Bad Collectors Insurance

[todeen]

I have American Collectors insurance to cover my collection. I also use them to cover my wife's classic car. The auto insurance side was fantastic when we had to use it after a crash last year. This gave me unfounded expectations for their "collections" side idf the business.

I had to file a claim on a card I ruined and the collection side of the company has been 1 out of 5 stars so far. Their website does not work. It will not register that I have two plans with them, therefore I can't file through their website. Everything must be by telephone. It has been 5 weeks and counting since I filed my claim. Zero communication. Two weeks after filing my claim, I had to call back and track down my claim handler.

He told me to submit information to xyz email and include my claim # in the email subject line. However, my email was rejected because I had a 12 digit claim#, and not 11 digits like their system was defaulted to.

I called back, and got the email issue cleared up. I had to send my info backdoor. So then he asks me to tell him the value of my card, and then to submit evidence of its value. That is easy enough, but I truly think if they don't know how to track down a valuation this might not be the business to be in if they must rely on the submitter to provide all info. If I was trying to commit insurance fraud, wouldn't this be an extremely easy way to do it? It just seems like they want to fail an external audit of business practices.

Waiting for some sort of communication stating whether my claim has been accepted or rejected. Close to 10+ days since last contact was made. No emails. No phone calls. No letters.

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[Snowman]

I use CIS, Collectibles Insurance Services. I've never had to file a claim yet, but I have dealt with customer service multiple times and they're always extremely helpful and great to work with. I would definitely recommend them based on my interactions.

[mrreality68]

Originally Posted by Snowman

I use CIS, Collectibles Insurance Services. I've never had to file a claim yet, but I have dealt with customer service multiple times and they're always extremely helpful and great to work with. I would definitely recommend them based on my interactions.

agreed CIS is where to go.

I used American Collectors for my classic car years back and they were good but was warned not to use for anything other than cars.

So I do not have experience on the other sides of their business.

Good Luck and hope it works out soon

[Jcosta19]

Sorry to hear of your problems.

I also have American Collectors insurance.
I have had some difficulty working with customer service in the past, especially when updating policies etc.

However the one time I had to make a small claim ($400 or so) it went very smoothly and was paid within a few days.

Hope yours is resolved quickly.

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[NATCARD]

I have used CIS for years. Have made a claim, no issues. Have adjusted insured amount many times due to fluctuation in inventory and also absolutely no priblem. The best! Jeff W

[bobbyw8469]

Originally Posted by NATCARD

I have used CIS for years. Have made a claim, no issues. Have adjusted insured amount many times due to fluctuation in inventory and also absolutely no priblem. The best! Jeff W

Jeff...email me information on them. Maybe I should start using someone, eh? Is it affordable?

[Snowman]

Originally Posted by bobbyw8469

Jeff...email me information on them. Maybe I should start using someone, eh? Is it affordable?

I'm not sure how linearly the ratio scales, but I was quoted that $1,000 per year covered around $350k worth of collectibles unless you take out a dealer's policy, which I think was about double the cost.

[brianclat11]

I have a follow-up question for you guys. My collection is growing but seems to be covered by personal property within my Homeowner's policy. What is the main benefit to getting additional coverage outside of that?

[NiceDocter]

You may want to be certain about that coverage as almost all personal property home owners plans have an exclusion for “art and collectibles “ after a low limit of maybe a few thousand dollars. Make sure whatever you get is in WRITING.

[Leon]

If it is not scheduled on your homeowners insurance (you pay extra) I think there is a great chance homeowners won't cover it. I use Safeco (Liberty Mutual subsidiary) and they definitely don't insure that kind of stuff UNLESS scheduled. And I am not sure they would do cards but I have jewelery and art scheduled...have had a claim or two and all was fine.

.

Originally Posted by brianclat11

I have a follow-up question for you guys. My collection is growing but seems to be covered by personal property within my Homeowner's policy. What is the main benefit to getting additional coverage outside of that?

[brianclat11]

Great info. Thanks guys!

[Yoda]

I worked in the insurance industry for 28 years, first with Cigna and then Chubb, although I dealt more with commercial lines rather than personal. The problems with insuring your collection under your HO policy are several; first, the limit under your HO policy is normally a percentage, usually 10-20%, of your personal contents coverage and rarely adequate for a decent collection, second, you really need a named player policy for your HOF'er and star player cards rather than the the blanket unnamed coverage under your HO policy. The problems really start at time of loss when trying to establish replacement cost. Obviously, you need to keep scrupulous records of book values for insurance and tax purposes when presenting a claim. The best approach is usually adopted is to use PSA and VCP auction results as to a guide towards replacement cost valuations. From what I have heard, Beckett's program is pretty good and will tailor a policy with the specific requirements necessary to protect fully your precious collection.
Hope this helps a little.

[Exhibitman]

It’s an insurer. Any decent size claim you have to expect to throw some elbows to get it done. Hell, I once had to raise the bad faith specter with State Farm to get a claim processed timely and just recently I had to open a complaint with my state insurance commission to get a simple call back from MetLife. Once you bring them to heel they settle down

[oldjudge]

You ruined the card and they cover it? That's s pretty generous policy,

[todeen]

Update on insurance: it had been 12 business days since last communication with insurance on August 12. Acknowledgment of my claim started on July 10. On Aug 12, my claim was sent to managers. I decided to call my claim handler on Aug 31. He told me my claim had been accepted, but that no one had sent payment. He processed the payment while I was on the phone...I think... and told me to look for it next week after the holiday.

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[mrreality68]

Originally Posted by todeen

Update on insurance: it had been 12 business days since last communication with insurance on August 12. Acknowledgment of my claim started on July 10. On Aug 12, my claim was sent to managers. I decided to call my claim handler on Aug 31. He told me my claim had been accepted, but that no one had sent payment. He processed the payment while I was on the phone...I think... and told me to look for it next week after the holiday.

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Glad it is working out
But Wow that seems long a very long process and persistence on your part.

Hopefully you see it next week