Insurance for your collection?

[Metrotitan]

Hey all!

My friends, family and gf have all been hounding me to take out some kind of insurance policy on my +1000 figure toy collection (mostly Transformers and Marvel). I've been collecting 10 years , my suite is FULL of toys!

One fire and I am out many thousands of dollars! :eek:

So, does anyone here on the boards have any experience/ideas about taking out insurance on collectibles?

[Buhawi]

i'm curious about this one too. wouldn't this be covered under house insurance as well?

[Bruticus82]

Well, here is an older thread on the topic, although quite unhelpfully most of the information was transacted through pm...maybe they'll be more fortchoming this time around?

http://www.cybertron.ca/boards/showthread.php?t=4653

And here is an article from seibertron.com, it gets into insurance at the bottom of the first post, and then on page 4 an insurance person chimes in.

http://www.seibertron.com/energonpub/terrorists-are-coming-for-your-toys-i-ain-t-scared-t34185.php

[racerguy76]

You would have to check(read) your policy to see what it actually covers. The standard house insurance (in Alberta) only covers up to $2500 in collectibles. I think it states comics or other "collections". To get it insured you may also need to get it appraised. At least have photographs of everything in case something does happen. At least then you will be given the max amount to try and replace some of it.

Your insurance company may have diffrent packages. Back in the day when I was graphic designer I had an insurance packaged that covered software I had for a million dollars. It didn't really cost anymore it just covered less of other things like no coverage on a garage(which I didn't have). I would suggest talking to a company different than the one you have your current insurance with, before contacting your current policy holder. I had my car insurance cancelled when I inquired about putting insurance on my race car for when it's parked and transported(on a trailer). The company would not deal with me because I raced cars.

[Buhawi]

i wonder how many of you got insurance for your collection.

i kinda agree with TTT

There is always a chance that if they are insured and something does happen your insurer will usually find a way out of reimbursement.
They rarely come through when you need them....doesn't matter how much you've put into it.


plus this.

YOUR TOYS ARE TOYS!!! Listen and listen good. Your toys are NOT collectables. Want to get F’d in the A? Call them collectables. Learn about how you’re exceeding your collection limit with Brave Maximus alone.


and this.

If the insurance company can not determine the value of an item (and they won’t be able to do so for Transformers toys, especially vintage), they are going to accept your pricing and give you HALF of what you claim.


i think i dont even have half the receipts of my purchases. pictures i have tons but key to his is mostly receipts.

[Bruticus82]

i think i dont even have half the receipts of my purchases. pictures i have tons but key to his is mostly receipts.

Anyone know how far back paypal keeps your payment history? Those would kind of be receipts...

[Tekkamanraiden]

It looks like they keep them 3 months.

[Buhawi]

Hey all!

My friends, family and gf have all been hounding me to take out some kind of insurance policy on my +1000 figure toy collection (mostly Transformers and Marvel). I've been collecting 10 years , my suite is FULL of toys!

One fire and I am out many thousands of dollars! :eek:

So, does anyone here on the boards have any experience/ideas about taking out insurance on collectibles?

is your collection, mostly MISB?

[Autobot_Orion]

Insurance for collectibles will protect some of your investment. It takes paperwork (collecting receipts , pictures). Even if you lost all material property. Starting over you'd have to put all that time, looking and you would never get that back. It's better to have insurance for anything you own, including yourself/family than nothing at all and usually doesn't cost very much.

Wait! you could also think of investing in a tf bunker/vault one that could withstand multiple direct fusion blasts from a Cybertronian Walther P38. That in my mind would be the greatest possible insurance.

[TFtoys]

Collectable/valuable or not, we all feel bad if something happened to our toys. Especially a major numbers of them are damaged or destroyed in the accident. An issurance can be handy at least cover some of the lost rather than nothing.

[Bruticus82]

I think I would feel the same about losing my transformers as I would any other item of sentimental value: The money would be nice, but I would probably never again buy the things. My sentimental attachment to many of these figures is because they were mine when I was younger, and I'm seeking out others because I'm kind of a completist...but...if I had lost them all, I probably wouldn't start again. Just, too much to collect, and too little sentimental attachment to fiures that aren't really "mine".

Similarly, I think if you had some antique heirloom passed down through your family, and it was destroyed, you probably wouldn't buy another identical one, because it just doesn't have the same sentimental attachment.

[Shockwave 75]

I think I would feel the same about loosing my transformers as I would any other item of sentimental value: The money would be nice, but I would probably never again buy the things. My sentimental attachment to many of these figures is because they were mine when I was younger, and I'm seeking out others because I'm kind of a completist...but...if I had lost them all, I probably wouldn't start again. Just, too much to collect, and too little sentimental attachment to fiures that aren't really "mine".

Similarly, I think if you had some antique heirloom passed down through your family, and it was destroyed, you probably wouldn't buy another identical one, because it just doesn't have the same sentimental attachment.
This.

I look at my collection and I know that if anything happened to it I would never be able to replace them.

For various reasons.

There is this website: Collectables Insurance (http://www.collectinsure.com/). They've been around for a while, but I don't really know anything about them. They might not even be able to insure anything outside of the US.

[Hobbyist Prime]

What kind of crap company doesn't cover nuclear war???? LMFAO!!! If it happens I don't think there are going to be many people making claims.

[brr-icy]

I think I would feel the same about losing my transformers as I would any other item of sentimental value: The money would be nice, but I would probably never again buy the things. My sentimental attachment to many of these figures is because they were mine when I was younger, and I'm seeking out others because I'm kind of a completist...but...if I had lost them all, I probably wouldn't start again. Just, too much to collect, and too little sentimental attachment to fiures that aren't really "mine".

Similarly, I think if you had some antique heirloom passed down through your family, and it was destroyed, you probably wouldn't buy another identical one, because it just doesn't have the same sentimental attachment.

would agree, except i only have two micromasters from when i was a kid left, so rebuilding now, i might get some of them back, never know, but i wouldn't know it if i did.

[pulsedragon20]

I don't have insurance specifically for my TFs, but for my house as a whole (including collectibles from what I remembered)

[justprime]

The collection is included (as A addon) in my house insurance
appraised/itemised to account for replacement and value my isurance agent didn't understand the need untill she came to the house and veiwed the collection.

[Haggis]

What i've done is upped my tendaence insurance claiming them under collectables