Track the value of your downloads
Virgin Money urges music fans to keep receipts of online purchases
Music fans looking to benefit from the launch of a cut-price online music downloading service have been urged to make sure their digital collection is covered under their home insurance policy.
HMV.com is now offering tracks at 40p a time – nearly half the cost of rival iTunes – which means music lovers will be able to get double the music for their money.
But music and movie fans could be risking their collection if their home insurance does not cover them if their computer or laptop is damaged, lost or stolen, Virgin Money warns.
Not all household and contents insurance will pay out for downloaded tracks – some say downloads should count as data files and therefore do not cover them while others classify them as personal possessions and do.
iTunes reached its 10 billionth sale this year and the evidence suggests that online downloads are likely to grow rapidly over the coming years. CD sales decreased by close to 10% during the first half of 2010, while online downloads grew by 34% in the same time period.
Grant Bather, spokesman at Virgin Money, said: “Download sales are growing in popularity all the time but many people neglect to back-up their collection and ensure their music is covered.
“While people may think to include their CDs in their insurance policies, downloaded files are often ignored. If your computer or laptop is lost, stolen or damaged a lot of information and film and music downloads could be lost, at considerable expense unless you have download cover.”
With the Virgin Money Home and Contents Cover, holders are able to claim on any downloads that they have receipts for up to a total of £3,000. If the music is lost or stolen they can claim as if they’re CDs. Users who download music and film should print off and keep all receipts safe.
Contents insurance also covers home office equipment, including a computer, up to £5,000, while laptops, if taken out of the property, can be covered by the additional Personal Possessions cover.
For further information
Tel: 0207 111 1012
Kevan Reilly / Chris Jarvis
Citigate Dewe Rogerson
Tel: 0207 638 9571
About Virgin Money:
- Virgin Money is Virgin’s financial services arm and was established in 1995 as a joint venture between the Virgin Group and Norwich Union.
- In 1997, Virgin Direct Personal Financial Services Limited launched The Virgin One Account, a joint venture with The Royal Bank of Scotland that offered the UK’s first current account mortgage direct to the retail market. In 2001, RBS bought out the Virgin Group’s stake in the joint venture.
- In April 2004 the Virgin Group took 100% ownership of Virgin Money.
- Virgin Money currently has over 2.5 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children’s Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA, and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market.
- Virgin Money’s brand ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- Virgin has signed a five-year deal to be the official sponsor of the London Marathon, the biggest annual fundraising event in the world. The inaugural Virgin London Marathon was on 25 April 2010. Virgin Money, the financial services division of the Virgin Group is leading the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.