage (including your sum insured) periodically to ensure your policy meets your needs.
Does Contents Insurance cover for theft or damage?
A general RACV Contents Insurance policy covers handbags that are inside your home for listed events, including theft and certain types of damage. See the Product Disclosure Statement (PDS) for details on listed events.
What happens if I need to make a claim? What information is needed?
RACV Insurance claims can be made online or by calling 13 19 03.
When an insurance claim is made, you may be asked to supply proof of ownership and value for an item, such as (but not limited to) a receipt, valuation or photograph.
The information provided is general advice only. Before making any decisions please consider your own circumstances and the Product Disclosure Statement and Target Market Determinations. For copies, visit racv.com.au. As distributor, RACV Insurance Services Pty Ltd AFS Licence No. 230039 receives commission for each policy sold or renewed. Product(s) issued by Insurance Manufacturers of Australia Pty Ltd ABN 93 004 208 084 AFS Licence No. 227678.
*RACV Travel Insurance is issued by Tokio Marine & Nichido Fire Insurance Co., Ltd.
