Insurance and sports collections

SportscardProject

I've seen several discussions posted on various boards over the years regarding insuring collections against theft and damage.

What I've never seen is a discussion regarding getting sued and your sports collection will most likely be considered an unprotected asset and will likely be lost and seized in a judgment. How do you minimize the risk? By getting at least a $1,000,000 umbrella policy, which typically runs about $250 a year.

Is this news or just old stuff to most of you?

cravetopps

obviously everyone's financial situation is different and consequently the amount of the umbrella policy needs to take that into account. But, in general, it is a good idea to have one but frankly, my cards would somehow miraculously disappear if this happened to me. They would not show up as an asset on your balance sheet from any public record I am aware of unless you think the litigants would be saavy enough to check the PSA set registry. And even then, they would have a tough time establishing when you donated your collection to your best friend if you get my drift.

ddeld

I am not to sure about insurance, but from what I understand that if you can actually video tape the cards in your house as well as any furniture, etc. that you may have, then I would think that would help in the case of an accident. I know this doesn't answer your question, but just a suggestion that could help out in the future.

WarHoundR69

Insure your collection and you are guaranteed the IRS will know about it. Either when you sell or when your heirs inherit it, an IRS agent will be there to collect the goverment"s "FAIR SHARE". Insurance creates a paper trail that "BIG BROTHER" uses to get more money.

cravetopps

"Insure your collection and you are guaranteed the IRS will know about it. Either when you sell or when your heirs inherit it, an IRS agent will be there to collect the goverment"s "FAIR SHARE". Insurance creates a paper trail that "BIG BROTHER" uses to get more money"

first of all, extremely bad advice. Don't disagree that we're overtaxed, but not insuring something valuable because of this reason is just not smart and it's not true anyway but I don't want to get into that since that isn't the question. read the question, guys.

SportscardProject

cravetopps & WarHoundR69,

The main issue here is that people are putting their sets on public display on the internet. That seems to fly in the face of keeping them secret. I just started registering my cards. This is one of the considerations I now have to deal with.

Also, I'm not talking about insuring your collection; I'm talking about insuring yourself. A collection would never be documented in an umbrella policy.

bishop

I carry a personal umbrella liability policy that would kick in after normal insurance coverages were exhausted. I adjust it annually after consideration of current net worth. Insuring my cards is done separately in regard the fire/damage/theft

SportscardProject

bishop,

That's exactly what I'm talking about.

jamesgotpoorman

<< <i> And even then, they would have a tough time establishing when you donated your collection to your best friend if you get my drift. >>


If you need a new best friend, I would gladly step up.

1954

Insure your collection and you are guaranteed the IRS will know about it. Either when you sell or when your heirs inherit it, an IRS agent will be there to collect the goverment"s "FAIR SHARE". Insurance creates a paper trail that "BIG BROTHER" uses to get more money.



This is just about the most stupid thing I have ever heard before said .....besides the stuff coming from JGarcia. There is not one question on a home, auto or umbrella policy that asks what your financial or collecting values are. IRS does not look at your insurance policies and insurance does not create a paper trail because they don't share this information with anyone other than the customer. A bank would share information to IRS and a life/annuity company would share this information, but not your p/c agent.

Shane