The Nation’s OCD costs us £92 billion Direct Line warns of obsessive clothing disorder
23rd August 2011
- Brits have spent £4,500 on clothing, make-up, shoes and jewellery creating their perfect look
- UK adults estimate they own almost £2,000 of clothes on average
The cost of the nation's clothes obsession is revealed; research commissioned by Select from Direct Line insurance, suggests that we have over £92 billion* worth of clothes in our homes.
UK adults estimate they have £1,859 of clothes, with women (£2,034) owning £354 more than men; the equivalent of a new Marc Jacobs handbag. Those in their forties are the biggest spenders, estimating the value of their clothes to total £2,266 compared to twenty-somethings who have on average only £1,313 of clothing. Brits also own around £565 worth of shoes, with women also owning £188 in make-up.
However, when arranging home contents, these estimates are often inaccurately low. People rarely consider how much it would cost to replace each item in the event of a total loss, such as a flood or fire. The prevalence of underinsurance has also been identified by the Direct Line Select home appraisal team, who visit more affluent customers at their homes to help them accurately evaluate their contents insurance needs.
Jenny Carney, product manager for Select from Direct Line, commented: “Many of us fail to consider the value of the clothing, handbags and accessories in our wardrobes, when arranging home contents insurance. The average UK household has thousands of pounds of contents, within their wardrobes alone, accumulated over time. Between February and April, 64 per cent of homes we visited were significantly underinsured and would not be covered if items need replacing in the event of flood, fire or theft.”
For consumers who need higher levels of cover than standard insurance policies typically provide, Direct Line has recently launched Direct Line Select. The Select product offers bespoke insurance bundles; customers can choose home or motor insurance only, or choose to bring their various insurance covers into one Select portfolio of covers (including home, car, pet, travel insurance and breakdown cover), with one annual renewal and payment date. The products give customers enhanced levels of cover, greater levels of customer service and peace of mind.
For more information on Select from Direct Line please call 0800 533 5200
Or visit our website for more information on SELECT insurance from Direct Line
Notes to Editors:
For further information please contact:
020 8285 8682
Opinium Research carried out an online survey of 2,002 UK adults aged 18+ from 2nd to 6th December 2010. Results have been weighted to nationally representative criteria. www.opiniumresearch.com
All calculations estimate the size of the UK adult population (aged 18+) at 49,121,000 (ONS 2008 based population projection statistics for 2010)
Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides car, home, travel and pet insurance cover direct to customers by phone or on-line.
Direct Line general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc. Customers can find out more about Direct Line products or get a quote by calling 0845 246 3761 or visiting www.directline.com