[conemaugh]

Just a general question. Considering the fact that many of us have invested beaucoup dollars into our "hobby" -- has anyone ever taken out additional insurance for their diecast collection? If so, what were the costs?

[Armour Addict]

Originally Posted by conemaugh

Just a general question. Considering the fact that many of us have invested beaucoup dollars into our "hobby" -- has anyone ever taken out additional insurance for their diecast collection? If so, what were the costs?

Sure I did!

I have it under my home insurance. The collections is insured at its replacement value against natural hazards (fire, flooding,lightning, electrical surges etc.)

Regarding the insurances costs it wouldn't be representative since I live in Germany.

Hope this helps!

[skydriver]

I have my collection insured for $2,000,000.00

And if I need to make a claim against my entire collection which might mysteriously disappear ( stolen ), which might be soon since the stock market continues to tank, then I expect all of you to be my "expert" witnesses confirming that my Corgi 1:32 Stinger P-51 is valued at $10,000.00 and my 1:72 B-17 Memphis Belle is valued at $50,000.00, and my other diecast range in value from $2000.00 to $25,000.00 a peice.

[STARMAN 352ND]

Originally Posted by skydriver

I have my collection insured for $2,000,000.00.....Then I expect all of you to be my "expert" witnesses confirming that my Corgi 1:32 Stinger P-51 is valued at $10,000.00 and my 1:72 B-17 Memphis Belle is valued at $50,000.00, and my other diecast range in value from $2000.00 to $25,000.00 a peice.

You mean you wish they were worth that much.....
JP

[conemaugh]

In that case I had better value my IXO Corsair at $10,000.

[hworth18]

Originally Posted by STARMAN 352ND

You mean you wish they were worth that much.....
JP

Maybe a BIN on Ebay???

[Cavtanker]

I had to get Lloyds of London to insure my Corgi Mustangs! j/k

I don't have any insurance on my diecasts. I would consider getting some if I had more rare pieces.

[Old Crow]

There probably is no reason to specially insure your collections, at least in most cases. If you have renters or homeowners insurance you typically have coverage for your personal property or contents, and it is unlikely you do not have enough coverage. Your insurance policy declarations page will specify the limit (it is usually identified as Coverage C in the U.S.), and you can even have your insurance agent bump up the coverage limit if you want (for a slight increase in premium). If your insurance company treats the die-cast as collectibles, like baseball cards or stamps, your policy may limit what you can be paid to the fair market value of the models (think garage sale prices or perhaps eBay prices).

The real question is whether to separately insure them (insurance companies call this scheduling or some similar jargon), which means they are usually insured for loss from any cause (like misplacing or breaking). Otherwise, renters and homeowners policies typically only insure for specific causes of loss (theft, fire, water damage, etc.). Of course, the cost of specifically insuring or "scheduling" personal property is pricey, which is why it is usually limited to fine art, jewelry, etc.

I would suggest, in all seriousness, that if you have a large collection that you document it in some fahion (photos or video) and keep the documentation in a secure location. It will make the insurance claim settlement easier and bigger.

[skydriver]

[
I would suggest, in all seriousness, that if you have a large collection that you document it in some fahion (photos or video) and keep the documentation in a secure location. It will make the insurance claim settlement easier and bigger.[/quote]

Hey, if i ever need to document my collection, I am just going to "borrow" a few photos from the collections shown on this site. Let's just hope the insurance investigator is not a die cast nut and knows about this site. If so, I will really go down in flames.

In all seriousness, I have on excel a spreadsheet of all my planes, and I will be taking pictures soon for my file and to post here.

[Tundra04]

I've always heard that collections are typically NOT covered under a homeowner's or renter's policy and require a separate rider. The reason is the homeowner's policy covers "normal" objects in the household, and I doubt 200 diecast would count as "normal" household objects. Again, this is what I've heard and may/may not be correct.