Insuring your collection

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?

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?

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.

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!

Sir Tristram said:

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!

Click to expand...

cool. Im gonna look into that.

thanks for the link

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.

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.

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.

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.

Agent0028 said:

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.

Click to expand...

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.

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.

Darth Loki said:

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?

Click to expand...

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.

Here's Collectinsure's FAQ.
Here's the FAQ for a general collection, which would be us with our SSC stuff

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.

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...

tomandshell said:

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...

Click to expand...

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

tomandshell said:

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...

Click to expand...

JS

kingdarkness03 said:

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

Click to expand...

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.

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.

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

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.