The 65-year-old had his mishap as he sliced carrots at his home in Sussex, reports The Daily Mirror.
Doctors sewed the tip of his left index finger back on but then he struggled to finish his new album Emotion and Commotion.
Therefore, he has now raised his insurance cover on his hands five-fold – making his 10 digits worth Â£7million.
A source close to the former Yardbirds star said: “Jeff was making a stew when he cut his finger clean off.
“Thankfully surgeons were able to patch it up. But now he’s taking no chances and has upped his insurance to Â£1million per finger.”