Insurance for us lunatics

Do you have extra insurance

  • No insurance

    Votes: 6 75.0%
  • Extra insurance

    Votes: 2 25.0%

  • Total voters
    8
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So if you're like most here, our collections are growing and with growth comes with a cost.

Bottom like is our collections are becoming quite valuable, especially for the Moc or sealed collectors.

I personally have a basic collection , meaning a handful of Mocs but a full collection of loose complete great condition. Also have a Full Moc , boxed collection of Indiana Jones plus a full set of loose. A complete set of Knickerbocker Lord Of The Rings loose and a Loose Complete Early Bird. Needless to say, the value is certainly building up. My insurance agent for the house doesn't recommend depending on home owners contents insurance, especially if there's a major loss in the home period.

What are you guys using. I heard there are policies out there that also cover shipping and storage like sending an item in for appraisals or grading.
 
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I use CIS, Collectible Insurance Services https://collectinsure.com/ which I use to cover multiple properties and it also includes transporting, displaying in a gallery location (or library, or show etc) and shipping. I've contacted them a few times when picking up a large collection to insure the items while I driving for several hundred miles with tens of thousands of dollars worth of toys in the car in case I get into an accident. Although I have to provide the caveat that I haven't yet had to make a claim but I've had good peace of mind.

Ross Barr had a good article on the subject a few years ago http://blog.theswca.com/2015/09/surely-you-must-ensure-to-insure.html
 
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I use CIS, Collectible Insurance Services https://collectinsure.com/ which I use to cover multiple properties and it also includes transporting, displaying in a gallery location (or library, or show etc) and shipping. I've contacted them a few times when picking up a large collection to insure the items while I driving for several hundred miles with tens of thousands of dollars worth of toys in the car in case I get into an accident. Although I have to provide the caveat that I haven't yet had to make a claim but I've had good peace of mind.

Ross Barr had a good article on the subject a few years ago http://blog.theswca.com/2015/09/surely-you-must-ensure-to-insure.html
Would this also include a stay at AFA or CAS while being graded?
 
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Would this also include a stay at AFA or CAS while being graded?
This is something you can ask the grading company. I think their insurance would cover your item for your declared amount if something happened to it while it was there like fire or stolen etc. I don't think that would cover damage or a lower grade than you expected. I would guess that's why the higher tiered items have a faster turn around time. less time they're liable but email them to ask first I guess.
 
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This is something you can ask the grading company. I think their insurance would cover your item for your declared amount if something happened to it while it was there like fire or stolen etc. I don't think that would cover damage or a lower grade than you expected. I would guess that's why the higher tiered items have a faster turn around time. less time they're liable but email them to ask first I guess.
The reason I ask is I am sending off a complete set of knickerbocker lord of the rings figures. Very rare to have a complete set. CAS offers a custom case that holds the entire collection.
 
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I'll second Collectibles Insurance Services, I've been with them for a few years now. My policy is pricey, but I have a massive collection and the peace of mind is worth it. Plus the staff are always helpful and quite good with responding to questions.
 
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That LotR collection is beyond stellar. Well done!
 
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That LotR collection is beyond stellar. Well done!
Thanks, but that's what mine WILL look like once I send it out to CAS. My collection is 100 percent complete and original. I'm not normally the type to put all my figures in one case, but this looks way to cool not to . It's a 200 case and grading fee total plus insurance and shipping.
 
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I use CIS, Collectible Insurance Services https://collectinsure.com/ which I use to cover multiple properties and it also includes transporting, displaying in a gallery location (or library, or show etc) and shipping. I've contacted them a few times when picking up a large collection to insure the items while I driving for several hundred miles with tens of thousands of dollars worth of toys in the car in case I get into an accident. Although I have to provide the caveat that I haven't yet had to make a claim but I've had good peace of mind.

Ross Barr had a good article on the subject a few years ago http://blog.theswca.com/2015/09/surely-you-must-ensure-to-insure.html
Silly question, but wouldn't your car insurance cover the losses if you were driving (assuming full coverage ins.) and had an accident? Most ins. policies have some type of property damage coverage, which can be into the 10's of thousands, depending on your policy/insurer. All you may need to provide are purchase receipts (to cover actual costs). Doesn't help you in the event of theft, though. Or market valuation...
 
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Silly question, but wouldn't your car insurance cover the losses if you were driving (assuming full coverage ins.) and had an accident? Most ins. policies have some type of property damage coverage, which can be into the 10's of thousands, depending on your policy/insurer. All you may need to provide are purchase receipts (to cover actual costs). Doesn't help you in the event of theft, though. Or market valuation...
Dont know about other states or policies. I own an electrical company and I know we have limited coverage for transportation of goods. We have a commercial policy so you would think coverage would be more.
 

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Most insurance policies either exclude or limit the coverage of non-general goods such as paintings, collectables, antiques, etc. So your average car policy may cover you for up to $500 of general goods such as the kids Christmas toys you bought from the store, but not the rare collectible doll you claim is worth $5000.

I know on my home insurance policy I pay extra for coverage outside the home for things like cameras, musical instruments, etc. and they have to be specified in detail at the time of insurance. Most home insurance policies will have specific conditions around "collections" and may require a detailed list of items and a professional valuation which may be quite difficult to achieve to a standard that satisfies both the insurer and yourself.

It may well be best to cover your collection separately through a specialist that understands these things better. Remember, cheap insurance may save you today, but when you need to make a claim it might cost you everything in the long run.
 
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Everytime I redo my homeowners insurrance I ask about also insuring my collection. when I tell them how much it's worth they won't touch it so that's one reason I use CIS.
 
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While I do not have answers to what insurance will & will not cover. If anyone is concerned you should take a video camera & document what you have. While the insurance company may not agree that your 80's plastic action figure is worth $5000, The police would need some kind of evidence that you owned such an item if the stolen item were to later be sold on ebay or auction.

Obviously keep the video in a secure location away from the collection & electronics that might also be stolen.
Offsite or digital upload would be best. Same goes for information that you don't want to lose in case of fire.
 
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While I do not have answers to what insurance will & will not cover. If anyone is concerned you should take a video camera & document what you have. While the insurance company may not agree that your 80's plastic action figure is worth $5000, The police would need some kind of evidence that you owned such an item if the stolen item were to later be sold on ebay or auction.

Obviously keep the video in a secure location away from the collection & electronics that might also be stolen.
Offsite or digital upload would be best. Same goes for information that you don't want to lose in case of fire.
The link provided by Porkins shows what will and will not be covered, you may want to always check with your provider before assuming hear say or wife’s tales are accurate. Not saying they’re not however I know first hand that insurance companies do not want to pay so they will take any out they get. I knew of a video documentation that was admitted as unverified evidence. Just because of a video, doesnt mean it was sold off prior to theft or disaster ruin. The insurance companies want and keep up to date records of the collections.
 
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If you don't mind me asking, what is your monthly or annual payments?
 
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If you don't mind me asking, what is your monthly or annual payments?
The 2nd post above has a link that gives all the details. There are options but the cost is actually pretty cheap. Less than the homeowners insurance additional coverage for sure with less hassle and better coverage
 
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Extra Insurance is for suckers. Especially for small collections. Get guns, alarm and a good dog and you will be fine.
 
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I have an alarm, cameras and a big dog you can hear barking from down the street.
 
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Guns, dogs and cameras are great and all but, they wont help you if your house catches fire or a burst pipe or a flood.
Also giving your money to an insurance company is a gamble insurance company’s love to make.
 
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