Are you collectables insured???

[loste_treasures]

Hello all,

This post resulted out from another one i have listed....

Most of us have alot of collectables in our homes. What happens if you are unlucky enough to have your house broken into and your beloved Biante models stolen?

Are you covered?

Most of you might think that yes, they are covered under the general house contents insurance. Are you??

In my experience (im insured with RACV) I found out that NO, i wasnt covered under that. This ment that i had to list all my items seperately from my general contents so that RACV knew exactly what i had. This also ment i had to do some work to get my collectables ready for insurance.

It basically ment that i had to catalogue everything (and in some cases, supply photos of my collectables) detailing serial numbers (if they had any) or other security measures i had taken to ensure their safety.


Now you might think that this is extreme but consider this. With the value of some collectables reaching astronomical prices, it pays to ensure that they are covered against theft, damage or indeed fire.

Heaven forbid if someone breaks into your home and steals that prized possesion of yours. It will only make you sicker to find that your insurance will not cover for its replacement

[Andrew]

I have a catalogue of ALL my model cars, F1, WRC, Touring Car, Road car, 1:18, 1:43 etc. with all model certificate numbers and serial numbers. I have recently purchased a good digital camera and now I have to photograph them all (it's going to take days).

I knew that insurance companies didn't really include model cars under the contents insurance, so my question is, how much does it cost to take out a policy on one's model collection? I know it will vary according to the cars in your collection, their value (maybe their condition - all mine are MIB), and so on, but what are rough costs?
Who, in everyone's experience, provides the best policy cover?
This is something I am really interested in, as my collection is at a point now where it has gone beyond 'an interest' into a 'lifestyle'. I can't afford to have them damaged or stolen with no way of recovery.

[the_goldie]

All,

I have added a COA register on my site (http://www21.brinkster.com/cambo/COARegisterUser. asp) that allows you to add your models and view/edit/delete as you like.

If you don't have anything at the moment at least it is another place for you to store a list of your models and keep track of your COA, model numbers etc...

Any feedback is appreciated so enjoy fellow collectors.

This site is hosted for free and as noted on the site it is only allowed to download 17mb / day. So if you are getting home from work and reading this others may have beaten you to it but it will be reset @3p EST everyday.


enjoy.

[Gary]

To get my model collection insured it was a pretty simple process.
1. Make a list of all models with COA number, purchase date and space for value.
2. Present this list to your regular hobbyshop who will then put a valuation figure on each and every model. I have this done at least once a year.
3.The hobbyshop then total's up all pages, and a total valuation figure is then written on a Valuation Certificate (supplied by shop) which shows the name of the hobbyshop, valuation figure, dated and is then signed by shop owner.
4. I then go to my insurer( Suncorp-Metway) present the Valuation Certificate and have the new value added to my existing home and contents cover. BUT it has to be added into the Listed Content- Specific Content which shows up on your policy in a section of its own with the new value. Suncorp-Metway then photo copy the Valuation Certificate and keep for their records. This is cheaper than insuring the collection alone.
5. Pay the extra $$$ for the increase in amount insured and you are in business.

So far they have not insisted on photographing each and every model, which I have already done just in case. Keep the original Valuation certificate and list in a safe place.
Not all hobbyshops do valuations, you will have to check with your local shop.
Hope this helps. :D

[timbo333]

This subject has been dealt with in previous threads...........use the search function.

In a nutshell I suggest you all use an Insurance Broker, tell them about your collection/s and ask them for advice.

If they get it wrong and your insurer does'nt pay up..ask them to. I'm a broker and can tell you that house contents policies vary wildly from insurer to insurer.

Check what you are paying for (ie read the policy). If your not sure ask your broker for advice.......:p