Insuring a collection

[doublej]

How do you go about insuring your collection? Is it covered as a part of your household items or is it a separate item from the contents of your house (such as jewellery)? Did you need to get it appraised? If so, who the heck appraises this stuff?

Everything in my collection is photographed with a marker of some sort. However, I don't know what the next step would be.

If you don't mind sharing the process you went through or have any advice with getting your collection insured, it would be greatly appreciated.

[FreedomGundam]

From what I remember reading somewhere, it's difficult to get toy collections insured via home insurance because:
a) They normally don't insure toys (which, realistically, is what they really are)
b) If you want to insure them as "collectibles", they fall under the same bucket/category as antiques, and will then be calculated with the rates/premiums related to those.

Take that with a grain of salt, however, since it was just something I read on another forum years ago.

That being said, I'd have no idea who or what is needed. I mean, they really are just toys. There'd be no one really out there who'd realistically appraise Transformers for insurance purposes.

[ironclaugh]

I have just spoke with my insurance company about this. Insuring my transformers as a "Collection." After they are all logged and valued I just have to have an agent go over the lists with the physical objects. It should only cost from $60-$100 a year.

[Megatron75]

If your collection is worth a significant amount of money, then it might be something to worth looking into.

[Protoman]

You won't be able to afford it.

Let's put it this way.

If your collection is at that point of insuring, then think about the money it must be worth.

Now if insurance on a Ferrari which starts at $150,000 is on average sometimes $350 bucks a month (one way) can you imagine having a collection that is even more expensive than that...... and paying THAT a month in the assumption shit would go down

Get a dog, don't live near water, don't put your collection in flood easy basements, don't buy houses with slope garages, lock your doors/get an alarm and you should be fine

Personal advice.

[Window]

Originally Posted by Protoman

You won't be able to afford it.

Let's put it this way.

If your collection is at that point of insuring, then think about the money it must be worth.

Now if insurance on a Ferrari which starts at $150,000 is on average sometimes $350 bucks a month (one way) can you imagine having a collection that is even more expensive than that...... and paying THAT a month in the assumption shit would go down

Get a dog, don't live near water, don't put your collection in flood easy basements, don't buy houses with slope garages, lock your doors/get an alarm and you should be fine

Personal advice.

Comparing auto insurance to insuring a collection is comparing apples to oranges and shows how little you understand insurance.

It will be relatively inexpensive to insure a collection under a home-owners or tenants policy because the risks it is exposed to are far fewer than an auto.

[anemis]

Originally Posted by Window

Comparing auto insurance to insuring a collection is comparing apples to oranges and shows how little you understand insurance.

It will be relatively inexpensive to insure a collection under a home-owners or tenants policy because the risks it is exposed to are far fewer than an auto.

that was just an example he was saying.. he might have said a vase or a neckless or any other thing that,s worth something.... his analogy is correct... trust me with the collection he has, he probably already checked for that

[Bruticus82]

This thread on tfw2005 might be helpful:

http://www.tfw2005.com/boards/tutori...ollection.html

Usually they don't qualify as collectibles because the definition in most insurance policies are limited to antiques/coins/artwork, etc. and the companies don't view toys as coming under this definition.

You're definitely asking the right questions, and with collections of this type becoming more common and out there on shows like Pawn Stars, collection intervention, etc., insurance companies should be aware of this issue, and be able to explain their terms clearly to you. Make sure you get it in writing - even if that writing is your notes from the meeting (reviewed with your agent and dated/signed preferably).

[Buhawi]

Originally Posted by FreedomGundam

From what I remember reading somewhere, it's difficult to get toy collections insured via home insurance because:
a) They normally don't insure toys (which, realistically, is what they really are)
b) If you want to insure them as "collectibles", they fall under the same bucket/category as antiques, and will then be calculated with the rates/premiums related to those.

Take that with a grain of salt, however, since it was just something I read on another forum years ago.

That being said, I'd have no idea who or what is needed. I mean, they really are just toys. There'd be no one really out there who'd realistically appraise Transformers for insurance purposes.

Props to you Newt.

Last I checked most collectible insurance companies cover only the US. That was years ago.

http://lsminsurance.ca/life-insuranc...e-collectibles

ask around, you need to make phone calls and find out for yourself.

[Buhawi]

The wife put all of collections, books, mangas, videogames and toys with the house insurance.

Just don't expect collectors pricing.