Sports Card Insurance

[StraightRaceCards]

How many of you use sports card insurance?

I've got a very modest collection, it values around $3000-$3500

I just put in some data into Collect Insure and my quote was for $68 a year.

Seems like a layup at $5 a month.

What has been your experience with collectables insurance?

Has anyone experienced making a claim? Was it a smooth process?

From advice I've heard from others- "get a policy once you would feel the sting if you were to lose your cards"

While my collection isn't a ton of money, I am now getting to that point where it might sting a little to lose the cards, let alone the emotional investment I have tied to a couple of cards I love.

Thoughts?

[raulus]

I have insurance. Originally through my homeowner's policy, and then when they declined to raise the coverage, through CIS.

Never filed for a claim. Hopefully my streak continues. Insurance is one of those things that you buy and hope you never have to use it, yet you definitely want it in case of catastrophe. My wife always complains that we spend a whole lot on health insurance, yet never use it. I'm just grateful to be healthy. Hopefully she doesn't start wondering about all the money we're spending on my life insurance.

But getting back to the question at hand...Obviously there's no policy that will cover the emotional damage associated with losing your collection.

My advice is to insure the collection when losing it would be seriously financially damaging to you. That line is different for all of us because our financial situations are different. While I don't know your financial situation, it might be a little early to spend the cash on insurance. Myself, I would probably be inclined to invest that into more cards. Although as you note, at just $5+ per month, it sure seems pretty reasonable.

In addition to the financial aspects of being covered, part of my decision to get coverage is also emotional. While I certainly have an extreme attachment to my collection, I also don't want some thief to take all of the upside appreciation that my cards have experienced since I bought them. That would just add insult to injury and further aggravate me. I'm also hopeful that the insurance company would be motivated to spend some resources to track down the thief and help to recover my collection before it ends up in the wind.

I am also a big believer in a decent deductible to keep the cost down. My view is that I'm unlikely to lose just a few things. A fire or a thief is going to take pretty much everything. As such, my policy isn't there to cover a minor incident, although those could be painful as well. Instead, I have insurance to cover a potential total loss.

[packs]

I too am curious if anyone has ever filed a claim after an incident. I'm always wary of insurance because it seems like there is always some back door for getting out of paying a claim. Like when you buy insurance at the Post Office and they tell you later that they don't cover collectibles.

[brunswickreeves]

You could keep your best stuff in a locked fireproof box or wall/floor safe and maybe AirTag your slabs. One and done.

[obcbobd]

Originally Posted by LarsHoneyToast

How many of you use sports card insurance?

I've got a very modest collection, it values around $3000-$3500

I just put in some data into Collect Insure and my quote was for $68 a year.

Seems like a layup at $5 a month.

What has been your experience with collectables insurance?

Has anyone experienced making a claim? Was it a smooth process?

From advice I've heard from others- "get a policy once you would feel the sting if you were to lose your cards"

While my collection isn't a ton of money, I am now getting to that point where it might sting a little to lose the cards, let alone the emotional investment I have tied to a couple of cards I love.

Thoughts?

As others have pointed out, insurance will not help with the emotional loss of cards you love. I've always felt insurance was for big things that you can't afford to lose, such as a house.

Look at it this way. If you are 30 and plan to insure your collection for the rest of your life, that could be 60 more years. 60 x $68 = $4080. I realize there are lots of variables, but for a collection your size, I'd self insure and spend the $68/yr on more cards. Or a safe!

Good luck either way.

Bob

[samosa4u]

Originally Posted by LarsHoneyToast

How many of you use sports card insurance?

I've got a very modest collection, it values around $3000-$3500

[StraightRaceCards]

Originally Posted by samosa4u

I stand by my comment, but respect your opinion as well!

When I mean modest, I've only got 20 slabs and a few cherished raw cards from my childhood collection.

Thanks for the feedback guys. I may just go with the safe route for now.

[G1911]

For $3,500, I wouldn't bother.

A safe is a general good idea, at least for the stuff of value. A fireproof gun safe is a few hundred dollars though. Honestly, I'm not sure it makes sense to spend ~$500 to secure $3,500 in values. Are the odds that you will avoid a robbery or under ~45 minute fire by using a safe to store your cards 1 in 7? If not, then it just doesn't make mathematical sense unless you have other things of value you would also like to secure.

A cheap and hidden lockbox might be the way to go for this exact, specific situation.

[StraightRaceCards]

Originally Posted by G1911

For $3,500, I wouldn't bother.

A safe is a general good idea, at least for the stuff of value. A fireproof gun safe is a few hundred dollars though. Honestly, I'm not sure it makes sense to spend ~$500 to secure $3,500 in values. Are the odds that you will avoid a robbery or under ~45 minute fire by using a safe to store your cards 1 in 7? If not, then it just doesn't make mathematical sense unless you have other things of value you would also like to secure.

A cheap and hidden lockbox might be the way to go for this exact, specific situation.

I should have clarified

I bought a house last year and was actually able to negotiate the fireproof safe that was already there to stay with us. So I’ve got one already!

[G1911]

Originally Posted by LarsHoneyToast

I should have clarified

I bought a house last year and was actually able to negotiate the fireproof safe that was already there to stay with us. So I’ve got one already!

Man, I wish my place came with the safes included! You are probably good to go with just the safe then at that cost/value for insurance. My state has a lot of theft crime so I've had to rethink my security options, but the odds thieves or a fire or other disaster gets through a proper safe are very low.

[nwobhm]

The only insurance you need is a 100lb German Sheppard…there won’t be an issue with your cards or anything else for that matter. Thieves will move along to easier pickings once they hear him. Two are double the fun. :wink:

[Fred]

Matt,

Keep on collecting and grow your cardboard (ok and plastic slabs) collection.

If you have the safe available to you, then use it if it makes you feel more protected. Use the $68/year on more cardboard.

Enjoy the hobby. It can be a lifetime journey that can be a lot of fun.

[Texxxx]

When my collection grew to the point that I was thinking the same thing. I decided to go with a safe over insurance. A couple reasons. One is if you get a data safe they will be fine in a fire. Two is I can put other things not collecting related in it. The one I went with was not cheap but it holds a lot plus it weighs about 1700 lbs so no one is going to carry it off very easy.

[Gorditadogg]

Originally Posted by nwobhm

The only insurance you need is a 100lb German Sheppard…there won’t be an issue with your cards or anything else for that matter. Thieves will move along to easier pickings once they hear him. Two are double the fun. :wink:

Yep, hopefully your dog knows how to use a fire hose too.

Sent from my SM-S906U using Tapatalk

[Directly]

Not sure about renters insurance--I have a private policy that cover shipping, loss, etc. for comfort of mind-- although I always ship high dollar items registered and insured (insurance is cheaper) --You might check those insurance fees--

[samosa4u]

Originally Posted by nwobhm

The only insurance you need is a 100lb German Sheppard…there won’t be an issue with your cards or anything else for that matter. Thieves will move along to easier pickings once they hear him. Two are double the fun. :wink:

The 100 lb German Sheppard could always end up eating the cards, no?

[tlhss]

Have you spoken with your agent that provides your homeowners policy to determine what’s covered under that policy when it comes to collectables?