Insuring Your Collection?

[fatnfast]

I insured my models(40 odd 1/18's) about 18 months ago for what I payed for them new. Now my collection has more than trippled so I'm looking to increase the value of my policy. Do you guys with large collections insure them for what you PAYED, or for what they are WORTH now. Just doing a rough estimate there is a big difference between the two values.


Cheers
FatNFast

[Dingo]

I have my collection insured for what it would cost me to get them all back as quickly as possible. There's nothing worse than being under-insured.

[Maximus]

You need to insure them for the REPLACEMENT VALUE and if that means a 65E Moffat is insured for $1000 so you know you can get a replacement then thats what it had to be.

Imagine if you only insured a Track Red, Moffat 65E, Moffat 64E and a Brock 28C for what you paid for them. All up it would only be $650 but if you had to replace them you would have to pay somewhere around $2500. Now you know why you have to insure them for the replacement value.

Thats what I have done with my collection.

Cheers

James

[Leigh]

Insurance is about minimising your loses, and making sure you are not out of pocket 1c. Insurance is not about recovering your original expenditure...

So insure them for what you'd have to pay to replace most of them in a timely manner (less than a month) and with minimum fuss...that means the price retailers are selling them for (i.e. gateway models, Model Cars of the World etc) NOT the ebay prices...

...and include the cost of postage and handling on the insured value of each model...You don't want to be left out of pocket, or have to miss out on replacing a model due to this cost...

(The reason I give the above two model shops is that between them they currently have in stock 80-90% of my collection, albeit at a much greater value than I paid, I have dealt with both in the past and I can print out there online catalogues as proof of valuation...).

Cheers

[Richard Poole]

I have my collection covered under my contents insurance. I don't need any valuations unless the individual model is worth over $750.00.

I have a spread sheet with all of my models listed and when I have a few new arrivals I e-mail it through to my insurer and they attach it to my policy.

All I need to do is increase my contents insurance enough to cover the models.

[adhowie]

I inquired with my insurance company and they said its not considered a collection unless when you lose one the value of all the items are devalued.

[terrine]

Originally posted by adhowie
I inquired with my insurance company and they said its not considered a collection unless when you lose one the value of all the items are devalued.

thats a very good point and one i hadnt heard before.

r/peter

[Dingo]

Originally posted by adhowie
I inquired with my insurance company and they said its not considered a collection unless when you lose one the value of all the items are devalued.
In other words, each model would have to be insured individually? :confused:

[Leigh]

Originally posted by adhowie
I inquired with my insurance company and they said its not considered a collection unless when you lose one the value of all the items are devalued.
I also find this interesting.

Our insurance company quite clearly stated that if you have more than $1000 worth of CD's, then it is a collection (as in one item), and must be listed separately.

This links in with the other clause that states "items over $1000 will only be insured for up to 5% of the total policy value unless listed separately ...thus by lumping CD's together as 1 item and calling it a collection, many unsuspecting people are not covered if it goes missing or is destroyed...

The same argument was used for the models...

[zeitgeist]

I'm in the process of insuring mine on a rider policy. My agent assured me it would be covered under the contents policy, but it's too big a risk to take and will only cost me another US$100 a year. I simply pay $X/$1000 of insurance, so if the value goes up, I send him a new list and a little more cash!

You better believe it'll be for replacement, with values taken from Gateway, Model Cars of the World and so on.

BC

[biante11500]

Originally posted by zeitgeist
I'm in the process of insuring mine on a rider policy. My agent assured me it would be covered under the contents policy, but it's too big a risk to take and will only cost me another US$100 a year. I simply pay $X/$1000 of insurance, so if the value goes up, I send him a new list and a little more cash!

You better believe it'll be for replacement, with values taken from Gateway, Model Cars of the World and so on.

BC

amen brother!! i could retire on there quotes, from the cars i have in my collection.:D

[sleepy]

same as richard here my insurance company asked me to put a price on the collection as a whole, on my contents policy although i will have to go back in and increase it again by the looks of it

[biante2224]

Originally posted by adhowie
I inquired with my insurance company and they said its not considered a collection unless when you lose one the value of all the items are devalued.

Had the same info supplied from my insurer. My insurance was taken with my bank home loan. Which Bank ?
:mad:

[singer]

My former insurer wouldn't insure my collection without a back to base alarm. I pointed out the rural location & that it would be a waste of money as a Security firm couldn't get to my place under 40 mins. They insisted, othwise they would not insure my collection

NRMA Nutty Rude Moronic Ar**holes:mad:

[sleepy]

Originally posted by singer
My former insurer wouldn't insure my collection without a back to base alarm. I pointed out the rural location & that it would be a waste of money as a Security firm couldn't get to my place under 40 mins. They insisted, othwise they would not insure my collection

NRMA Nutty Rude Moronic Ar**holes:mad: i note that u said former there singer

[v8coupe]

Does anyone know who will insure a model collection on its own, without getting home and contents insurance?
I ask this as where I am staying they have home and contents insurance already. I could pay the extra, thats if there company would include my collection, but I prefer not to. I don't want them to know how many cars I have, nor there value. Any info would be great.

[Footy]

Anyone tried Shannons Insurance Yet?

[wayno]

Sherriffs is another good place to use as a model value guide for insurance purposes. Some of their prices are a little high.

[MarkHM]

Wayno, you wouldn't be taking the insurance companies for a ride would you?

[Leigh]

Originally posted by v8coupe
Does anyone know who will insure a model collection on its own, without getting home and contents insurance?
I ask this as where I am staying they have home and contents insurance already. I could pay the extra, thats if there company would include my collection, but I prefer not to. I don't want them to know how many cars I have, nor there value. Any info would be great.
Just take out your own contents insurance with just the models...

Cheers

[v8coupe]

Originally posted by lcfp2297
Just take out your own contents insurance with just the models...

Cheers

Tried that at shannons, would need to take out home and contents aswell. Anyone recommend a company

[Steedsy71]

Reading through this thread got me thinking about my own collection, so I did the logical thing and grabbed the phone.

Here's what my insurance company has to say. I'm going to mention the name cause I'm impressed - AAMI. In comparison to my former insurance company who wouldn't insure my car after I bought after market wheels fitted on the original tyres!!!!

I can insure my collection for 25% of the total insurance value of my contents. For example: if my contents are insured for $100K, I can specify the model collection to a maximum of $25K, leaving $75K for everything else I own. Of course, you need to let them know about the collection up front. They also said if the replacement value changes, or if the collection increases to a value greater than 25%, I just need to send them updated details of the collection and increase the contents amount accordingly.

PS: I only dreaming, thinking of a collection worth $25K!

If anyone wants to sell me a twin mirror for $200 I might get closer to that $25K!! Although according to Extreme E-Bay thread, my vermillion fire is now worth $1300(!!??)

[brchi17]

Originally posted by v8coupe
Tried that at shannons, would need to take out home and contents aswell. Anyone recommend a company

Did you get a quote from them for your contents anyway ???

I hope their house insurance isn't like their cars as I got a quote of $1100 for my SV8 back in March & ended up going with someone else because it saved me close to $400 - I just could see where the extra money was going towards.......

cheers. :)

[The Hammer]

I got on to my Insurance Broker today, about finally insuring my collection. Of coarse it is something that i should have done years ago.

It's a extra $40 on top of my contents insurance, for $10,000 worth of cover. All they want is a list of cars and their replacement cost. But i've got a feeling that $10 grand is not enough, by looking at the prices from some shops, ie. "Model Cars of the World"

I think that i'm going to get a bit of a shock, now that i have to actually sit down and work out how much i've spent :) :)

[Maximus]

Originally posted by Steedsy71
Reading through this thread got me thinking about my own collection, so I did the logical thing and grabbed the phone.

Here's what my insurance company has to say. I'm going to mention the name cause I'm impressed - AAMI. In comparison to my former insurance company who wouldn't insure my car after I bought after market wheels fitted on the original tyres!!!!

I can insure my collection for 25% of the total insurance value of my contents. For example: if my contents are insured for $100K, I can specify the model collection to a maximum of $25K, leaving $75K for everything else I own. Of course, you need to let them know about the collection up front. They also said if the replacement value changes, or if the collection increases to a value greater than 25%, I just need to send them updated details of the collection and increase the contents amount accordingly.

PS: I only dreaming, thinking of a collection worth $25K!

If anyone wants to sell me a twin mirror for $200 I might get closer to that $25K!! Although according to Extreme E-Bay thread, my vermillion fire is now worth $1300(!!??)

Are you sure about that???

I am also insured with AAMI & just 1 week ago had my insurance upped to $13K for my models and had to pay a few $ extra for them to be on there. There are other specific things like rings etc that we had added, but listed as seperate items, and all up we had to pay an extra $27 to add them to our policy.

Maybe it is differs depending on who you speak to there:D

Cheers

James

[Leigh]

Does AAMI underwrite Shannons?

The usual speil is that unspecified collections or individual items are only covered for a certain percentage of the entire policy...

We had a $5000 Laptop pinched a few years ago, but only got $2500 back due to our policy only being fpor $50k and the maximum unspecified cover being 5% of the total...we now have all collections (CD's, models, etc) and individual items (camera's, jewellery) listed that are greater than 5% of the total insured...

Brad, In my experience, Shannon's is cheap for older cars, bloody expensive for newer cars...

Steedy's, just read the fine print...I've got a mate who works in the insurance industry, they sell one of the more popular fully comprehensive policies as its cheaper than others...in the fine print it said cars are only covered for theft from the owners locked garage...people who don't have a garage are not covered for theft at all...

Bottom line is, you get what you pay for...so read the whole policy...

Cheers

[v8coupe]

Originally posted by brchi17
Did you get a quote from them for your contents anyway ???

No, didn't end up getting a quote.

[waldo]

I have a seperate $5ooo policy over my collection but this is getting upgraded to cover all memorabilia such as signed & unsigned caps, blockmounts, limited edition prints and a signed CASTROL pit shirt framed.

[sphinx84]

im in the process of getting insurance for my collection and i need to get a certified valuer to value my collection. does anybody know of someone who does this or point me in the right direction. i have phoned a couple of model shops but they can only do rrp. any assistance would be greatly appreciated

[singer]

Originally posted by sphinx84
im in the process of getting insurance for my collection and i need to get a certified valuer to value my collection. does anybody know of someone who does this or point me in the right direction. i have phoned a couple of model shops but they can only do rrp. any assistance would be greatly appreciated

I spoke to Geoff Sherriff regarding a valuation for my models.

The last time he did it for me, it cost me $100 & I had a fairly substantial collection then & it took 2 hours. That was 15 years ago. Now his charges are $70 per hour. So I'm paying $540 for the privelidge of Geoff giving his proffessional opinion on paper then paying an extra sum to the insurance Co.

[jager]

So I'm paying $540 for the privelidge of Geoff giving his proffessional opinion on paper

I just organised a valuation through my local model shop. I gave them a file with print-outs of 2 or 3 eBay auctions for each of the models in my collection and summarised the information for them in a spreadsheet to which they added their valuation. By doing most of the work for them I got a valuation that was close to my expectation and it only cost about the price of a 1:43 model.

[Maximus]

Originally posted by sphinx84
im in the process of getting insurance for my collection and i need to get a certified valuer to value my collection. does anybody know of someone who does this or point me in the right direction. i have phoned a couple of model shops but they can only do rrp. any assistance would be greatly appreciated

Have you tried Model Cars or the World here in Melbourne. www.modelcars.com.au
For some reason I thought they did them but I may be wrong.

Good luck.

James

[sphinx84]

i spoke to sherriffs mini cars and he said i would only get the rrp of the models and that i would only get a store credit so i would have no way of getting the hard to get ones. i have the winfield skyline the sandman concept and a devil yellow GTS just to name a few. and by what he was saying saying was stiff sh*t as i would only get the rrp. i know it would be hard to get a value on say the winfield skyline as it is only worth what somebody is willing to pay but i thought there would be a definative way of getting it.

[singer]

Originally posted by sphinx84
i spoke to sherriffs mini cars and he said i would only get the rrp of the models and that i would only get a store credit so i would have no way of getting the hard to get ones. i have the winfield skyline the sandman concept and a devil yellow GTS just to name a few. and by what he was saying saying was stiff sh*t as i would only get the rrp. i know it would be hard to get a value on say the winfield skyline as it is only worth what somebody is willing to pay but i thought there would be a definative way of getting it.

I wasn't reffering to sherriffs mini cars but to Geoff Sheriff.

Geoff used to own the store. A few years ago he sold sherriffs mini cars to his nephew.

Geoff's ph no: is 0417647649

[timbo333]

I'm also putting the info in this thread for folks who do a search.....

My 2 cents worth....

I have my home and its contents insured with CGU on their 'blue ribbon' all singing all dancing policy.

I pay more for their best policy, why, because you get what you pay for (in any industry).

This covers certain collections (such as DVD's, Music, Models and similar) up to $20,000 per item, set or collection. Note Stamp and coin collections are classified as 'valuable' articles and require more expensive, stand alone cover under another section of the CGU policy.

I am not a 'domestic' lines broker rather a 'commercial/corporate' lines broker so am no 'font of all knowledge' on home policies.

The best advice i can give you all is to get yourself a broker, give them all the facts and information about your collection(s) and ask for their guidance and expertise in this area.

That said the CGU policy is the most comprehensive and easiest to accomodate the collections i have such as my models DVD's and music collections that i have encountered. It is NOT the cheapest!!

I don't have to specify any items within each collection as long as each collection falls under $20,000, which in my case they each do.

Other insurers have decent policies but the ones i have come across have much lower 'collection' limits and thus become onerous with having to keep lists and inform the insurer etc.

The CGU policy i have is issued in WA and is called their Accidental Damage Home Insurance policy.

CHUBB Insurance have arguably the best home insurance policy around (called Masterpiece) however their minimum premiums are out of my league as they target the 'Executive' type home worth six figures and contents insurance in the hundred's of thousands.
If i ever 'fit' into this category then i shall have this product.

Links to websites:-

www.cgu.com.au

www.niba.com.au (to help you select a broker in your area)

CHUBB only have a Yankee website at www.chubb.com and Australia is not listed in the country selection?

Also don't forget that BIANTE have arranged with Shannons to issue cover for model enthusiasts. Ask someone else for that info.

If anyone wants specific advice/information on their situation PM me.

Cheers,

Timbo.

[wayno]

Timbo, that's a great starting point. Thanks for the info. ;)