Handbags or manbags

The typical 30 year old buying a new bag every three months will spend on average between £185 and £380 on a new handbag.

The price of a popular designer handbag, such as Chloe Elvire tote bag, could set back the wannabe fashionistas as much as £870 and the world's most expensive handbag has overtaken the price of a Mercedes car. The Louis Vuitton Tribute Patchwork handbag is on sale at £23,484, nearly £3,000 more than a Mercedes C180 Coupe SE.

With men now also looking to use a bag to carry around their belongings, rather than a plastic carrier bag, Legal & General recommends that we all check the value of the handbags we own and their contents. The value of the belongings in our bags, as well as the value of a bag itself can quickly add up. Typically, the value of a woman’s handbag and its contents can easily be worth £1,500.

Most household insurance policies offer cover for personal possessions away from the home as an optional benefit and this would include cover for a handbag and its contents. So people should first check that they do have cover for personal possessions as an option under their house insurance policy and then check the level of cover available to ensure it is sufficient for the personal possessions they own. This could be particularly important if they do have a taste for designer accessories.

Ruth Wilkins, Head of communications at Legal & General's general insurance business explains, "It is surprising how much we do actually carry around with us each day. This often includes items that we would be lost without, such as family photos, a special gift or a lottery ticket, which are difficult to put a price on. In addition, there is the pressure to buy the latest designer items, which can be quite pricey. So it’s probably not that surprising that the value of something like a ladies handbag is so high, when you do consider the variety of items a women will sometimes carry around with her and which are sometimes taken for granted.”

Ruth continued: “It is extremely upsetting to have a handbag or the contents stolen. So rather than realise that you are not insured we suggest people check that they have cover now and that it is adequate to cover the cost of replacement.

Legal & General's household contents insurance provides cover for bags while in the home and the optional personal possessions section covers bags outside the home. Customers are also able to specify items, like an expensive designer bag, so they have the peace of mind that they do have adequate cover, if needed."

Also a chance to add to your bag collection…

For those dreaming of owning a designer handbag, Legal & General is offering the opportunity to win a designer bag, of your choice, up to the value of £100. For example, the winner could buy a Radley dog in pocket grab bag, which retails for £100 or a man’s utility bag by John Rocha which is valued at £90. Details of how to enter the prize draw are on Legal & General’s website, legalandgeneral.com. Entrants need to answer the following question: What do you think is the value of the average bag and its contents? The closing date for entries is midnight on Wednesday 2 January 2008. Full terms and conditions are outlined on the website.