The $64,000,000 question: Is your collection insured?

[RobertoBagg10]

Hey all, seeing so many amazing collections and displays from fellow freaks and those over at SF got me thinking about how many of us collectors actually have their collections insured for things like theft, damage, natural disasters, etc...

How does one put a value on certain pieces that have now long sold out? For example pieces like the Grey Hulk PF or Doom PF that can fetch over nearly $3000 in the secondary market yet the SSC value price on their website shows a different story...these pieces are irreplaceable. Is it possible to insure them to the value of what they go for on the secondary market?

Its a subject that all of us collectors would hope to never have to go through. Although in the case of theft or robbery of a house, it would be highly unlikely, unless they arrived with a removals van, that your entire collection could get stolen (but then again he/they could be an arse and damage them all out of spite) So what about natural disasters such as flooding, earthquakes or tornados? Obviously certain places around the world are more prone to such above disasters and i'd love to know what they do to protect their collection.

I have been collecting for just over a year now and when i see so many fantastic collections and i mean those who have so many valuable and rare pieces, do they ever get worried about such things such as robbery, accidental damage or natural disasters? And how do they go about insuring such high valuable items that sold for say $400 back in the day but can now fetch over $3000 in the secondary market?

 

[Lejuan]

There are a few threads already on insurance and collectibles. My policy covers me for the replacement value, not the purchase price, of my figures, so long as I pay the appropriate premium for the total replacement value of my house contents.

 

[Intruder04]

Is your collection worth $64,000,000??
If yes, I might........

 

[RobertoBagg10]

There are a few threads already on insurance and collectibles. My policy covers me for the replacement value, not the purchase price, of my figures, so long as I pay the appropriate premium for the total replacement value of my house contents.

Sorry if this subject has been repeated...the search facilities on here arent what they used to be, infact they dont work for me

So what about the pieces that you have that cant be replaced?

 

[Lejuan]

Sorry if this subject has been repeated...the search facilities on here arent what they used to be, infact they dont work for me

So what about the pieces that you have that cant be replaced?

The search facilities were never what they used to be

As for pieces that can't be replaced, such as customs, only the purchase price is covered unless the after-market value can be reasonably proved (ie via a completed ebay auction).

My collection is worth a reasonable amount, but nothing worth getting worked up about if the place burns down.

 

[RobertoBagg10]

The search facilities were never what they used to be

As for pieces that can't be replaced, such as customs, only the purchase price is covered unless the after-market value can be reasonably proved (ie via a completed ebay auction).

Thats what i was wondering? Would certain brokers allow you to claim off what the statue sells for on the secondary market ie:eBay.

Only problem with that is auction sites do not necessarily prove accurate values as an item is only as expensive as the amount someone is willing to pay for it dont you think? If for arguements sake i purchased a Grey Hulk PF on eBay for $2500 and 2 months later it got damaged, stolen, etc...would i still be able to claim the value of what i paid for it as i'd have the eBay proof of purchase plus paypal reciept?

 

[SAB]

The search here works fine.
I use it for laughs when I want to go back to 2010 and see everyone here saying they are out of this hobby once Hot Toys hits $200.

 

[Mr Quimper]

Mine is covered under the house contents insurance. Only pieces over the value of £500 need to be declared so I'm pretty safe.

Regarding the price you paid and the price you get from insurance...I believe they only pay out current market value. Just because you paid X amount of dollars does not mean this will match their valuation.

Unless you specifically name a valued piece for a specific amount. At least thats how it works here.

 

[RobertoBagg10]

Mine is covered under the house contents insurance. Only pieces over the value of £500 need to be declared so I'm pretty safe.

Regarding the price you paid and the price you get from insurance...I believe they only pay out current market value. Just because you paid X amount of dollars does not mean this will match their valuation.

Unless you specifically name a valued piece for a specific amount. At least thats how it works here.

Thanks Quim, i live in the UK too so wanted to know what the procedure was in regards to having a rare/valuable item that has long sold out and that cant be replaced...ie) Grey Hulk PF. Can i insure it for the amount i paid for it in the secondary market or would the brokers only match it up to SSC's price?

 

[comicbookguy]

Is this even a option? I wonder if insurance companies would even consider it at all? They will think I broke them myself. Lol

 

[shocktrooper_au]

I have mine listed under general collections in with my house and contents upto $10,000 which would cover most the gear that I'd like to replace

 

[batfan1991]

Hi freaks, I have actually considered insuring my collection, I live in canada what kind of companinies provide us with this service?

 

[Something Sexy]

Is this even a option? I wonder if insurance companies would even consider it at all? They will think I broke them myself. Lol

My coverage also covers accidental breakage.

 

[mikman42]

Just make sure your friends you get to steal your stuff don't break em

 

[jye318]

I have mine listed under general collections in with my house and contents upto $10,000 which would cover most the gear that I'd like to replace

10,000 is not enough.....

 

[spidermonkey]

I did a separate policy for mine with my regular homeowners insurance for $75,000. I believe it
costs $200 extra a year. I felt better as soon as I did it.

 

[Frostlord]

I considered insuring my collection but the quite they gave me was too expensive at the time, might do it someday

 

[RobertoBagg10]

Glad collectors are taking the necessary actions to protect their collectibles. I suppose like with jewellery that either gets damaged or stolen, it's more the sentimental value rather than the cost value that would hurt the most. For example, you can't replace rare pieces such as a Grey Hulk PF or an original Predator 1:1 bust as they are now sold out so getting money back for pieces such as these wouldn't make me feel any better, I'd rather still have the statue.

 

[Mr Quimper]

Its a tough choice. I don't have any "valuable" statues but I do have some pretty expensive artwork. Coincidentally I've just had to renew my home insurance. The last broker was "declare anything over £500", this one is "declare anything over £1000".

Each item you declare bumps up your premium. So make sure that as long as you have overall contents insurance (say...for a house fire) then everything should be covered up to the £75000 limit.

However, for accidental breakage thats a whole different ball game. I guess you have options to weigh up...

 

[Something Sexy]

10,000 is not enough.....

Depends what you own.