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April 26, 2018, 07:33:46 AM

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Author Topic: Insurance  (Read 3198 times)

airdomin8

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Insurance
« on: December 01, 2003, 10:24:02 PM »

Collectively, I'm sure Snowtroopers members have spent thousands (millions?) of hard-earned dollars years on SW collectibles. Of course, this is in addition to the countless hours spent scouring the stores and Internet for more stuff.

Does anybody have their SW collection insured against fire / flood / theft / pestilence / locusts / plague / etc?
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u4ea

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Re:Insurance
« Reply #1 on: December 01, 2003, 11:25:48 PM »

i think all you can get as far as insurance is either content or property insurance. to be honest, the stuff we collect is not that hard to replace. i know some of the variants are harder to get but they are out there.
i think afa grading figs is a waste of time, if you plan to keep your collection that is, who cares what the stuff is worth. even if you are selling the stuff, do you ever get full price? i have a first year messier card, i took it to a store and the guy offered me 20.00 for it!
this is not a shot, i love collecting starwars but the stuff is so mass produced we'll never run out of it...
so to answer your question, don't spend the extra money on insuring your toys. use it to buy more ;D
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redeyekho

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Re:Insurance
« Reply #2 on: December 02, 2003, 12:01:45 AM »

Hi Ben,

Funny thing you said that. I went to my insurance company today about insuring my stuff. Here's a shocker... the guy told me it would fall under the miscellaneous insurance. He told me for every $100 ... I would have to pay $2.50 for insurance. I was quite shocked  :-\ . Well as you know... I've got a bit of stuff. They wanted a receipt of each item. Who would have these receipts? I'm not even sure how much stuff I have. Needless to say ... I pray that I don't have a fire, or a break in. If I ever loose this stuff... guess what ? I'd be  :'(  :'(  :'(

I've decided not to have insurance. How about yourself Ben? Are you getting insurance? So when are you gonna invite me over to see your stuff?  ;)
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Morgbug

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Re:Insurance
« Reply #3 on: December 02, 2003, 12:06:46 AM »

It's different here, these items fall under the category of numismatic items.  Fancy word for saying collectable.  I don't currently know the rate they charge, but it wouldn't be cheap.  It's just like stamp or coin collections.  

I'm able to assess the collection myself and pay for the insurance on its estimated value.  There would be pro-rated coverage if something happened suddenly and quickly, and likely a substantial investigation.  Pictures of the items are also required.  

And no, my stuff is currently not insured.  
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Shane Turgeon

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Re:Insurance
« Reply #4 on: December 02, 2003, 12:33:56 AM »

In respect to what u4ea said, i agree that most modern figures are totally replacable and not worth insuring but i guess it all depends on if that's all you have in your collection.

Personally, i have a lot of 1 of a kind vintage prototypes and a number of items that there are less than 10 of in the world (and no modern at all) so if you've got stuff like that, it's DEFINATELY worth insuring it. What i would do is go to the place where you have home or auto insurance, explain the situation to them and if you're not comfortable with the answers they give you, start shopping around.

If all else fails, or if you want to go this route right off the bat, check out this link: www.collectinsure.com
I'm not sure if they insure people in Canada but they specialize in collectibles insurance and i know a few vintage collectors who use it and are happy with their services.
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u4ea

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Re:Insurance
« Reply #5 on: December 02, 2003, 12:40:33 AM »

or maybe get an appraiser in to have a look at your stuff.
we talked about this a few months ago.
not sure if they would go by book value or just the condition of the toys?
i'd have to say if i had a fire, the first things i'd grab are all my toys... :-[
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Stryken

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Re:Insurance
« Reply #6 on: December 02, 2003, 01:10:50 AM »

I switched insurance companies this year, and I happened to ask my insurance broker about needing additional coverage.  I was told that it would fall under normal replacement cost coverage, as long as the items were replacable.  They had special coverage for sports cards, stamps and coins, but nothing about any other kind of collectibles.

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Barada

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Re:Insurance
« Reply #7 on: December 02, 2003, 08:53:17 AM »

Maybe everything in my collection is replaceable, but at what cost?  I wouldn't want to have spent another few thousand dollars on replacing it.  Insurance would be worth it for me just because of the value of the collection as a whole, but I'm simply too lazy to seriously inquire about it.

Oh, and Shane, I checked collectinsure some time ago, and they don't insure outside the US. :(

Barada
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Morgbug

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Re:Insurance
« Reply #8 on: December 02, 2003, 10:48:02 AM »

I switched insurance companies this year, and I happened to ask my insurance broker about needing additional coverage.  I was told that it would fall under normal replacement cost coverage, as long as the items were replacable.  They had special coverage for sports cards, stamps and coins, but nothing about any other kind of collectibles.



Be careful about what your insurer tells you and what they will cover.  Most insurance policies around here cover "toys" to a maximum amount, my policy is $2000.  That's all toys in the house, so it would have to cover my kids stuff and all of my toy collectibles.  If you have comics or cards, they fall in that category as well.  

It is your responsibility to ensure you have enough insurance.  The insurance companies are not responsible.  If you have $10000 worth of modern, easily replaceable toys, it doesn't mean they are going to hand you a cheque for $10000.  Believe me, my wife's parents had a flood in their basement and you find out real fast what is and isn't covered.  

Read your policy (or your parents) and if you have questions, make them very specific.  

Example:
You own $5000 worth of modern star wars toys, readily available at shops and on ebay. You also own an Xbox and 20 games, originally priced at $60 a piece.  

You've got $1500 tied up in xbox, likely leaving only $500 left over for the remainder of your toys.  Forget about your GI Joe collection or your McFarlane stuff, you only get $2000 total.  That's what happens under my policy.  

Consider yourself warned.  
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Shane Turgeon

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Re:Insurance
« Reply #9 on: December 02, 2003, 01:39:19 PM »


Oh, and Shane, I checked collectinsure some time ago, and they don't insure outside the US. :(

Barada

Thanks for the info Barada...i'll put that idea out of mind!
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Brent Peconi

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Re:Insurance
« Reply #10 on: December 02, 2003, 03:53:24 PM »

Its a good reason to be able to buy more tho if its ruined. I mean i just moved and some srtuff got wrecked, im not frownin. I ripped them open and then im gonna buy some. I mean i have to replace my mocs.Right??
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themailman

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Re:Insurance
« Reply #11 on: December 02, 2003, 04:07:44 PM »

OK, first thing, Make sure you have more than just a pile of SW figures to insure. Like some art prints/ jewellry etc.

We have a secondary insurance policy (built into the house cost) that is covered upto $150K, and is (i think) $12.50 extra on top of the current insurance policy.

Make sure you have a documented account of every figure (w/ serial number) in the policy account, if you dare.....make some up ;D

99% will NOT give alot of value for JUST toys, but Art Prints (signed and #'d) will prick their ears up quicker. As will that $10K Engagement ring.

Better to ask a BIGGER company like All-State/ State Farm etc. easier to get a straight answer from.
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Re:Insurance
« Reply #12 on: December 02, 2003, 04:58:19 PM »

Hey Guys !

You can insured 100% your SW Toys collection ONLY if you have a House.  

No minimum on value of your collection....the value of your collec... will be add to the value of the house insured

example: collection 15 000$ + house 125 000$ = 140 000 $ of Insurance

The Big Buzz is you must have the proof of chase of ALL SW toys.... to be covered at 100%

 :)

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themailman

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Re:Insurance
« Reply #13 on: December 02, 2003, 05:30:57 PM »

No, if you have Insurance, whether house (owneship) or anything else (rental insurance) it CAN be covered.

Make sure they have a list of everything you own, and value.....State Farm and ING ask for photos of figures.......i did mine with 12 per photo.......took eons.

My collection is 100% covered, minus the deductable ($100)
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Re:Insurance
« Reply #14 on: December 07, 2003, 04:35:38 PM »

I am new to the message boards and I noticed this insurance thread. I am an insurance broker. I am a commercial/business broker but I do have some experience with personal home and tenants insurance.

I see someone mentioned there are sub-limits under your home or tenants package policy. This is true in most cases. Read your policy. If you are living at home with your parents ask them for a copy of their policy. Your parents will be probably be surprised. Your policy should list what sub-limits of coverage are included. If you are not sure call your broker. That is what they are there for.

I do not presently carry any additional insurance for my collection as it is not nearly big enough. Generally, speaking if you have something that is collectible (jewellery, antiques, art, etc.) there is a sub-limit on your policy. In most cases you can purchase additional coverage. I also collect Magic cards and I have been on the fence if I should insure them. As with most things money becomes a factor. Collectibles can be expensive to insure. Depending on what insurance company you are with rates can vary. I think someone said $2.25 per $100 worth of coverage. This sounds about right.

Pictures are a good way to go. Provide the pictures to your broker. Remember as your collection evolves you should be updating the pictures. The hardest part about insuring your collection will be trying to determine its value. Your broker/insurance company may provide ideas on how a loss is adjusted. In most cases a collection should be appraised. If a collection is appraised there can be no questions about the value of it. Finding an appraiser may be difficult but again your insurance company may be able to provide some insight. You may even be able to make an agreement with your insurance company to have your collection appraised based off of current market publications like Toy Fare.

I will research this topic a bit further at work and keep you posted on what I find out.
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