Going to a Music Festival this Summer?

Do I Need Festival Insurance?

Tis the season, the music festival season, when we pack our wellies and high spirits, and trod off the various music festivals that will dot the country; and other countries as well.

It may be the big ones like Glastonbury, or British Summer in the Park (Hyde Park), or one of the many other festivals:

* Isle of Weight

* Boomtown

* Creamfields

* Fusion Festival

* Download Festival

* Green Man Festival

The list does go on even more.

And with these festivals come festivities, drinking, eating, rolling on the elements, more drinking, losing things, and in the end wandering home happy and tired.

It is the losing of things that can make a festival a worry.

You go to all the work of preparing for the festival, the right tent, bags, maybe clothes, you may take a laptop, you will have your mobile phone, maybe a camera, all this stuff you need to keep track of.

So what about insurance?

We insure our cars, homes, lives, gadgets, and other possessions, do we need festival insurance as well?

What is Festival Insurance?

Festival insurance is just what it states, it protects your personal possession while you are away from home at a festival.

This may be your smart phone, camera, tablet computers, anything of value.

People lose hundreds of mobile phones, handbags, and other valuable items at festivals.

Insurance expert Caroline Lloyd states, “Festivals can be a great way to spend a long weekend with friends and family, but it’s important to remember to take care of your valuables.”

“Unfortunately, there are people who look to take advantage of us when we let our guard down to have fun and, although security staff usually do an excellent job at these events, it’s important to stay vigilant.”

“It’s worth making sure you are insured for any valuable items you’re considering taking.”

“Better yet, really consider whether you need to take any valuables with you at all, as having to foot the bill for losing or breaking any expensive items is a sure-fire way of turning a festival to remember into a festival you’ll want to forget.”

Do I Really Need Festival Insurance?

A very good question, and not everyone may need the extra coverage.

The first question to ask yourself to address this query is do you have other insurance that may protect your items while away?

These insurances may be:

* Gadget or other mobile phone insurance

* Travel insurance

* Home contents insurance (does it cover items taken outside the home)

* Some pre-packaged bank accounts offer insurance on items

And if you have any of these insurances, do they cover accidental damage, and what is the excess?

If you drop your phone during a mud slide contest and it gets caked with mud, will a policy cover such an accident.

Many losses at festivals are due to crime, crimes of opportunity, so we need to be vigilant in protecting our valuables.

A Senior Claims Manager at Lloyds Bank Home Insurance, Tim Downes states, “Festivals can be an annual pilgrimage and a chance for many to see their favourite band and let their hair down.”

However they can also attract opportunistic pick-pockets, who use them as the perfect place to pounce on party-goers.”

Losing smaller items like phones and wallets is easily done and can put a real dampener on the festival experience.”

Staying vigilant, and having the right level of cover in place should the worst happen, are simple ways to ensure that this year’s summer festivals are memorable for all the right reasons.”

So to answer the question as to if we need festival insurance, the answer is yes, but we also need to be aware and vigilant of our surroundings and those around us.

We also need to check to see if any of our existing insurances we may have will cover us.

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.