Insuring your collection

[Darth Loki]

Since my collection is growing it seems every day, I'm thinking about getting some special insurance on it. I've talked to my insurance agent and it seems very reasonable for what I have so far and includes any kind of breakage or damages (I hope your reading this Kit).

Can anyone tell me if they have their collection insured and if you've ever needed it?

[nash]

what would be the procedure besides talking to an agent?

Do you have to take pics of EVERYTHING that you want insured? How detailed do the pics have to be and how will they know how much a collectible costs if you ever need to make a claim?

[occulum]

One thing my insurance agent told me was that Collectibles are in the same category as Jewelry and similar valubles. So if your house is destroyed by fire/robbed or whatever, make sure you are insured enough to cover both in that category.

At least thats the way my home owners works. May not be that way for everybody's.

[Sir Tristram]

No, collectinsure.com says you know what your collection is worht to YOU...So you take out a policy that can cover your loss and damanges if anything occurs!
They specialize in Collectibles (any kind) and bladed weapons.
They are a tip top company that has been around for 30 years!

Go there!

[occulum]

No, collectinsure.com says you know what your collection is worht to YOU...So you take out a policy that can cover your loss and damanges if anything occurs!
They specialize in Collectibles (any kind) and bladed weapons.
They are a tip top company that has been around for 30 years!

Go there!
cool. Im gonna look into that.

thanks for the link

[nash]

so what if someone insured their 12" SSC Luke Exclusive as worth $5000. Then if it was destroyed or damaged they can make a claim to collect the $5000?

I dont see how this is organized.

[Darklord Dave]

I talked to a Collectibles insurance at Wizard World LA - might have been collectinsure. But they didn't require pics or even a list, any one item was limited to $5000 I think, but otherwise pretty much anything goes. Earthquake damage was included.

With such lacksidaisical procedures though, I'm wondering how difficult it would be to collect on a claim.

[Agent0028]

Wouldn't the higher the amount you have insured result in higher rates, isn't that how life insurance works? I don't know much about insurance since I'm still lucky enough as a college student to be under mommy and daddy's wing.

[Deak Starkiller]

I have insurance thru state farm. Just added to my car insurance. $25,000 worth of coverage. Also helps to keep a photo CD on file.

[nash]

Wouldn't the higher the amount you have insured result in higher rates, isn't that how life insurance works? I don't know much about insurance since I'm still lucky enough as a college student to be under mommy and daddy's wing.

Im pretty sure it works the same way, however, if you insure a 12" Luke Exclusive figure for $5000. I doubt your monthly premium will be even close to that. Therefore you could file a claim right away and walk with some big money in your pockets right?

Im in no way condoning fraud, however I just dont understand how this whole thing works if they let "you" decide how much your collectible is worth.

[Darth Loki]

As far as I know you give a replacement value. Is something happens they would probably need photographic proof of a damage (don't know what would happen if it were stolen). Then there'd be some process of replacing it, then they'd give you money.

[KitFisto]

Since my collection is growing it seems every day, I'm thinking about getting some special insurance on it. I've talked to my insurance agent and it seems very reasonable for what I have so far and includes any kind of breakage or damages (I hope your reading this Kit).

Can anyone tell me if they have their collection insured and if you've ever needed it?

I am reading and I am going to call my company this week and see what I have to do. Too much value in it for it to be "lost" in any way be it broken, fire, flood....whatever.

[GSRJedi]

Here's Collectinsure's FAQ. (http://www.collectinsure.com/faq.htm)
Here's the FAQ for a general collection, which would be us with our SSC stuff (http://www.collectinsure.com/Acrobat2-05/FAQ%20General%20Questions%20General%20Collectors.p df)

I remember checking into them a couple months ago and the rates weren't that bad. They're revising the rates now, so they have no date on their site, but you could probably call them and get the info. Basically, they say - since most people's collections tend to be in a constant state of flux, it's up to you to know what you have; probably because it would be a hassle to have them update everytime you get something, or even on some sort of regular schedule. I think you insure you're whole collection. It sounds like they require documentation that you at least own the item, considering if it was stolen, or in some sort of fire there'd be some record from the police/fire department that you were involved. It looks like you can even get a policy when/if you move in case something happens during the move.

[tomandshell]

I hope nothing ever happens to my Haradrim Soldier statue. It's worth $1,000,000 to me and I would hate to have to replace it...

[King Darkness]

I hope nothing ever happens to my Haradrim Soldier statue. It's worth $1,000,000 to me and I would hate to have to replace it...

:rotfl :lol :lol :rotfl ..you should try insuring it for that price and see what they say...

[JSA]

I hope nothing ever happens to my Haradrim Soldier statue. It's worth $1,000,000 to me and I would hate to have to replace it...

:rotfl :rotfl :rotfl :rotfl :rotfl :rotfl :rotfl :rotfl :rotfl

JS :D

[Sir Tristram]

:rotfl :lol :lol :rotfl ..you should try insuring it for that price and see what they say...

Their quotes only go up to 200,000.
If you think your collection is worth more than that...you need to call them. I don't know how high they go.

[nash]

If anyone has ever had an experience or know someone who had to make a claim, i'd be interested to know the details of how it all worked.

[Darth Loki]

I'll ask my insurance agent next time I talk to him.

[occulum]

most places offer to reimburse what the piece costed you when you purchased it cause "technically" thats what you'd be out.

Replacement price of a piece thats increased in value over time would definitley be an issue though.

[Agent0028]

most places offer to reimburse what the piece costed you when you purchased it cause "technically" thats what you'd be out.

Replacement price of a piece thats increased in value over time would definitley be an issue though.
That's the thing that would concern me, if ten years from now my PF collection is destroyed in a hurricane it'll probably be really difficult to replace them, I would guess it could be difficult to replace them even if the insurance company paid market value...

[GSRJedi]

Q. What about new acquisitions?
A. New collectibles similar to the type(s) listed on your application are automatically covered by the policy you
get from Collectibles Insurance Agency. If you start a new collection just email, fax, write or call us to add the
new type collectible to your coverage. If you do not tell us about new types or themes for your collectibles they
cannot be insured. Your coverage can be changed at any time.
Also, collectors have an automatic 1% monthly increase in coverage (not compounded) unless the collector has
voided this option. This means that if you take out a $10,000 policy, each month after the inception month the
policy value increases by $100. Thus if you were to take out a $10,000 insurance policy in January and in July
of the same year incur a loss, your coverage in July is $10,600. When a renewal notice is sent to you for
renewal effective January of the next year, instead of $10,000 coverage the renewal bill will be for $11,200
coverage. You can call, fax, write or email us to change your coverage to a lower or higher value. This
automatic monthly increase is to protect you for new purchases and sometimes for increased value of existing
items. If the automatic monthly increase in coverage is not desired just contact us and void this provision.

Sounds to me like they cover for replacement cost and not the price you paid. Of course if something loses money (like a lot of the MR ROTS sabers), you'd be out, but you'd be out anyways.

[Agent0028]

So long as the stuff can be replaced it'd work pretty good, my collection is pretty small, so I don't know if it'd be worth it, but I might just take a look into as I get more stuff and when (if) what I have starts to go up in value. I suppose there could still be a problem with actually finding the stuff, but with patience I doubt it would be impossible.

[Darth Loki]

My insurance agent told me that the first thing they try to do is replace. I hope no valuable SN#'s ever get broken becuase those would be impossible to replace. Fortunately all my SN's are insignificant.