Insurance issues for my vintage collection

[Deber]

Hi,

I have my collection insured for a certain amount. Because I bought a lot of things these last 2/3 months (including some high $ items like a graded moc VC Jawa), I decided to up my insurance to make sure it will cover everything. 8)
So the representative from the insurance company came by this yesterday morning to have a look at my collection and go over my policy.
Than he started to ask me all kinds of questions about social media and such. If I was an active user of things like facebook or boards like this and if I posted pictures of my collection online.
I told him that I was active for about 2 months now and I recently posted pictures of part my collection...

He told me that my insurance won't cover anything higher than the basic coverage amount the policy has, that is about 25% of what I need!
I had no idea that I wasn't allowed to do that... :shock: So now I have to store a huge part of my collection away (all my 12-backs), so I won't exceed the coverage to much. :|

I looked into getting an second policy (at a different company) for my collection and just take the photo's on the board down. But since everything is covered with this company (house, cars etc..) I guess I just have to store my things.
Kind of upsets my, because I just moved around everything in my collection room and was really happy with the end result. Also what good is it to have a 12-back collection, and not be able to display them.... :evil:

Such a shame...

 

[Grant_C]

Never had an issue like that.

Move to a different insurace company I guess.

 

[Deber]

Yeah, but everything is insured at the same company. Kind of a package deal. Well at least they will be in a safe place.
Never had a problem with insurance for my collection before. But over a certain amount, it is really hard to get it all insured.
Than I have to get an official appraisal (no idea who actually does that for what we collect), no social media regarding collections photo's and stuff, he even talked about home improvements (regarding windows, doors, locks and stuff).. :roll:

No idea it would be that hard to change my policy.

 

[Stargeezer]

Welll you can get a package deal at another insurance company aswell.

My collection is insured with our house policy. The only thing my insurance required was that i had eidence (photo's from me with my stuff to prove i had it and reciepts from paypal etc or prices from well known dealers (Brian toys come to mind). :lol:

Anyway, i am suprised you insurance doesn't insure the full deal, my insurer just asked me "is it worth more than 100.000 euro?", i was like "No, nowhere near that", so he said, no problem then, all covered within your house insurance. (i do have regular house insurance + extra theft insurance).

Maybe it's worth to talk to another insurance company and see if the can take over everything at once....

 

[Grant_C]

Your insurace policy should ask that you state items over a sum. Mine is any thing over £1000.

 

[Richard_H]

:lol: Brian's toys.

Love it

 

[Deber]

:lol: Brian's toys.

Love it

If something did actually happen (god for bid), I would make a lot of money if they use there prices to determine value! :lol:

 

[Deber]

Welll you can get a package deal at another insurance company aswell.

My collection is insured with our house policy. The only thing my insurance required was that i had eidence (photo's from me with my stuff to prove i had it and reciepts from paypal etc or prices from well known dealers (Brian toys come to mind). :lol:

Anyway, i am suprised you insurance doesn't insure the full deal, my insurer just asked me "is it worth more than 100.000 euro?", i was like "No, nowhere near that", so he said, no problem then, all covered within your house insurance. (i do have regular house insurance + extra theft insurance).

Maybe it's worth to talk to another insurance company and see if the can take over everything at once....

My policy doesn't cover any collection over 25.000 euro, unless you have an official appraisal. We will go and check with other companies next week. Just really surprised me that it would be such a hassle to get proper insurance.. :roll:

 

[Justabod]

Hmmm this just got me thinking about my contents insurance...a quick call to my insurance company confirmed I'm covered (I don't have a massive collection like some of you as I'm bit of a newbie) up to the total sum of my insurance cover which I think is £75,000 or there abouts but if I was worried I could up the maximum claim amount which would up my payment.

My insurance company just require me to tell them about any individual item above a value of £1500, if that was me I would change insurance company and you may even get a better deal if you do a comparison.

 

[jedisearcher]

Your insurace policy should ask that you state items over a sum. Mine is any thing over £1000.

Similar to mine - think its £1,250 for me.

Aren't we all organised and sensible

 

[Mr-shifter]

There swines. I have had a couple of issues with home insurers. I do a bit of clay pigeon shooting and I have a couple of shotguns. Neither are worth more than the single item limit on the insurance, but had to be declared items. They put the insurance up by about £40 and when I asked why they told me these items were high risk, despite the fact they were in a police approved safe bolted to the wall inside a wardrobe.

When I got the mrs's engagement ring it was over the limit. I got a GIA certified diamond from an independent jeweller. If its covered on the home insurance and anything happens, they will pay the agreed value of the item, but they will only give you gift vouchers, which can only be used in a couple of high street jewellers. I ended up getting an insurance policy with a company called T H March that pays an agreed value in cash if anything happens to the item.

I had a look at their website, and they claim to be able to insure valuables. Might be worth looking at I suppose. Im sure you could get an underwriter of some kind to a collection for a fixed value. Maybe a company that specialises in insuring works of art.

 

[wrighty]

Doesn't seem to make sense to keep receipt of items. If you bought something for £500 10 years ago but now worth £5000 are they going to just pay you £500 for your original cost or the current value? I have photographic evidence of every single piece and quote the current worth and updated it yearly. Yes, have to declare individual items £1000 or more!! Hope it helps!! Simon

 

[Mrleemur]

I can understand why they'd be concerned about high value items posted on the web, there will be a lot of people won't be too careful about how they do it, and unfortunately their rules will just cover every one with one big hammer!

 

[aussiejames]

With that insurance 'logic'- sorry we can't insure your expensive car. You drive it & someone might find out you have it & follow you home!!!

 

[Grant_C]

Nice James- you should be a lawyer.

 

[Mrleemur]

With that insurance 'logic'- sorry we can't insure your expensive car. You drive it & someone might find out you have it & follow you home!!!

But you're not posting it in a place the entire world can see, listing it's value and potentially leaving geo tags, and people might post on facebook 'just gone out with the family for a few hours'

Not saying it's right, just saying i can understand their stance.

 

[aussiejames]

Fair enough, I've just never heard of an insurance clause like that affecting guys on car forums. Anyone can google earth my house & see what I have parked in the driveway. The limelight section here is private as well?

 

[Deber]

The limelight section here is private as well?

That's a great point! That I haven't thought of that before...

But it was not just the social media thing, lot of other stuff like the appraisal. I just moved all my 12-back out of the house and stored them.
We will go looking for an company and policy that will insure everything with us having to do all these things, like change the windows and locks all around. Just seems silly.
There wasn't a single thing he said about damage from water or fire... Just kept going about theft. I'm more worried about a fire or water damage, little accidents, than some person coming in our house and taking my collection.