Insuring your Cards

[WoobieZarz]

Hey folks, I wanted to see how you guys go about insuring your cards.

Years ago, I added my collection (then, some 200-odd) as a separate item with our Insurer, but over time that collection has grow and most likely has changed in value since then (one way or another).

As some may have noticed I'm digging out my old PC, and dusting it off to build on it a little (yep, the hobby has come alive in me once again!), and I'll be needing to update my insurance policy for these cards.

Originally, I went by BV for listed cards, and SV or purchased prices for cards that weren't (say a 1/1, etc).

Is this how most would do it, or would you use SV for everything, or would you be aiming more so for a specific value, like $1k, $5k, $10k, etc, etc.
I guess what I'm after here is;

1.) Have you got them listed specifically or are they part of your contents

and

2.) Where do you get your figures from if based on a set value


Knowing what some of your PCs would contain, I'd hope most if not all have their cards insured!

 

[drob50]

I used to be in insurance so I understand how they work, but ultimately, it is up to you to decide the value really!

The rule of thumb is simply "how much money would I need to buy all of this stuff again?"

Obviously, 1/1's aren't replaceable, so they would just pay you the value it was insure at. In most policies, they will include a small value of 'unspecified' valuables cover as part of your home contents policy. At the company I worked for, it was $2500. Keep in mind that is a total figure. If any SINGLE item was worth over $1000, you needed to itemise it on the policy and in most cases provide some for of proof of ownership/value with it! If the TOTAL of the valuable items exceeded the $2500, you would need to itemise the whole lot our you would only get paid the $2500 in the event of a claim.
As far as proving ownership, usually photos are sufficient. As far as value, it is not really something anyone can determine for you, so you would need to be able to justify it to an extent, but remember, the higher the value, the higher your premium will be.

Some companies may ask you to keep these items in a safe before they will insure you. They probably wont ask for proof that you have them in a safe, but if you have a claim and they can prove you didn't, then you won't get paid.

My advice, buy a safe! Not a safe from a hardware store, but a safe from a qualified security consultant like a Locksmith! This way you will know that your precious cards are safe from burglary AND fire!

2 Cents added!

 

[Big T]

how big a safe can you buy?

 

[drob50]

how big a safe can you buy?

How big a safe can I buy?? Or you??

I manufacture/import and wholesale safes for a living But that was not the reason I suggested it

 

[Big T]

im thinking shipping container

 

[ratsdm]

How big a safe can I buy?? Or you??

I manufacture/import and wholesale safes for a living But that was not the reason I suggested it

Well isnt that convenient!!!

I have mine listed as a whole on my contents insurance.

 

[WoobieZarz]

Great 2c! Thanks!!

Yeah I'd understand that we would be responsible for determining our value for our own possession, but if we were required to prove it, it'd be virtually impossible.

I'm insured with RACT, and had my cards (just my Harris PC - and only half at that probably), listed separately for around $10k, it didnt change my policy either. Problem I have now, is 1.) organising them again to work out what's there, and 2.) deciding a value to put on them. $10k would not be a fair price for them to insure them on (on their behalf).

One insurer I spoke with said they wouldnt do specified items, and that it would be covered in the contents amount, and to increase it by XXX amount to cover the cards. Another said to list them separately as a specified item, but not to put a listed value on it, and that in the event of total loss, they ask me what they're worth to pay out on. Hardly seems fair on their end I'd have thought. I certainly wouldnt want to lose them, but I certainly wouldnt want to be in the position that they were damaged/lost, and I tell them XXX value, and they not approve it.

The safe idea is great in theory, but I couldnt see many doing it TBH, I know that I wouldnt do it, and most likely because a few grand out-lay to spend on a safe would be the main deterrant.
I know that I probably should, but I just wouldnt/won't do it.

It's like having a wedding ring, but leaving it in a safe because you might lose it from your finger. Defeats the purpose of wearing it.

Wonder how shop owners get on, especially say card shops or jewellers. They have items usually in glass cabinets, and would be susceptible to theft and fire damage.

 

[WoobieZarz]

Well isnt that convenient!!!

I have mine listed as a whole on my contents insurance.

As in included in your contents? So you've said your contents are XXX and added an extra X to include your cards?

Cheers for that.

 

[drob50]

Great 2c! Thanks!!

Yeah I'd understand that we would be responsible for determining our value for our own possession, but if we were required to prove it, it'd be virtually impossible.

I'm insured with RACT, and had my cards (just my Harris PC - and only half at that probably), listed separately for around $10k, it didnt change my policy either. Problem I have now, is 1.) organising them again to work out what's there, and 2.) deciding a value to put on them. $10k would not be a fair price for them to insure them on (on their behalf).

One insurer I spoke with said they wouldnt do specified items, and that it would be covered in the contents amount, and to increase it by XXX amount to cover the cards. Another said to list them separately as a specified item, but not to put a listed value on it, and that in the event of total loss, they ask me what they're worth to pay out on. Hardly seems fair on their end I'd have thought. I certainly wouldnt want to lose them, but I certainly wouldnt want to be in the position that they were damaged/lost, and I tell them XXX value, and they not approve it.

The safe idea is great in theory, but I couldnt see many doing it TBH, I know that I wouldnt do it, and most likely because a few grand out-lay to spend on a safe would be the main deterrant.
I know that I probably should, but I just wouldnt/won't do it.

It's like having a wedding ring, but leaving it in a safe because you might lose it from your finger. Defeats the purpose of wearing it.

Wonder how shop owners get on, especially say card shops or jewellers. They have items usually in glass cabinets, and would be susceptible to theft and fire damage.

If an insurer says that they wont do specified items then they are either a) morons or b) covered by some sort of clause in their PDS (Product Disclosure Statement) that limits their liability. Some valuable that people have are a 'higher risk' than others so they really should make people advise them of what they are insuring before saying it is covered in your insurance.

The biggest problem in having everything covered by a single insurance policy is what is referred to as 'under insurance'. What this means is that, say you have a contents policy which covers you for $200k worth of contents. Keeping in mind this means EVERYTHING in your house, down to cutlery in the kitchen and every pair of socks you own. If you were to have a house fire and EVERYTHING was destroyed, the insurance company would not just simply pay you out $200k. If they can prove that you actually had $400k worth of contents in you home (that you own) then they will look at it as if you were only 50% insured. Therefore, they will only pay you 50% of your policy value! So you will only get $100k.

The best thing to do is to get a spreadsheet and list each room of your house, go through them and note approximate REPLACEMENT values on the items inside each room, then add them together. Most people are surprised at exactly how much all of their crap would cost to buy again. With your cards, there is no option but to do the same!

As long as you are over 90% of the ACTUAL value, they will not consider you under insured!

I completely understand your POV on the safe thing, however:

1) My safes are a bargain and they won't cost a 'few grand'
2) The idea is to only protect the items that are left inside your home, not items you carry with you. Like you said, what is the point. It would be like having a car and only keeping it in a locked garage and not driving it!
3) Find a safe that makes it VERY EASY for you to access it. If you get one that is a dial and takes 5 minutes to open, you will not use it. If you get one that opens in seconds, then you will be more inclined to use it at the end of the day instead of putting your valuable on your dresser.
4) FIRE PROTECTION!!!!!


now I am up to 4c worth!

 

[Cobretti]

If an insurer says that they wont do specified items then they are either a) morons or b) covered by some sort of clause in their PDS (Product Disclosure Statement) that limits their liability. Some valuable that people have are a 'higher risk' than others so they really should make people advise them of what they are insuring before saying it is covered in your insurance.

The biggest problem in having everything covered by a single insurance policy is what is referred to as 'under insurance'. What this means is that, say you have a contents policy which covers you for $200k worth of contents. Keeping in mind this means EVERYTHING in your house, down to cutlery in the kitchen and every pair of socks you own. If you were to have a house fire and EVERYTHING was destroyed, the insurance company would not just simply pay you out $200k. If they can prove that you actually had $400k worth of contents in you home (that you own) then they will look at it as if you were only 50% insured. Therefore, they will only pay you 50% of your policy value! So you will only get $100k.

The best thing to do is to get a spreadsheet and list each room of your house, go through them and note approximate REPLACEMENT values on the items inside each room, then add them together. Most people are surprised at exactly how much all of their crap would cost to buy again. With your cards, there is no option but to do the same!

As long as you are over 90% of the ACTUAL value, they will not consider you under insured!

I completely understand your POV on the safe thing, however:

1) My safes are a bargain and they won't cost a 'few grand'
2) The idea is to only protect the items that are left inside your home, not items you carry with you. Like you said, what is the point. It would be like having a car and only keeping it in a locked garage and not driving it!
3) Find a safe that makes it VERY EASY for you to access it. If you get one that is a dial and takes 5 minutes to open, you will not use it. If you get one that opens in seconds, then you will be more inclined to use it at the end of the day instead of putting your valuable on your dresser.
4) FIRE PROTECTION!!!!!


now I am up to 4c worth!

what if you over insure by 100% and they find out?

ie if my stuff is work 100K and I insure for $200K will they give me 200K? I think they should considering I am paying the premiums lol.

 

[Mico]

Take a photo of all the cards you have next to your driver's licence (not one by one, maybe 10 in each shot but enough to make each card distinguishable) and keep a register. This should be enough for proof of ownership. And always over estimate the value.

 

[Mico]

what if you over insure by 100% and they find out?

ie if my stuff is work 100K and I insure for $200K will they give me 200K? I think they should considering I am paying the premiums lol.

They wont care if you over insure because they will only replace what you lost. If it ends up being less than 200k they just won't pay it.

 

[ratsdm]

As in included in your contents? So you've said your contents are XXX and added an extra X to include your cards?

Cheers for that.

Yep thats it. I thiunk it is listed as a collection, not 100% sure as my wife arranged it. Photos and a checklist is enough for them and a Beckett type value should be ok for them as that is a reputable company. (supposedly!!)

 

[Cobretti]

Yep thats it. I thiunk it is listed as a collection, not 100% sure as my wife arranged it. Photos and a checklist is enough for them and a Beckett type value should be ok for them as that is a reputable company. (supposedly!!)

SOMEWHAT reputable OUTDATED company

 

[WoobieZarz]

Great responses guys, hopefully others got something out of it too.

Cheers folks!

Oh, and you can have a whole buck, not just 4c, your input is appreciated!!

 

[taffster74]

I'm with NRMA, so I've got my cards under specific items and have my big value pc's listed individually. another Thing i'm doing is cateloguing my cards with all details available on a database (serial number, swatch colour, etc) and transferring that to memory stick - that way, if my cards do get stolen, I at least have a concise list of all the cards I have.

 

[ElkyJnr]

i also have thought much about this and like the idea of insuring my cards as well as my shoes ( I collect basketball shoes as well) a nice safe would do the trick altho not every1 can see ur PC then

 

[WoobieZarz]

I'm with NRMA, so I've got my cards under specific items and have my big value pc's listed individually. another Thing i'm doing is cateloguing my cards with all details available on a database (serial number, swatch colour, etc) and transferring that to memory stick - that way, if my cards do get stolen, I at least have a concise list of all the cards I have.

I used to have some software I developed that done that for me, but I never included serial numbers, etc. Most of us have scans of our cards, so we can prove them there, but a list/catalogue of cards can help if you ever need it!

i also have thought much about this and like the idea of insuring my cards as well as my shoes ( I collect basketball shoes as well) a nice safe would do the trick altho not every1 can see ur PC then

Yeah Shoes are massive too! Must keep them insured!

 

[ElkyJnr]

Im actaully in the process of culling/selling most my shoes to fund the card hobby

plenty jordan variant colourways and also and1 all-star etd
$$$