Insuring your collection

ClockworkAngel

I am curious what you all are doing and using to insure your card and memorabilia collection, for those of you that do. Some of my stuff is at home, and I can add it on to my home insurance, but I'd kind of like something separate. Any ideas?

shagrotn77

Collectibles Insurance Agency is probably the top collectibles insurer around.

DCanfield

<< <i>Collectibles Insurance Agency is probably the top collectibles insurer around. >>



+1

www.collectinsure.com

I believe you can insure up to $200,000 without an inventory (unless you have individual items of more than $5000 each) and it would be about $925. Obviously lower premiums for lesser amounts and you should have an inventory and pictures to prove what you have to expedite any claim and for your own benefit.

MomandPopCardShop

Collectibles Insurance Agency is who we use, it is pricey ($2k a year for $500,000 coverage) but worth the peace of mind.

ClockworkAngel

Perfect. Thanks guys

flatfoot816

I use collect also. You can add different locations to your policy. They charge a slight premium to add an additional location. So my office, my home etc are covered. Even my safe depo boxes.

GR

A safe isnt a bad idea either, I use a sentry and keep my collection limited to 8x10s, 3x5s, programs for easy storage.

Mapleleaf

I self insure. It's amazing how the insurance premiums add up if you don't buy insurance and invest the money instead.

flatfoot816

Errrrrr.....you self insure your collection by investing the premiums you would have paid? Interesting. Do you do the same on house and car insurance? How about life insurance? Depending on how big your collection is and your investment rate of return, you might be in for a big surprise if something happens to your collection.

IMO....paying premium=peace of mind

Baez578

I always see the phrase "peace of mind" associated with insurance companies.

The only question I have regarding this insurance company you are all using is... has anyone ever had to make a claim? Is it quick and painless or do they take months and make you fight and try to lowball the claim payout? Do they take into account market appreciation or do they only pay out what you paid for it when added to the policy?

By no means am I saying this company is like this as I know nothing about them, but it's worth looking into if you haven't done so already.

The true mark of a good insurance company isn't the coverage they provide (or the "peace of mind" they provide) but rather the service you require come claim time.

Just my two cents.

ClockworkAngel

<< <i>I always see the phrase "peace of mind" associated with insurance companies.

The only question I have regarding this insurance company you are all using is... has anyone ever had to make a claim? Is it quick and painless or do they take months and make you fight and try to lowball the claim payout? Do they take into account market appreciation or do they only pay out what you paid for it when added to the policy?

By no means am I saying this company is like this as I know nothing about them, but it's worth looking into if you haven't done so already.

The true mark of a good insurance company isn't the coverage they provide (or the "peace of mind" they provide) but rather the service you require come claim time.

Just my two cents. >>



Good point. Does anyone have any experience with a claim from these guys?

Mapleleaf

<< <i>Errrrrr.....you self insure your collection by investing the premiums you would have paid? Interesting. Do you do the same on house and car insurance? How about life insurance? Depending on how big your collection is and your investment rate of return, you might be in for a big surprise if something happens to your collection.

IMO....paying premium=peace of mind >>



Collectibles insurance is disproportionately more expensive than life or house insurance. The math didn't work out as favourable for anything other than collectibles and, oddly enough earthquake insurance.

esquiresports

Collectibles Insurance is an insurance broker, with the actual underlying insurance being underwritten by another company (with much stronger balance sheets). Collectibles Insurance is A+ rated with the BBB. Over on Net54, there are some posts about people filing claims. Everyone seems to have been paid, but it takes about 45-60 days.

I don't think it's crazy for people to "self insure" their collections. Car insurance and home insurance are typically mandated by law and/or lenders. These types of insurance also cover indeterminable costs (e.g., personal injury), so there is an extra level of protection there. Collectibles insurance is very different in those respects.