Insured - Are You?

[blakeatron]

sorry if in the wrong area but this might help some people!

well after a robbery from my workshop earlier this year and finding out i was under insured i have been on a bit of a security/insurance trip at home and at work.

end of november means home contents insurance renewal, after checking through the paperwork and doing some sums i realised i was under insured at home as well!

so rung them up and answered all the questions, they then agreed to send an assesor out. So out he came, checked my sums, checked i had all the stuff, then had a look around. Made him a brew while i waited, and waited - then went to find him, and found him checking out my smallish rc collection. He asked if i had receipts for them, i showed him and he agreed to put them under a 'collections' clause in the policy - similar to jewellery - which also means they are insured when on holiday or in transit!

i have never heard of this, and honestly hadn't even thought about it. But when you do the sums of buying new in uk even my small collection of cars and bits values in at 2000! - which is small ammounts compared to some!

[Jay61076]

I mentioned my collection to my insures but they said that since no one item was over 2000 it would just be under normal contents

Not sure I believe them

Make sure you have photos was what I was told

[Martijnvt]

Make sure you have photos was what I was told

hehe, well... if your house burns down (hope not)... where are your pics!? Either put them in a safe which is fire AND water proof for some hours or leave a copy at a relative's residence.

I have fire/water proof safe in the cellar, because if your house burns down it will be not that hot in the cellar, but it can turn out to be a swimming pool after the visit of the firemen

Actually you should do this with all important documents but we humans intend to be lazy... myself incuded hehe

Cheers,

Martijn

[ryanbored]

This has been a concern of mine for a while. It's not nessasarly the cost of the models, but all the upgrades/ hop-ups/ time and effort. I have done some rough calculations and recon i have nearly 5000 to worry about (don't forget all your tools, spares and Brushless motors etc that you don't use!)

I had a similar response from my insurance company (nothing of over 2000 for one item) As far a photos go, what about storing digital images, for example photobucket? Of course then there is the issue of proving ownership. Plus I don't have receipts for anything really. (my other half would go nuts if she found them!)

So yes- I worry....

[3doorpete]

I got bitten by this in 2001. I thought contents cover was pretty much all the same - I had a 1100 Tag Heuer Watch which I lost when I was mugged in London by 3 scum bags. I found out I wasn't covered as my contents only covered - "whilst in the house". Was a real joke, as it meant my wife's jewelry etc and anything you wear was not covered while I was out. One of my other hobbies is shooting, and my most expensive shot gun is worth 2000 - this also wasn't covered when I was out shooting.

To me, it seems really poor - like a car insurance policy that doesn't cover you whilst driving, only when parked?!?! It would never happen, but does with home insurance.

I had a big re-vamp of my contents policy and am now covered for in transit, robbery, theft, loss, accidental damage - the works. It didn't even cost much more - just had to be with the right company and ask for the right type of cover.

Photo's and receipts are important to keep otherwise I've heard loss adjusters can be a real pain. All my RC's are photographed and come under general contents, as do my guns, as long as no single item is worth over 3500.

[blakeatron]

i was fobbed off with the single piece value story as well - which is why i was suprised when he offered me the 'collections' option - he said it was for things like jewellery, stamps, postcards where individual items are low but full content is expensive.

it was done through my broker, and the paperwork seems more like the commercial paperwork that ive got for the business!

does no harm to ask the question though!

[Tamiya1/10]

Alson, depending on you age, size of your collection and how advance you plan ahead...one should consider a Will or how to organize your RC interest should one day something happened.

Unless you son(s) or daughter(s) have a keen interest in your RC... sure hate the thought your better half or some estate lawyer unload your entire collection in an estate sale for $200.00 from NIBs, shelve queens, full hop up runners etc... mind you a luck active TC forums members in the future will tell everyone how by luck he acquire $10,000.00 worth of RC from some estate sale for only $200.00

Who knows, once we hit 60, we may have given most of the RC away or to the grand children or sold them at ebay to pay for medical bills.

[3doorpete]

Alson, depending on you age, size of your collection and how advance you plan ahead...one should consider a Will or how to organize your RC interest should one day something happened.

Unless you son(s) or daughter(s) have a keen interest in your RC... sure hate the thought your better half or some estate lawyer unload your entire collection in an estate sale for $200.00 from NIBs, shelve queens, full hop up runners etc... mind you a luck active TC forums members in the future will tell everyone how by luck he acquire $10,000.00 worth of RC from some estate sale for only $200.00

Who knows, once we hit 60, we may have given most of the RC away or to the grand children or sold them at ebay to pay for medical bills.

I think this response should be moved into the "You know you're addicted to Tamiya when...." thread!!! I think my wife would think I'd truly lost the plot if I put Tamiya's into our will!!!

[Tamiya1/10]

I think this response should be moved into the "You know you're addicted to Tamiya when...." thread!!! I think my wife would think I'd truly lost the plot if I put Tamiya's into our will!!!

Once you tell you Mrs. how much the collection is worth, (but do not tell her how much you have spend and hrs put in, else she will kill you on the spot either with her bare hands or with a 9 inch steak knife ) she may change her mind and ask that you put it in her name beside the house, bank accounts, investments.....

in the end it really depend on the size of your collection... like TC member HongKong should already have one. but based on his collection along, I think his estate lawyer or accountant has already organized his affairs.