Insuring your Transformers

Discussion in 'Transformers General Discussion' started by Wajo357, Jun 13, 2007.

  1. Wajo357

    Wajo357 Well-Known Member

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    So my wife and I are in the process of getting a house and we are currently looking into insurance. My wife tells me that for "collectibles" its $30 per thousand (Jewelry is $14.50 per thousand). If you have a serious collection (which I do), a $50G collection would be $1500 a year! That sounds outrageous.

    Please help me out. What do people do?
     
  2. KidDynamite

    KidDynamite don't know nothing Veteran

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    Do some research. That sounds kind of high to me too. Don't just take one insurer's word for it.

    Also, I highly suggest you get collectibles insurance from someone who specializes in it rather than bundling with the rest of your insurance. Regular insurance companies do not understand toy collectibles and are known far and wide for vastly underdelivering on replacement value when the unthinkable happens. A specialist insurer might cost a little more, but it can literally save you tens of thousands of dollars on a collection of your size if it were totally destroyed or stolen. It's worth it for the peace of mind.
     
  3. Wajo357

    Wajo357 Well-Known Member

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    thanks... if people use an insurance company they like, please advise me.
     
  4. b_ack51

    b_ack51 I'm on the interweb!

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    Talk with your insurance agent, ask them specific scenarios if you have to. I know when you get homeowners insurance they will (make sure to ask) cover up to a certain value (usually the same of your house) of the stuff inside. Like I have a few thousand in electronics, so I wanted to make sure my home theater would be covered, computers, etc. Each policy is different, I'm not sure how collectibles are covered.

    I can tell you this though, when you replace something (lets say a fire burned down your house), you only get 80% paid for or value of the object. But if you decide not to replace something the insurance company will only give you 20% of what the value is. My coworker's house recently burned down and he told me everything that is going on, it sucks, he had probably $100k worth of guns. (anti tank rifles, sniper rifles, machine guns, plus some hand guns) All of them melted, I'm not sure if the insurance company is paying for them though.
     
  5. Triformis

    Triformis Insecticon Fanatic TFW2005 Supporter

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    Dude, when his house burned down, was there tons of ammo inside too? If so, then holy crap, that must have been a very, very dangerous (and loud) fire. I assume everyone's okay? Then again, maybe they kept it all in a fire-proof safe.
     
  6. NegaPrime

    NegaPrime Banned

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    I just had a sub policy added to my homeowners policy when I bought the house. My collection is worth probably $6,000 retail, and I got covered up to $10,000.

    The thing about insurance is that you do have to prove your collection is worth big bucks before the company will pay out. That usually means pictures, serial numbers (if applicable), some kind of acknowledgment by an expert in the field that the collection is indeed worth that much, etc.

    I think my whole homeowners policy is only about $300 a year (it's all built into my monthly payment, so I'm not quite sure) through Farmer's insurance, so $1500/year is REALLY steep.
     
  7. cutback4197

    cutback4197 all roads lead to shame

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    I recently inquired about insuring my collection and it was only going to be like $200 a year. Pictures of each one and a spreadsheet with everything in your collection will help alot in getting your full value. I recently had a fire. State Farm gave us 100% value if we replaced the item for equal value and a devalued portion if we did not. For example we had a mattress that was five years old, they said the mattress should last 15 years. Since we paid $600 we got four hundred back.
     
  8. Wajo357

    Wajo357 Well-Known Member

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    oh man, I tried writing out a list of what I have, but I stopped after taking pics of my muppets... there are soooooo many.
     
  9. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    I use these guys:

    http://www.collectinsure.com/

    Never had to file a claim with them (luckily), so I can't give an opinion on that. But they're definitely collector-oriented (for example, you set your policy value to go up automatically a certain amount or percentage each year to account for natural growth in value and acquisitions) and they've been around a while. Reasonable rates, also.
     
  10. cutback4197

    cutback4197 all roads lead to shame

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    I started a spreadsheet before my fire and I update it as much as possible. It took a while to complete, but it was worth the effort. I have seen pics of your collection, it could take you a while.
     

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