Insureance For Your Collection.

[MAD RACER]

Hi All.

Just curious wheather you are covered for loss of a R/C stuff.

I have around 40 model cars most vintage and have contents insurance on them.

At our regular vintage meet @ Boondal we were talking and someone said anything over 30 models is classed as a collection and won't be covered.

Any one else have looked into this grey area?????

[Swarm]

My wife looked into this as my collection started to grow bigger she called our insurance company and they said no problem they said to take pictures but my wife said to them I have all my kits and cars listed online with pictures and they said even better if anything happens .

She did mention to them I had a few kits but it did not seem to phase them at all.I guess it all depends on your insured with though we are with NRMA .

Stuart.

[casethejoint]

anything over 30 models is classed as a collection and won't be covered

Never heard that one before.

Mine are are listed on the policy individually. You can just send most insurers a spreadsheet.

[bjr250]

Hi All.

Just curious wheather you are covered for loss of a R/C stuff.

I have around 40 model cars most vintage and have contents insurance on them.

At our regular vintage meet @ Boondal we were talking and someone said anything over 30 models is classed as a collection and won't be covered.

Any one else have looked into this grey area?????

Mine are covered as a collection up and beyond my normal contents insurance. When we were looking into our household insurance we found that we were under insured and the R/C collection was one of the areas that could be looked at.

It wasn't so much the number of R/C's in my case but how much my insurance company would payout for any given type of item for any claim.

So I had my collection added with a defined (not market) value and it didn't cost any more to do it this way on my policy. I did not have to provide a list of models to the company. This coverage does not include parts or anything not attached to the cars and these are covered under the normal contents part of the policy.

I have seen companies that do base collections on their size (anywhere from 5 to 50) and if they deem the collection to go above this number it will not be covered under general contents.

All insurance companies will work different to guidelines as to what and how they pay out and I recommend to everyone that they check what the company covers and if you think that you need to update your insurance to do so.

[BeetleLover]

I've got our contents insurance to cover my collection which is about 65 cars. The number of the cars didn't seem to be a problem but I do have quite an accurate account in an Excel Spreadsheet of how much I've spent and a realistic price they would cost me to replace. I was hoping to have a good TC friend work through my collection to value my collection and I would value his as a backup and confirmation that I had priced them out appropriately. I have since moved to Australia and I was fortunate that they have given me another 6 months of insurance on my cars. I will soon have to put them in a secure lockup and have a specialist insurance company cover them because of my absence, that's really going to sting, I'm guessing maybe $50-60 US a week for secure storage and insurance!!!!!!!!!!

Good luck with insuring your collection, shouldn't be too painful if you document properly what you have and they are in your house!!!!

James

BeetleLover

[tamiyoman]

All my collection is mainly boxed up and put in storage where its fully insured for a declared value, i amend the policy every 3-4 months as generally in that time i have picked up another 6 kits/cars/bodysets etc for my personal collection.

Insurance for the business costs was more (its a business after all and a much higher value) and most insurance companies would only pay out trade value or what you paid, when i would need to insure for actual value as most of these items cannot be replaced!, took us a while but luckily my uncle knew a friendly broker and he came round and looked through our stock and asked about valuations etc for actual sale prices (we were lucky as he used to have a Grasshopper as a kid so he knew what we were about), we also showed him some payments for items and ebay sales on certain items so he knew we were not pulling his leg when we said "yes that box of plastic bits (NIB KIT) was actually worth £500.

We agreed a valuation, we pay our premiums and that was that sorted.

Best to be insured i feel, in case anything happens and Tony (Europro975) was lucky to be in the same position as us (Fully insured).

Cheers

[highflyer]

My shotgun and Rottweiller does the trick .....

Seriously, if I had a massive collection, insurance is a great idea.

[Tamiya1/10]

posted twice

[Tamiya1/10]

I think one has to do the Math first. The area / street you live in; an alarm system in the house?; a dog?; other valuables?...in the end is it worth the extra premium?

If i was to break in a house for RC, I likely live in the area and not very old or there is nothing of value in the house for me and I am force to take something which I think is of value and how many RC can I take and my get away car will likely park nearby.

So for me I will not buy special insurance for my RC as general content coverage will cover the 1 or 2 RC the crook could take with him or her.

[tamiyoman]

I think one has to do the Math first. The area / street you live in; an alarm system in the house?; a dog?; other valuables?...in the end is it worth the extra premium?

If i was to break in a house for RC, I likely live in the area and not very old or there is nothing of value in the house for me and I am force to take something which I think is of value and how many RC can I take and my get away car will likely park nearby.

So for me I will not buy special insurance for my RC as general content coverage will cover the 1 or 2 RC the crook could take with him or her.

Each to their own as they say, we have 2 dogs at home so the small amount is safe anyway and the storage is alarmed with barred windows (plus its on the 2nd floor lol) so nothing likely to go missing from there!

[WW-nut]

The posts above ^ are regarding theft, but what about fire/flood. Unless you have a big dog which is also trained as a firefighter you could lose everything.

The only reason I haven't got specific insurance is I don't want my missus finding out how much I've spent

[Tamiya1/10]

I insurance coverage is really a personal decision. For me is items that one cannot get insurance for and not likely be able to replace. That is family photos. Think about it. Photos of your parents, your children when they were two, your wife or yourself taken several years ago. One can never replace those. With digital photos, put the back up file in a save place even in your safe if you have one at home or safety deposit box or some place wheis save from fire, flood and any possible acts of God. But if it make one sleeps better at night, than go for the coverage as you will be in safe hand and a good night ZZZZZZZZZZZZZZZZ.

Sincerely,

ALSTATE

[tamiyoman]

The posts above ^ are regarding theft, but what about fire/flood. Unless you have a big dog which is also trained as a firefighter you could lose everything.

The only reason I haven't got specific insurance is I don't want my missus finding out how much I've spent

Most insurance compainies in UK give insurance cover for theft fire a floods (not that a 2nd floor is likely to flood, especially as where it is its probably 300M above sea level and 50m above the nearest river).

Fire could be an issue and its insured for that anyway.

Insurance is good if A/ your concerned, B/ You need it as your collection is huge, C/ you live in an area where theft/fire/floods can happen or happen often, D/ you dont want to lose a lot of money.

Not so good if A/ you dont want your missus knowing your collections worth ( a good idea in these times of 65% marriages ending in divorce, stat i read in a paper,) and B/ you dont want to pay for something you should not really need for your "Toys".

[slimmy]

This is a good question. especially when you get around 100,000 invested in a collection. I do not have my collection insured. But its something I have been seriously considering.