Are your collections insured?

ratsdm · Mar 3, 2011

I just realised that the title to this sounds like I am going to sell you insurance!! I AM NOT SELLING ANYTHING

Anyway, just wondered if your average home contents insurance covers collectibles, I realised the other day how much value is in my collection even though it is still only moderate compared to a lot of people on here.

So I need to read my home insurance fine print to see if I am covered for collectibles.

Do you guys have collectibles clauses in policies?

Cobretti · Mar 3, 2011

well I am not.

I rang them up once asking about insuring my games. They told me each game could be insured for $20. I am like some of these games cost $300 to replace due to how rare they are. They said tough.

From memory you could insure all your dvds games etc up to $2000 total. After that you had to CATALOGE THINGS and they still could of refused to insure it.

SO I never bothered looking any further.

tak35bne · Mar 3, 2011

RACQ have collectibles clauses, one page says yes and one says no............so I have no specific cover for my card collection, would have to get it valued first and even that is a drama.

SW-cards-N-bricks · Mar 3, 2011

Yep, certainly a good idea to consider

I have my collections insured with GIO - listed specifically on the insurance paperwork, with the home & contents

ratsdm · Mar 3, 2011

SW-cards-N-bricks said:
Yep, certainly a good idea to consider

I have my collections insured with GIO - listed specifically on the insurance paperwork, with the home & contents

All good feedback, thanks guys. I am with GIO I so I will look at the fine print and maybe specify some values.

hawksforever · Mar 3, 2011

Yeah generally $2,000 is the most without not only cateloguing but also having proof i.e. pictures of the stated goods or video.

mischap123 · Mar 3, 2011

EXCELLENT thread Ratsdm. We should ALL take note of this. I am with Western QBE and remember specifically asking about my collection. I think they said that it's covered under my contents schedule and on reading the PDS found...

"collections" are classed under HIGH RISK ITEMS and thus there are limits ($3000) which probably wouldn't cover my collection. This can be rectified by creating it a a separate item on the insurance schedule.(which I will now do)

I also noticed their CYA (cover your a$$) whereby you may be paying the premium but they may still not pay until you have PROVEN ownership. ie receipts (not possible for card collecting IMO). To get around this I suggest photographic or video evidence of your collection which is listed as permissable

OutlawNinja · Mar 3, 2011

I think the important bit to add to all this is EVIDENCE!
As most of us do, upload pics of every card you have, if only for mailday posts but keep those pics.
Uploaded to say photobucket, if your house burns down, floods etc etc (god forbid).
I would suggest for anyone of our major collectors to insure your collection separately, will cost a bit more but you will have that peace of mind.

Cobretti · Mar 3, 2011

I should add once I tried filling out an online quote for all my games cards etc.. and they said I could not be covered haha.

I guess ideally best thing to do would be to talk to a person. Maybe to get around the limit problem ill insure bits and pieces of my stuff under different people in the family lol.

taffster74 · Mar 6, 2011

I'm with NRMA and have all of my cards and Transformers/GIjoe/Starwars toys covered. There's no limit to the coverage with NRMA. My Garnett collection is specified atm while the others aren't. I need to update my values, but that means I have to travel into Civic as there's no longer an NRMA office in Belconnen.I'll get to it eventually.

Quicksilver · Mar 6, 2011

taffster74 said:
I'm with NRMA and have all of my cards and Transformers/GIjoe/Starwars toys covered.

I liek the cut of your jib lets be friends . What sort of star wars stuff do you have?

taffster74 · Mar 7, 2011

Unfortunately all of my original Star Wars toys (including 1981 Boba Fett) are long gone - well before people knew they were collectable. I've only select newer/re-release stuff now toy-wise. Also have most of the Galaxy 1 set, all of the Galaxy two set, all of the SOTE set and all but three of the classic chrome trilogy set. Have a heap of select comics also.

crows2010 · Mar 7, 2011

You will need to be careful of what your insurance company classifies as 'collections'. Most refer to a 'collection' as a group of items that are worth more as a set, rather than individually.

Lots of us just have certain cards we like and not specifically a whole collection.

If this is the case, then you may need to insure your high end cards as 'curio'. Usually comes under 'Antiques'. And a valuation is always required if over a certain dollar amount.

taffster74 · Mar 8, 2011

NRMA had no issues. I have my Garnett collection listed as a specific - at NRMA's Suggestion. It's insured as a seperate item from my other cards.

sharkiefan0102 · Mar 9, 2011

I have my insurance with CBA. They cover all collections if you specify them, Ii have myy card collection insured for $8k no questions. Only have to provide evidence if some thing was to happen, photo's etc

Cobretti · Mar 9, 2011

sharkiefan0102 said:
I have my insurance with CBA. They cover all collections if you specify them, Ii have myy card collection insured for $8k no questions. Only have to provide evidence if some thing was to happen, photo's etc

how do you value the cards? because I havent really kept or gotten receipts form some of my high end MJ's

taffster74 · Mar 10, 2011

I just went by beckett value, then converted to aussie dollars. Back when I originally insured my collection, the dollar was weaker, so my garnett collection was close to $5k with just 275 cards. Now that the dollar is stronger and I've got more cards .... I'm going to have revalue my collection. Goodthing I know the basics of database.

mischap123 · Jul 18, 2011

My insurance policy is now due for renewal. As "collections" are considered high risk item, insurance value limit is $3000. I need to increase it and upon talking to the insurance co., I can up the value for a fee BUT......
The value of the collection needs to be independently valued (like a jeweler does for jewelery) for a payout to be signed off. Cataloguing through photo/video is not enough.
WHERE THE HELL DO YOU GET YOUR CARDS VALUED????????????????????

A_Iverson_I · Jul 18, 2011

mischap123 said:
My insurance policy is now due for renewal. As "collections" are considered high risk item, insurance value limit is $3000. I need to increase it and upon talking to the insurance co., I can up the value for a fee BUT......
The value of the collection needs to be independently valued (like a jeweler does for jewelery) for a payout to be signed off. Cataloguing through photo/video is not enough.
WHERE THE HELL DO YOU GET YOUR CARDS VALUED????????????????????

Just tell em you're going elsewhere.

angpin · Jul 18, 2011

mischap123 said:
My insurance policy is now due for renewal. As "collections" are considered high risk item, insurance value limit is $3000. I need to increase it and upon talking to the insurance co., I can up the value for a fee BUT......
The value of the collection needs to be independently valued (like a jeweler does for jewelery) for a payout to be signed off. Cataloguing through photo/video is not enough.
WHERE THE HELL DO YOU GET YOUR CARDS VALUED????????????????????

See if they'll accept Beckett Prices.

Are your collections insured?

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