NORWICH, ENGLAND, March 19, 2009
/24-7PressRelease/ -- The humble vinyl single celebrates its 60th anniversary in March and the format shows no signs of dying out.
Despite a continued increase in sales of downloaded songs and albums, over one million 7" singles were sold in Britain last year showing that the nation's music lovers are returning to the cherished sounds of the 7".
This boom coincides with an emergence of bands keen to revert to 7", with the Arctic Monkeys, White Stripes and Girls Aloud all producing limited edition 7" vinyls over the past 18 months.
With so many music lovers turning to the 7", Virgin Money is urging collectors to make sure that their contents insurance covers their vinyl collection should they get lost, stolen or damaged.
Grant Bather, spokesman at Virgin Money, said: "Although downloads are hugely popular, with sales of over 115 million in Britain during 2008, many music lovers are reverting back to vinyl, with over a million 7" single sales in the UK in 2008.
"Vinyls need to be treated with care, and with many bands issuing special limited edition records including the White Stripes, The Killers and Girls Aloud it is well worth checking your insurance policy covers your music collection in case these vinyls rocket in value over the next few decades.
"LPs and 7 inch records are becoming more sought after and can be very expensive - some can fetch over GBP10,000, so it is worth checking over your collection to assess its price and ensuring it is adequately covered."
The better the condition of the vinyl, the greater price it should be able to generate, so here are a few key points:
- Vinyl singles and LPs should be stacked side by side rather than piled on top of each other.
- Vinyl should be kept away from heat and direct sunlight.
- Make sure that all the packaging and sleeves are kept in as good a condition as possible.
- Catalogue and take pictures of your collection and keep all receipts of any vinyl you buy.
- Make sure your collection is adequately insured.
Virgin Money covers vinyl collections as part of its
home contents insurance - with no limit as long as the value of the collection is insured for the sufficient sum.
With Virgin Money
Home and Contents Cover, holders are also able to claim on any downloads that they have receipts for up to a total of GBP3,000. If the music is lost or stolen they can claim as if they're CDs. Customers who download music and film should print off and keep all receipts safe. Vinyl is excluded from the free home entertainment cover.
Contents insurance also covers home office equipment, including a computer, up to GBP5,000, while laptops can be covered by the additional Personal Possessions cover.
About Virgin Money
Virgin Money is Virgin's financial services arm and was established in 1995.
Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.
Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (
www.fsa.gov.uk/register), Register Number: 179271
Source: Virgin Money
Website:
http://uk.virginmoney.com/virgin/home-insurance/---
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