Just got home insurance! How do you go about pricing toys?

Discussion in 'Transformers Toy Discussion' started by Kuma Style, Oct 5, 2011.

  1. Kuma Style

    Kuma Style Toy Photography TFW2005 Supporter

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    Ok, so just got this place insured through state farm. Not bad. It's like 18 a month for 25k worth of insurance and a $500 deductible. Includes natural disasters and stuff.

    My question to all of you guys who have it, is, how do you all go about pricing your toys? Just like all of you I'm sure, I'm at the point where I've spent thousands on this stuff, and on a lot of them the value has appreciated.

    If something happens though, how do you go about getting a proper refund on your toys? Specifically ones out of productions. Do you just print out ebay prices, or what?
     
  2. jono83

    jono83 Well-Known Member

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    Probably better off trying to sort a agreed valuation for your whole collection
     
  3. Kuma Style

    Kuma Style Toy Photography TFW2005 Supporter

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    Ok, cool. Do I just need to call and have someone come out?
     
  4. Thundershot

    Thundershot The guy with 28 Sweeps

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    Also, check to make sure you have "replacement value" not depreciated value. That can make a huge difference sometimes.
     
  5. ex dtw2003

    ex dtw2003 Well-Known Member

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    1) Do you think you have more than that in TFs?
    2) If you have some items that are specifically worth big bucks, like thousands, then get them individually appraised and have riders inserted into your policy. Just like if you had a spouse with an engagement ring.
    3) Take photos for proof of your collection. I know you take pics of your figures but you might want pics that show them in your house not in a light box.
     
  6. Nemesis251

    Nemesis251 Wants 3rd Party Knock Out

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    Good question. I want to get my collection appraised but didn't know how to go about it
     
  7. Brooticus

    Brooticus "You bred Raptors?"

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    I've often wondered this. Perhaps keeping a catalogue of finished ebay item screengrabs could help. Keeping a folder in your email that contains invoices/receipts may be a good idea, particularly for vintage or out of production items bought online.
     
  8. Alucard77

    Alucard77 Kaon Gladiator Champion

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    Hey TJ,

    I think Superquad wrote a whole thing on insuring your toys. I remember it from a while ago. You may want to ask him. I know it is here, somewhere, on these boards.

    It was exactly what you are looking for.
     
  9. Kuma Style

    Kuma Style Toy Photography TFW2005 Supporter

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    @Ex- Thanks man, that's some great information. I was planning on redoing my setup and taking pictures anyways, so this is encouragement to get off my ass and get it done by tomorrow.

    @Nemesis - Yea man, I figured I wasn't the only one wanting to know, so hopefully we can all get some kind of answer to help us all out.

    @Brooticus - That's what I was wondering man, but I'm not sure if they'll accept that as "valid". I'm gonna call today and get a better idea.

    @Alucard - Thanks! I'll go ahead and PM SQ7 today, because that would rock.
     
  10. Dr. Prime

    Dr. Prime Dr. Prime

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    This....you need to have them at replacement value.


    I'm not sure if there is anyone out there in the insurance world that can "appraise" a transformer toy collection. Get pictures of your collection in your house and catalog them on a spreadsheet and list "replacement value" for each figure. In reality, if a disaster happens you will probably never get full value in return, but, personally, I would be happy getting 2/3 to 3/4 value if something catastrophic happened. Good luck TJ and very smart ;) 
     
  11. Atomatron

    Atomatron Well-Known Member

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    you still with the faclons tj?
     
  12. ex dtw2003

    ex dtw2003 Well-Known Member

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    Re: Valuations.

    You don't need to get everything appraised - just key valuable figures. The reason is that if you prove you have an item then the insurance company will have it's appraiser set market value - probably off ebay. Pretty basic and ok for a majority of stuff that isn't truly collectible.

    But with valuable figures, stuff like completion, condition etc start to more greatly affect value right and you will need proof that these key figures are worth what you've been paying to insure them all those years.

    Edit: Sometimes receipts will suffice for replacement value if bought used.
     
  13. vm-01

    vm-01 Well-Known Member

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    You should always keep documentation on anything you insure. On the event of a claim the company will pay you what it thinks is market value even if you pay for a higher one. It's your responsability to quote the real price and your right to prove it in the event that an adjuster doesn't agree with you.
     
  14. x BlackMagnus x

    x BlackMagnus x Is not impressed

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  15. Fort_Fett

    Fort_Fett iRkeN iNvaDR

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    I've had State Farm for years now and have had renters for the last 7, but just bought a house back in March so had to upgrade to homeowners insurance. All my agent requires is a spreadsheet of my "inventory" and how much I want to insure everything for. No special riders, no pics, no walkthrough required.
     
  16. exomega255

    exomega255 Emerald Green

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    TJ, I am curious: 25K is enough insurance? Having seen your collection, I am almost certain that it goes for more than 25K.
     
  17. Kuma Style

    Kuma Style Toy Photography TFW2005 Supporter

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    Thanks BM!

    And Exo, I'm absolutely positively not sure man. Believe it or not, until recently I've never even thought about the value of my collection.
     
  18. exomega255

    exomega255 Emerald Green

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    Well, on the basis of reading your posts (about your FP stuff among others), I venture to guess that if you are not over 25K now, you will be within a year on your collection, and that's probably retail at best.

    Ofcourse, that's just guesses based on your pictures and what you said you have from the forum ^^; So I think, you may want to consider how much it cost to be insured for more or take a detailed inventory of what you have (or maybe you have already xD)
     
  19. Kuma Style

    Kuma Style Toy Photography TFW2005 Supporter

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    Yea definitely, Even the five FP Bruticii that I have out would go for like 300 a piece, so you're absolutely right.

    I'm more than sure I can increase my insurance after I get it all priced out, but right now it's just figuring out how, and I'm going to take a good long link at the link BM provided tonight and get rolling on this.
     

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