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Insurance appraisal on your collection?

wallst32wallst32 Posts: 513 ✭✭
in Trading Cards & Memorabilia Forum
Has anyone insured their card collection and if so, how did you get it appraised? Standard property insurance does not cover collectibles since the material value is typically low value to worthless, so the appraisal is required.

All my cards are PSA with a few SCD and GAI Star basketball cards. So I was thining of just using SMR. But would I need a 3rd party (ie a dealer) to sign off on SMR being an accurate value guide and also verifying that my cards are what I clam them to be? Anyone been through the process?

Thanks.

Comments

  • GriffinsGriffins Posts: 6,076 ✭✭✭
    From numerous sources I've spoken with this is the best insurance agency for collectables. I don't believe they require an appraisal, just documentation (a video tape may work). I spoke to the underwriter at the National and he answered everything the right way. I've known a few people with claims and they've paid them without hassles.
    Collectables Insurance Agency
    I thought the cost was very reasonable as well.

    Always looking for Topps Salesman Samples, pre '51 unopened packs, E90-2, E91a, N690 Kalamazoo Bats, and T204 Square Frame Ramly's

  • jersterjerster Posts: 828 ✭✭✭
    I second them. Cost is reasonable - now I have coverage in the event that something does happen. And thats a good feeling.
  • Kurtman9Kurtman9 Posts: 553
    Don't need insurance if you keep them in a bank safe deposit box.
    Collecting Vintage Baseball.
    My ebay listings
  • jersterjerster Posts: 828 ✭✭✭
    Unless the bank burns down.
  • jersterjerster Posts: 828 ✭✭✭
    Plus, half of collecting is enjoying your items. Its harder to enjoy what you collect when you have to wait for Grandma to put away her family photos.

    I like to hold em, caress em, twirl them around, ah yes....

    I'd feel kinda silly sniffing the slabs hoping for that whiff of cardboard smell while sitting at the local Comerica Bank...
  • Kurtman9Kurtman9 Posts: 553
    True. I have mine in the safe deposit box but the size of the box is limited. I having been checking out the CIA site and I am impressed. I read the policy and do not see anything unusual in the fine print (I am employed with a major ins co for the past 24 years). I do have some extra coverage specifically for my cards with my ins co (the same one that employs me) but it hasn't been updated in about 10 years and they require an appraisal to increase coverage. I think this CIA is the way to go. Thanks!
    Collecting Vintage Baseball.
    My ebay listings
  • GriffinsGriffins Posts: 6,076 ✭✭✭
    I have an old girlfriend that is the paralegal for a law firm that works for insurance companies to find reasons to deny coverage. She gave me 10 questions to ask them and they answered every one to her satisfaction. The guy there (don't have his card in front of me) was really nice and really patient as well.

    Always looking for Topps Salesman Samples, pre '51 unopened packs, E90-2, E91a, N690 Kalamazoo Bats, and T204 Square Frame Ramly's

  • wolfbearwolfbear Posts: 2,759 ✭✭✭

    It's silly to pay an additional commission to yet another insurance company and to yet another agent.
    If you have a home owner's policy, talk to your agent and you can get all your cards covered for next to nothing.



    Pix of 'My Kids'

    "How about a little fire Scarecrow ?"
  • HCSHCS Posts: 61 ✭✭
    Has anyone filed a claim and received payment from CIA?
  • Kurtman9Kurtman9 Posts: 553


    << <i>It's silly to pay an additional commission to yet another insurance company and to yet another agent.
    If you have a home owner's policy, talk to your agent and you can get all your cards covered for next to nothing. >>


    Trading cards are limited on most homeowner policies (250 per card, 1000 per claim). Adding them to a special rider (for additional coverage)is not at all easy to do at least with my carrier and then they want an appraisal (which would need to updated at least yearly in my case).

    After reading the CIA site and noting they have been in business since 1966 and have an AM Best rating of A+ (superior), a financial size rating XV (the largest corporation), they do not require an appraisal, and the fact that they specialize in collectibles all seems to favor them. I guess it also depends upon the size and $ value of your collection.
    Collecting Vintage Baseball.
    My ebay listings
  • ldfergldferg Posts: 6,745 ✭✭✭
    i've been looking into this as well. don't think i'll rely on my home owner's for this. they cover basically nothing. from what i've researched, you need to itemize the valuable ones and you can group together "commons" and such.


    Thanks,

    David (LD_Ferg)



    1985 Topps Football (starting in psa 8) - #9 - started 05/21/06
  • AllenAllen Posts: 7,165 ✭✭✭
    My collection is insured by Smith & Wesson policy #357. j/k actually I would rather not discuss this type of thing in a public forum for anyone on the internet to read.
  • InMySockInMySock Posts: 243


    << <i>I have an old girlfriend that is the paralegal for a law firm that works for insurance companies to find reasons to deny coverage. She gave me 10 questions to ask them and they answered every one to her satisfaction. The guy there (don't have his card in front of me) was really nice and really patient as well. >>



    So what are the 10 questions, and what are the correct answers to those 10 questions?
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