Insuring a collection

[Spookedhippie]

I know this has probably been covered at some point, but looking at renewing my home insurance and was wondering about my collection. Do people insure their collection with their normal home insurance or through something else?

 

[Stargeezer]

I have insured my collection aswell with home insurance.
It Did not cost that much extra and it just given me ease of mind in case anything happens. My collection is insured to the max so everything i add to it, is also insured.

 

[plantman]

i just informed my insurance company of what i had and they documented it for me, anything over £1000 in value needed documenting, the rest just needed proof of value if a claim was made.

 

[Bramistuta25]

Great thread spooked... After my lavish spending this year I was just looking into this.

I did ask before, but was told it would be covered on our home insurance anyway. I don't have any individual items over £1000 so I guess I am okay.

All I would add to the equation is how do you get it valued as most of.mine was via gift payments?!

Any thoughts?

 

[Stargeezer]

If anything happens, i know i Will use Brainstoys prices as reference :twisted:

Established Seller within the hobby howcan they refuse that.

 

[plantman]

yeah you can either get a ongoing sale from BT like dennis said or get a valuation from UKG, have a chat with steve and he could write you an official letter ect if it came down to them not believing you.

 

[eddiebigbiscuits]

i insured mine with the contents insurance it took a while to sort out i even had one of them come out to the house to see, but it's worth it and didn't cost to much more.

 

[Wild Whiphid]

This situation probably differs per insurance company and/or country, but there might be some specifics in there about "collections of a value above a certain amount" that need to be insured separately.

I've looked into this in the past and came across a value of 10k€. While individual items may not be expensive enough to warrant additional insurance, you might need to look at a total value for a collection as a whole.

 

[db94]

Something I've never really thought about (but my wife has raised it a few times) but I think I'll give my insurance a phone tomorrow and get an idea of what they consider over and above normal contents insurance.
Cheers for the prompt, will update with details after I speak with them

 

[Spookedhippie]

Thanks everyone, glad I'm not the only one who needs to sort this out!

 

[x-pack]

How do you work out the value? No idea what it's all worth. Ball park for mine i would guess around 2 - 3k to replace. If my house burnt down and all was lost i would be doing some mega buying on here with the insurance!

So you just call up the insurers and tell them what you have? Only problem i see with that is we tend to change every year on these go compare type sites :?

 

[Wild Whiphid]

Working out a value can be tough... do you take what you have paid for an item, its current price on eBay, whatever a "toy guide" tells you...?

Key thing is that you keep up to date documentation. Take pictures as you expand your collection.

 

[sith-smith]

My household insurance company refused to insure mine and even wrote into the contract that it would not be covered.

I've been researching insurance and the brokers I went to had trouble finding a company that would insure and the ones they eventually found were very high! They were actually quite shocked at the collection concept altogether

Eventually I found this company...

www.greenfieldinsurance.co.uk

Who were perfectly happy to find someone and dealt with it as if it was something they were used to doing!! They did find me someone pretty quickly and it wasn't too expensive in comparison to the others. Haven't taken it further yet.

 

[rob71]

My household insurance company refused to insure mine and even wrote into the contract that it would not be covered.

What a shitty insurance company! Pleased you found someone who could do the job.

I contacted my insurance company here in NZ last week to check on mine since I suspect it will grow over the coming months - no stipulation on value other than that it can't be more than 25% of the contents as a whole.

 

[x-pack]

Can we have some of the company names you guys have used?

This is a very useful thread 8) If i were to value my collection it we be based on what it would cost to replace i guess, probably using Ebay as a guide.

 

[Bramistuta25]

I called mine, Direct Line/ They told me that as long as an individual piece isn;t more than £2000 and that if that individual piece doesn't ruin the whole collection by being destroyed, lost or stolen then I am covered!

So apparently they don't count it as a "collection" just separate pieces.

I asked him to add this to our notes, just in case!!

 

[x-pack]

That sounds reasonable. Deffo don't have anything worth over 2k :?