Hi,
Not sure if this has been done in the past, however having just received our annual home buildings and contents insurance renewal it struck me that my collection appears not to be fully included under personal effects, or at least not to a reasonable level of value.
I have decided to investigate some of the model collection insurance policies that are available to see what sort of costs I'd be looking at for a separate policy.
My collection totals some 650 models at the moment and I'm in the process of updating a spreadsheet so I can easily see what I've got and the (initial purchase) value.
So my questions are......
1) Does anybody else have their collection separately insured?.
2) How does it stack up on cost / collection value and would you say it's value for money in your opinion?.
3) Is there an insurer that you'd recommend that actually understands what it is we collect?.
Look forward to hearing people's thoughts.
Regards
Richard
Model Collection Insurance
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modelman093
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Re: Model Collection Insurance
On the contents section of the house insurance as specific item and value.
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Tracshovel
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Re: Model Collection Insurance
Richard,
It may be better to obtain item specific insurance. In the past I have had it added to my contents policy but it was always a chore to explain what I wanted as well as being expensive but not actually giving a straight forward cover. You cannot itemise your collection this way unless one piece was in excess of a certain (high) figure. It also affects the ratio of cover on other items in the household which again caused hassle when trying to sort out policy cover.
Bottom line you need to ask yourselves the following
Is any one piece worth individual cover?
What is the likelihood of needing to use the policy?
Do you really need to pay for accidental damage?
Otherwise you maybe better to review your security
Review how you store/display your collection
Review your fire prevention arrangements
I.e. Risk management ....... What's the worst that could happen!
Weigh all that up and decide if its worth the cost and hassle of insurance.
( or treat yourself to another decent model
)
It may be better to obtain item specific insurance. In the past I have had it added to my contents policy but it was always a chore to explain what I wanted as well as being expensive but not actually giving a straight forward cover. You cannot itemise your collection this way unless one piece was in excess of a certain (high) figure. It also affects the ratio of cover on other items in the household which again caused hassle when trying to sort out policy cover.
Bottom line you need to ask yourselves the following
Is any one piece worth individual cover?
What is the likelihood of needing to use the policy?
Do you really need to pay for accidental damage?
Otherwise you maybe better to review your security
Review how you store/display your collection
Review your fire prevention arrangements
I.e. Risk management ....... What's the worst that could happen!
Weigh all that up and decide if its worth the cost and hassle of insurance.
( or treat yourself to another decent model
)Return to “Earthmoving models”
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