Collection Insurance

[biante2224]

I collect my models purely for my enjoyment and interests rather than for monetary gain, however it is nice to know that they are in some cases worth more later than their original purchase price.

Recently while renewing my home insurance held by a leading financial institution, I was informed that I could not insure my valued collection independantly under specified contents unless I was to get them appraised by an evaluer, even though I hold all of the original purchase receipts for my Biante & TRAX models.

However, living in a remote location prevents this and I am wondering if my fellow collectors can recommend a company that handles this type of coverage or someone that cancertify the value of a collection for insurance.

[mustang1966]

Yeah I contacted NRMA for new contents and I asked them about Model cars and I also stated the value of several thousand dollars. She said that house contents would cover the cars, all she said is that I take photo's of the cars as well as other contents for proof.

I am going one further and have made a spreadsheet with the model, maker, scale, value and number as per card.

Due to a recent thieft in Melbourne and this is just an idea guys, how hard would it be to stamp the base of the car with the same number as the card. I guess the costs involved would add to the price of the car. As I said just an idea.


Cheers
Mark

[terrine]

my broker assures me that diecast models are not excluded by SUNCORP and are covered under normal contents.
2 things though....
1.make sure your level of cover is sufficient or they may scale back your reimbursement,
2.if fire is the cause of loss you may loose your proof.
(best to have the photos on file at your broker)

[modelcarmad]

We're with CGU, having models that have cost me (and the wife) over $5000. We raised our contents insurance by another $10,000. to cover rising value. All of the models are covered on our contents except if ONE ALONE was valued at over $1250.
Then it would have to be covered seperately. As mustang 1966 replied, take lots of photos and maybe even video tape them if possible. Biante1994, mate, you need to look around.

Cheers Greg.

;)

[thekid_600]

i believe Zurich does home content insurance as well which covers model cars too. I asked a while back though, so you may have to ask again in case they have made ammendments.

[biante2224]

Thanks for the suggestions guys.

I already have everything cataloged on a spreadsheet, no photos though. I'll do some further investigating with insurers to see what i can come up with.

To lose a collection through theft or fire would be devastating and only compounded with a lack of replacement coverage.