Insure your collection?

Discussion in 'Transformers General Discussion' started by aprim, May 30, 2008.

  1. aprim

    aprim Well-Known Member

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    So my insurance rep can over my house to talk to me about the rates..
    I showed him my collection and he recommened I get a seperate insurace policy on my stuff.
    He said I would need someone tp aprase my collection. Dose anybody know someone who could do this?

    Dose anyone have a sprate policy on there collection?
     
  2. xZAOx

    xZAOx Yep.

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    I do. They asked who would be the person I'd need to appraise it, as in, who would be the knowledge holder for the toys' worth, and I said "me". So, I made an excel sheet with all my toys, with replacement value costs, and took pictures of everything. I didn't insure it against the full amount though.
     
  3. DoubleClouder

    DoubleClouder Autobot/Decepticon

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    Yah I had mine insured a few years ago, I should go through and revalue everything
     
  4. aprim

    aprim Well-Known Member

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    BUt I should just make a speradsheet and place values on everything?
    I mean, is that legal in terms of insurance if something should happen?

    Loose movie bumblebee=1000.00 :) 
     
  5. XJunky

    XJunky Howdy Ho Veteran TFW2005 Supporter

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    Well, your rates go up with the amount you insure against, so you'd just wind up paying a higher premium. Also, if something should happen they'd most likely have a (group of) lawyers working on the claim, and may discredit absurdly high valuations.

    Your best bet is to speak with your insurance agent and see who they would recommend for an appraisal. My collection is wrapped up into my home insurance, but my stuff isn't quite as nice as yours :) 
     
  6. aprim

    aprim Well-Known Member

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    I did that..He came and view my colletion. He said under homeowners insurance it would only cover orginal cost of the toy. Not the Going rate.
    So I need to get it appraied and take out a wayver of some sort.

    Anyway is there someone that can to do this on the boards?
     
  7. KING KONVOY

    KING KONVOY Well-Known Member

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    The insurer would collect your premium and fight your claim plus there will be a clause in the policy that says the insurer wouldn't pay more than the replacement value or they will refund/reimburse you for the amount you spent on the replacement. The purpose of property & casualty insurance is to indemnify you (to make you hold again) not to put you in a better position then you were in. There are always people who slip through the cracks but for the most part the underwriters can search the internet just like you and I and determine the cost. Plus if it is within the 1st or 2nd year of the policy then the insurer could cancel the contract because you misrepresented yourself. You could always claim that you “misremembered”. The moral hazard you posed and the asymmetric information problem can be mitigated through deductibles, coinsurance and setting the proper limits in aggregate and per occurrence.
     
  8. Big_Daddy

    Big_Daddy The. Balls. Will. Touch.<br><b><font color=blue>Bi

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    My entire collection is insured through my home insurance, provided that I can show pictures of all figures if necessary, and the premium isn't any higher either; I pay about $10 per month. If something happens, I'll get about $10.000.
     
  9. aprim

    aprim Well-Known Member

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    Damn king...way to may big words for me..

    So what your saying is dont lie right?
     
  10. MetroBoy

    MetroBoy Keeper of the Cheese

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    I have been thinking about it but how do you insure "Priceless"?

    It's easy to put a monetary value on a piece of plastic, but the memories of hunting for them with friends and my girlfriend aren't really something I can put a dollar amount on.

    I could replace the physical item, that's easy enough, but I'm not sure if I would feel the same way about them.

    ..... I would still take the cash though and drown my sorrows a bit.
     
  11. KING KONVOY

    KING KONVOY Well-Known Member

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    Sorry man, I getting my MS in Risk Management & Insurance.

    I just saying you won't be able to exaggerate too much and even if you over insure then they will take the premium and fight you during claim time. If they approve your claim you probably have a high deductible and have to pay coinsurance.
     
  12. DoubleClouder

    DoubleClouder Autobot/Decepticon

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    It starts getting real complicated if you own any prototypes. What value do you place on that?
     
  13. KING KONVOY

    KING KONVOY Well-Known Member

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    How about Lucky Draws?
     
  14. Hollywood Hoist

    Hollywood Hoist Well-Known Member

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    How would you determine the value? Would you go by Ebay prices?
     
  15. Kingplay

    Kingplay Banned

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    insure it for sure if ur collection is over 20k
     
  16. xZAOx

    xZAOx Yep.

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    That's what I did. I looked at eBay for comparable stuff + shipping cost (since I'm looking at replacement costs).
     
  17. Transquito

    Transquito Reach For The Light TFW2005 Supporter

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    I am thinking of insuring my collection ...

    Im just not sure what it'll cost me and such ...

    Besides, most thiefs would probably just see the collection as ordinary toys ...

    :tongue: 

    OH ... and i have my doggy to watch over my collection aswell ! Rawr ... ;) 
     
  18. shockwave_store

    shockwave_store DECEPTICON BADASS

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    yeah i got a 120 lb rottweiller to watch over my collection, so thats MY insurance policy.

    and all she costs me is food, and water.
     
  19. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    First off, your insurance agency sucks if they can't put a rider on your homeowner's policy. For real.

    But if you want a seperate policy, I use Collectibles Insurance Services. I'm happy with them so far, but I've never made a claim.

    And far as the value...estimate it. Your premium will go up or down depending, so you're paying regardless. Then document your collection with a camcorder.
     
  20. Transquito

    Transquito Reach For The Light TFW2005 Supporter

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    Well ... mine is a Jack Rusell Terrier ...

    Small, cute, hairy ... but pure eviiil :ev: 

    OH ! And then he farts ! For real ...
     

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