Has anyone insured their collection?

[obiwannacollect]

Hi all,

So I've been contemplating insuring my collection, has anyone done this too? Can anyone recommend a specialist that would deal with this? Any advice would be appreciated.

Francisco

 

[edd_jedi]

Generally you only need to if you have individual pieces worth over your insurance companies threshold (for mine it is £2000 per item.) I don't have any pieces worth anywhere near that, so my standard contents insurance covers my collection. Just make sure your cover is enough, and that you have proof of ownership (paypal receipts, photos etc.)

 

[Vernon]

Hi,

If your home insurance company wont cover your collection try these: https://www.hiscoxcollections.com/

You can take out a separate insurance on top of your standard home insurance.

 

[jasdev999]

My insurance company also covers collection under content cover. Best proof of ownership is a video rather than pictures. You can even give a running commentary while shooting the video.

It would always be difficult to show proof of purchase for items purchased out of eBay/paypal.

 

[sith-smith]

My home insurance refused to cover my collection. In fact they even wrote into the contract that it would not be covered.

I went to various brokers and had ridiculous quotes.

Ended up with Greenfield Insurance in the end

 

[indianawars]

I've created a folder in my email where I move any online receipts for my collection into. It's doubtful I would get market value back on them, but I would receive what I paid back, so the money won't be lost. As mentioned, always take a new photo/video whenever you add anything new to your collection, and preferably showing the whole collection so it documents that everything you would claim for is still there and accounted for.. I have also credited a word document detailing AFA/UKG archive numbers and full descriptions.

 

[obiwannacollect]

Thanks guys, some really useful info there, appreciated

 

[robpmarsh]

Followed that link and managed to get mine insured for £85 a year!

 

[edd_jedi]

Followed that link and managed to get mine insured for £85 a year!

Yeah I just got a quote on Hiscox for my toys/games and records and was surprised how cheap it is. Even if my house insurance covers it anyway, may do this just to be safe!

 

[jasdev999]

Followed that link and managed to get mine insured for £85 a year!

Yeah I just got a quote on Hiscox for my toys/games and records and was surprised how cheap it is. Even if my house insurance covers it anyway, may do this just to be safe!

There is usually a clause that you cannot insure things twice. You might have to speak with your general insurer and tell them that your collection is insured with a specialist insurance company.

 

[edd_jedi]

Yes good point, will have to give them a call.

 

[Mr-shifter]

If something is double insured each insurance company will try to get the other to pay and the arguing takes an eternity. What you have to remember is these companies are largely cunts. They will try to get you to use them but if it comes to paying out they will try to wriggle out of any liability.

With something like a collection you are best off getting them to insure the collection for an agreed value. This is possible with any item but you will need a good insurer to write you a policy for your exact needs.

And I know this sounds obvious but when it arrives read the policy booklet. You will be amazed how many people don't.

 

[itfciain]

My home insurance refused to cover my collection. In fact they even wrote into the contract that it would not be covered.

I went to various brokers and had ridiculous quotes.

Ended up with Greenfield Insurance in the end

To be fair Gary - at todays prices then your collection is probably worth more than your house !

 

[_Lee_]

My home insurance refused to cover my collection. In fact they even wrote into the contract that it would not be covered.

I went to various brokers and had ridiculous quotes.

Ended up with Greenfield Insurance in the end

To be fair Gary - at todays prices then your collection is probably worth more than your house !

Hehe-I thought half the street would be more like it

 

[sith-smith]

Well, it was certainly enough to prevent a standard home insurance policy to cover it.

Which was annoying.

Definitely a huge weight of my mind to finally have it insured

 

[Carl_Easter]

I used a company called collect and protect , it cost me £150 a year , , I only had to list items over £2500 so that was easy , worth giving them ago , no excess either if you do claim ..... I double triple checked with them , as I got no reciepts for hardly anything , but they reassured me not to worry , and they would pay out ..... Definatly worth the piece of mind

 

[edd_jedi]

I think that would be the main benefit of specialist insurance as my claim under general contents insurance only paid out for items I had receipts for (roughly 50% of my collection) and would also only pay out the original purchase price, not current value. Needless to say I got a bum deal!

 

[jasdev999]

Well, it was certainly enough to prevent a standard home insurance policy to cover it.

Which was annoying.

Definitely a huge weight of my mind to finally have it insured

Dear Gary, obviously the prices have gone up and your collection must be really valuable, How did they evaluate the "current" price for your collection or did you and your insurer just agree on a set price?