Collectibles Insurance

[clydepepper]

How much is too much?

Years ago, when my collection was much more modest, I had a Collectibles rider added to my insurance.

$60 annually for $5,493 declared value.

I now have individual cards worth more than that.

I live in a gated community and the cards are in fire-proof safes hidden from view.

I have always felt fairly secure with my situation, but after showing the collection to family members over the holidays, I was urged to at least look into the cost of having them fully insured.

The quote I got is $1,200 annually for $159,869 declared value, with steps down if a deductible was included.

What do you think?

Thanks in advance for your input

-Raymond

[Klrdds]

I have had a collectibles policy for 14 years through the Travelers Insurance Company administered through the Thomas Finkelmeir Insurance Agency in Wapokeneta OH.
I have been very pleased with the rate and deductible options and the easy application and the coverage process. Also adding or subtracting items on the policy is very easy to do.
I took a $10,000 deductible and full coverage for my collection. I just believe insurance coverage is just part of the cost of this hobby.
PM if you want more specifics.

[Peter_Spaeth]

Your quote sounds way high.

http://www.antiqueandcollectible.com/collector_ins.html

[CMIZ5290]

Originally Posted by Peter_Spaeth

Your quote sounds way high.

http://www.antiqueandcollectible.com/collector_ins.html

+1....

[ibuysportsephemera]

That is very high!

Jeff

[MGHPro]

I know we've talked insurance a lot- but has anyone made a significant claim and actually had it paid out?

[bnorth]

Originally Posted by MGHPro

I know we've talked insurance a lot- but has anyone made a significant claim and actually had it paid out?

That is a very good question. My cousin is in the insurance business and owns her own agency. According to her on an industry average they take in $34 for every dollar they pay out. They also do everything they can not to pay out.

I would highly recommend having very good records and pictures of EVERY card insured.

[Stampsfan]

Does anyone have any experience with these guys? Ever tried to make a claim?



Apologies, seems like Matt, Ben and I were posting around the same time.

[bnorth]

Originally Posted by Stampsfan

Does anyone have any experience with these guys? Ever tried to make a claim?



Apologies, seems like Matt, Ben and I were posting around the same time.

One more HUGE HUGE tip with insurance. NEVER under any circumstance pay your agent directly for anything even if they give you a receipt. Seriously this is very important, pay the issuing company directly with a check or MO and always keep records of your payments.

You would be amazed on how many agents are just pocketing your cash and you really don't have insurance. I recently had this happen to me and I know my cousin has been arrested for doing it in the past. It is a white collar crime so they do nothing to the thief and you are screwed.

[Leon]

I have known my insurance agent for 25 yrs and he is great to work with. He is also one of my best friends. I doubt he walks with my few bucks. As for white collar crimes, I would ask Mastro, Allen and Theo how that went.

And more to the question, I think the Collectibles insurance is a good deal. We used it at B and L and the few small claims went fine....good company, imo.

Originally Posted by bnorth

One more HUGE HUGE tip with insurance. NEVER under any circumstance pay your agent directly for anything even if they give you a receipt. Seriously this is very important, pay the issuing company directly with a check or MO and always keep records of your payments.

You would be amazed on how many agents are just pocketing your cash and you really don't have insurance. I recently had this happen to me and I know my cousin has been arrested for doing it in the past. It is a white collar crime so they do nothing to the thief and you are screwed.

[bnorth]

Originally Posted by Leon

I have known my insurance agent for 25 yrs and he is great to work with. He is also one of my best friends. I doubt he walks with my few bucks. As for white collar crimes, I would ask Mastro, Allen and Theo how that went.

And more to the question, I think the Collectibles insurance is a good deal. We used it at B and L and the few small claims went fine....good company, imo.

I had insurance there for 27 years or at least thought I did. I also knew my insurance agent almost my entire life. I have been friends with his younger brother since grade school. His mom even basically made me stay with her on my last trip to Sun City AZ because she did not want me wasting $ on a place to stay. Then I found out the hard way about 3 months ago I really had not had insurance for the last 5 years.

If I could have all the $ Mastro stole from people I would gladly sit the time he got.

I also know my cousin was pocketing $ from not just individual people but also businesses. All she had to do was pay back the premiums they could prove she stole.

[Leon]

We have had our policy with Safeco, through my broker friend, for over 15 yrs. We have a rider for some things we own including a few pieces of jewelry. My wife lost an earring, my insurance agent said he forgot to include my rider on our last policy and it was his fault. He said he would pay for the diamond earring out of his pocket. I told him I should have known too so would split it with him (maybe 1k-2k).....I told him lets wait as maybe it will turn up. About 5 mos later, right when we were going to buy another, we found it under our piano. In Texas insurance agents are licensed (as well as other states I am sure) so dishonesty is not a good long term strategy. I guess it goes back to trust.

Originally Posted by bnorth

I had insurance there for 27 years or at least thought I did. I also knew my insurance agent almost my entire life. I have been friends with his younger brother since grade school. His mom even basically made me stay with her on my last trip to Sun City AZ because she did not want me wasting $ on a place to stay. Then I found out the hard way about 3 months ago I really had not had insurance for the last 5 years.

If I could have all the $ Mastro stole from people I would gladly sit the time he got.

I also know my cousin was pocketing $ from not just individual people but also businesses. All she had to do was pay back the premiums they could prove she stole.

[jefferyepayne]

I use insurance from the Antiques & Collectibles National Association.

http://www.antiqueandcollectible.com/

They are much more reasonable than the other insurance providers I researched and have been great to work with.

I have never had to put in a claim, though.

jeff

[BeanTown]

Ben, Sun City is a great place to be if you have a golf cart and don't mind a slower pace of life there in the Sun. I used to drive through Sun City to get on the Laughlin/Las Vegas highway out of Phoenix.

And

Leon, you really have a piano? I can only visualize you playing with your index finger in each hand. 😉

[bnorth]

Originally Posted by BeanTown

Ben, Sun City is a great place to be if you have a golf cart and don't mind a slower pace of life there in the Sun. I used to drive through Sun City to get on the Laughlin/Las Vegas highway out of Phoenix.

And

Leon, you really have a piano? I can only visualize you playing with your index finger in each hand. 😉

Can't say I really seen a normal golf cart. I did see some absolutely amazing miniature cars though. Being a South Dakotan I can say I did find their coyote problem beyond hilarious. I like being a member or i would elaborate.

[ajjohnsonsoxfan]

I know collectibles insurance was approx $460 for $75k of coverage

[aloondilana]

Heck... Pay the 1200. This sounds like it would be pretty easy to put a claim in.
Say your house got robbed, give me the cards for hiding, I'll get all reholdered with new serial numbers, then you get paid!!
And give me a cut.

[bwbc917]

Years ago my cards were covered under a rider on my regular policy. I was burglarized and ended up losing quite a bit. The insurance company eventually paid about $7000, which was the value of the items that were stolen. They also dropped me as fast as they could.
I bought a security alarm system. the thief returned a few months later and left the house quickly when the alarm went off. Unfortunatly the window he tore out was less than my $500 deductible. And he got a Vince Coleman rookie!!
Allstate covered my collection for many years after that, but last year when I moved they dropped the coverage that had been "grandfathered" in.

I appreciate this thread, because I need to get a new policy.

[pawpawdiv9]

Good read, as I may be looking into this for myself now.
I was going thru my USPS receipt for tax season, and had over 300 dollars in shipping/insuance. I use mainly Priorty flat rate boxes.