Hiscox Collections Insurance

[jedi_mister]

I usually just insure my collection under my household contents but am considering switching to use Hiscox Collections Insurance. Anybody using them ? Any issues ?

 

[Snaketibe]

In a previous thread (http://starwarsforum.co.uk/viewtopic.php?f=1&t=28822&hilit=insurance), I asked a similar question and someone did recommend Hiscox. Also, this thread (http://starwarsforum.co.uk/viewtopic.php?f=1&t=30695&hilit=insurance) is worth a view.

As for my own choice? Well, it took a little longer than I anticipated to get everything sorted out, but in the end before I approached any specialist insurers (which I was fully expecting to have to), I tried Nationwide insurance. I explained that I had a collection of valuable toys I wanted cover for, and as far as they were concerned, because they don't fall under their definition of 'Valuables' (i.e. precious metals, jewellery, etc.), the actual value of my collection was unimportant, and they were quite happy to include it as part of the contents insurance policy. Naturally I simply had to insure my contents for the full value of everything else I own, plus the value of my collection. Job done! I did specify the value of the collection to them, so they know what it is, but I didn't even need to provide a breakdown of it

I would recommend Nationwide insurance, not that I've had to make a claim with them, thankfully, but they were very easy and friendly to deal with and sold me the policy I wanted.

 

[maxf]

In a previous thread (http://starwarsforum.co.uk/viewtopic.php?f=1&t=28822&hilit=insurance), I asked a similar question and someone did recommend Hiscox. Also, this thread (http://starwarsforum.co.uk/viewtopic.php?f=1&t=30695&hilit=insurance) is worth a view.

As for my own choice? Well, it took a little longer than I anticipated to get everything sorted out, but in the end before I approached any specialist insurers (which I was fully expecting to have to), I tried Nationwide insurance. I explained that I had a collection of valuable toys I wanted cover for, and as far as they were concerned, because they don't fall under their definition of 'Valuables' (i.e. precious metals, jewellery, etc.), the actual value of my collection was unimportant, and they were quite happy to include it as part of the contents insurance policy. Naturally I simply had to insure my contents for the full value of everything else I own, plus the value of my collection. Job done! I did specify the value of the collection to them, so they know what it is, but I didn't even need to provide a breakdown of it

I would recommend Nationwide insurance, not that I've had to make a claim with them, thankfully, but they were very easy and friendly to deal with and sold me the policy I wanted.

Same with John Lewis insurance. I told them about the toys and they didn't care - providing it isn't good/coins/watches etc it just fell under the unlimited contents. I'll check the small print on renewal as I suspect a few decent claims might change that stance.

 

[Caswellbot]

Nationwide wouldnt cover mine under normal contents which sucked. As a side note, you may need to declare certain items / itemise them. You need to check with the insurer.

 

[itfciain]

Probably interesting to hear from someone who has made a claim with an insurance company

The way that these things have been flying up in value means that a lot of us paid a lot less for them than they are worth now - at what point to they declare the value if lost or damaged - cost price or market price ?

 

[Caswellbot]

Hey Iain, from recollection, Nationwide told me that any item worth over £2k needed to be specified.

 

[Mr-shifter]

I believe you also need proof of value as well. eBay and facebook sales do not count. You will need something from someone recognised as the basis of your valuation, in a similar way you would for jewlery, art or other valuable collectables.

 

[jedi_mister]

Yes, it would be nice to know if anybody has had to make a claim against their Hiscox insurance to see how that compares to normal household insurance claims. I have a number of items in my collection that I bought from my local toyshop in the 80's so I'd prefer to get more than 1.99

 

[maxf]

I claimed against Hiscox a few years ago for a vintage watch which got damaged - cheque in the post with minimal hassle (price of the repair and parts needed). The year afterwards, I lost my iphone and again claimed with no hassle. The premiums went up hugely the next year, so I cancelled the policy!

 

[jedi_mister]

Thanks for all your comments. I decided to give Hiscox a try this time.

 

[Caswellbot]

Any ideas who might be deemed a suitable valuer to turn to?

 

[lejackal]

Any ideas who might be deemed a suitable valuer to turn to?

Completed sales from a reputable auction house like Vectis?
Data from the Star Wars Tracker?

 

[Caswellbot]

Neither if those would really be any use dude.

 

[lejackal]

As the value is often subjective, as it is with antiques, maybe they would accept a valuation from an auction house. Not really sure what else to suggest.

 

[Caswellbot]

Not a bad shout. Thanks

 

[maxf]

I hope the valuation is higher than the 'auction estimate' though!

 

[x-pack]

I just don't trust these companies when it comes to valuations of oddball items like star wars collectables.

I got a similar response to a few others, that being as though the insurers weren't arsed about the specifics of my collection. This concerns me as I would imagine the value, or at least the cost to replace, would be of huge importance as (as a whole) it's probably the most valuable thing in my house. But to place a value on it ...god knows.

 

[jared007]

It's a tricky issue this one. Like-for-like replacement is not really an option given the wide range of conditions for everyone's collection, and what's available in the market at the time. SW market is volatile these days, so your purchase price is most likely not enough to base a replacement value on. I just hope I never find myself needing to make a claim as I imagine it's going to be a nightmare.