Insurance & Securing toys - tips, questions and options (browse whole topic)

EDIT by ADMIN - this is a combined topic of various questions and advice about insuring toys, and recommendations/experience on Insurance companies and policies... including Valuations for Insurance.
And on a related point, notes on securing your collection from theft, as Insurance is generally for any type of Loss.

This is something that we probably should be noting or announcing from time to time, for the benefit of the newer members and guests.

As with any valuables, if you have a growing collection, or some pricey pieces, remember to secure them (and your house in general).... and as always, be careful with how you publicise them* and who you let into your house if you don't yet know them, even if they appear to be a fellow fan. Until you trust someone who has access to your house, always secure and watch over your valuables - toys or not.
(*this is why some sections here are not visible to non-members, to protect members who don't want the public to know what they own and where they live)

It doesn't even have to be someone claiming to be a toy collector either, as TV shows like Toy Hunters is educating non-fans into the potential value of vintage toys that people here are collecting. If something is small and publicly known to be valuable, toys, jewellery, electronics or cash, they become a target... so...
- Document everything you own,
- Secure it,
- Restrict or Supervise Access, and
- Insure it.

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Hi Everyone,

I'm not sure if this has been a discussion in previous threads (haven't been able to find any traces of precedence so i thought i'd bring this up).

I was wondering how people have insured themselves for loss or damage for their TF collection?

I've found NRMA to be relatively cheap (approx $400-500+ annually which covers about $9900 of items); Anything in excess of $9900 requires a valuer. I'm not sure if this is the way to go so I was hoping for somebody to she some light or share their experiences on this.

Itemise your figures, photograph them, Insure for REPLACEMENT Value. Bigger Collections will need to have an inventory supplied to insurer. Everyone's insurer's will be different. Shop around. :)

To point out the importance of insurance....our CFO refused to put security screens on sea containers converted into tool sheds. (containers fitted with window, air con, shelves etc)

The $220 we saved on not putting them on cost us $1.5 million in equipment theft. The insurance report concluded the containers weren't secure. CFO was fired. (which i was/am secretly happy about!) :)

just wondering if people have their collection insured and if so who with and what did you have to do?

i did have it insured now with the commonwealth but now after 5 years they now decide to tell me it isn't.

so any help would be appreciated

thanks

Ben

I'm sure it is possible. My parents have things like antique clocks and cameras individually insured on their policy.

The first thing to do is take photos of the collection, and find a guidebook which you can get an idea of what the value is. Make notes of it and send it to your insurer and see what they have to say.

I have had comic books stolen off me, and the insurance company, after taking out the premium, were happy to pay me for it without photos or documentation.

I'm not sure if this has been covered before in another thread.but i have seen it bought up in another thread somewhere and i cant remember where i saw it so i thought I'd start one.

My wife is looking at swapping our content insurance and was wondering what experiences and problems others have had in insuring there Transformers collection.I dont have a huge collection(Somewhere around 100) but i would be a bit pissed of if it was stolen or lost in a fire.What insurance companies are the best, which ones are the worst for insuring a collection and what they require you to do to have it insured.I'm sure I'm not the only one who could benefit from the vast knowledge of people who have larger collections and have been collecting longer than i have been..

There are already two threads about this subject in the Discussion section:
http://www.otca.com.au/boards/showthread.php?t=4421
http://www.otca.com.au/boards/showthread.php?t=4644

Board staff: would it be possible to merge these threads? :)

In answer to your question, as others have said, I think itemised home content insurance might be the way to go.

im with AAMI, and have listed my transformers as an item with a value in the thousands.

this didnt cost me anything more to my premiums.

they recommended i take photos and itemize my collection just in case as well.

I called up the NRMA and asked them to insure my collection for $5000. They added the details to my home contents insurance (didn't cost any more on top of my annual home contents fee) and sent me a letter confirming everything.

Gok - how do you find previous threads like that (really impressed)?

anyway - i'm with NRMA, covered for $10 000 worth of collecatbles.
Anything in excess of this and you'll need to get a valuer to quote the insurable value of your items.

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Originally Posted by kristofferer

Gok - how do you find previous threads like that (really impressed)?

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I used the board's Search Forums function:
http://i6.photobucket.com/albums/y22...ca_search1.jpg
I clicked on "Advanced Search" and the rest is straight forward from there. :)

It's difficult if you have a particularly large collection (several hundred or more), especially as the people best qualified to assess the value of our collections are we ourselves. Even toy dealers might not have the specialised knowledge of Transformers needed to give an accurate estimate of a collections value.

It might be good for us to cultivate some friendships with people who have a sideline as dealers, just to get them to countersign a letter confirming our estimation of the collection's value.

How about Tiby as an authority on Transformers? He did appear in the Collectors TV show :)

I'm looking at insurance for my collection, what I need to do first is value my collection. How do you guys value your collection? Do you check on eBay, BBTS, have a formula to work it out?

My collection is mostly TFTM and newer so I'd guess it's not that expensive but I still need to value it.

See here dude :)

can anyone help in regard to insuring tf's.mine are insured but what total should i insure them for(like average price per tf)?and how regularly should i update the insured total.

Good question. i was thinking to do the same, considering the cash , time and effort we all put into them

thats the problem how do u come up with a total and i know some insurers will only insure up to $4000 total (nrma,racq)and some will do a estimate(suncorp).

I believe you need to take out itemised home content insurance. Photograph every toy and then get figure out how much it would cost to replace the collection. There is a special kind of insurance for collections I believe... I was speaking to a bank about this about a month and a half ago. It would be a _lot_ of effort to itemise each toy you want to insure though. :rolleyes: But yeah, I believe that's the way to go.

Depends on the insurer, but you will DEFINITELY need an extra policy to cover them.

The name for it varies, but it's generally along the lines of 'personal valuables', and covers special items like sporting gear, expensive jewellery pieces that go above the standard amount, etc.

From there, there's a few different methods and options, ie some will only list individually, others let you give an overall estimate.

It's vitally important that you take photographs of EVERYTHING you want insured. These photos must be dated, and keep them somewhere where, if the worst case were to happen, you'd still have copies of those photos.

You will probably have a little bit of difficulty in getting them to grasp what you're after. When I got mine years ago, nobody knew how to process it, considering it was collectibles that weren't sport related. It was kinda funny, and it did mean I'd get calls out of the blue from the insurance guys asking me if I knew anything about *insert pop culture collectible here* and what would I estimate them at. I was their go-to-geek (I was working for the bank, btw, not just a random guy off the street).

And if you list a total, triple check it. Seriously. We ALWAYS undervalue for insurance, and well, you want it to realistically cover everything. Don't be stingy, it'll only come back to haunt you should the worst happen.

This has been covered (no pun intended :p) a few times iamirondude. Do a quick search of the forum and you may find the answers you're after.

Check the pds for various insurers, the tfs will be covered under contents, but it is best to specify them as a lot (for example, "transformers toy collection, value $xx.xx) and document the collection for your personal records.

Even if the total value is less than the minimum specified amount (Usually 5k) list it anyway. It shouldn't cost anything to specify items under contents insurance.

When i was doing insurance training for a job i made sure to find out this stuff for when i insure my collection.

If it helps all I had to do was send an itemised list and picture to my insurer (RAC) and they included it as part of the insurance, no extra cover required. Luckily I had a spreadsheet and a recent photo of my collection. I valued the items at cost price, not replacement price which I think would be difficult to estimate.

Don't insurance companies work off the cost of replacement though? I mean, my MISB G1 Pointblank would've cost about $20, but even I would highly doubt I could replace it even in loose mint complete condition for that price.

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Originally Posted by GoktimusPrime

Don't insurance companies work off the cost of replacement though? I mean, my MISB G1 Pointblank would've cost about $20, but even I would highly doubt I could replace it even in loose mint complete condition for that price.

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Do you have proof of that price? :D Heh I was just thinking how do I prove the value of each transformer? I suppose I could go back through paypal and hundreds of emails working out each purchase but even thinking about that gives me a pain :(

I actually went to a local bank a few months ago and asked about this -- I was told to consider how much it would cost to replace the collection if it were lost now, because the insurance will pay out whatever that replacement cost should be. So we discussed how one goes about estimating that replacement cost, and I was told that even as simple as checking eBay is acceptable.

i'm going to hate going back through my collection and trying to remember how much i payed and what the replacement costs are gonna be.

It's hard when a good chunk of your collection was accumulated during your childhood. I got Apeface and Snapdragon MISB as Xmas gifts in 1987... I'm guessing my mum paid $20-30 for them... but I don't know for sure. Thunderwing was a bday gift in 1989 - I have no idea how much he costed. I bought the Pretender Monsters from Kmart for a couple of bucks each MOSC when they came out... but they'd cost a small fortune to replace in that condition now!

So as the bank told me, it's not at all about how much you paid to obtain the toys, but how much it would cost to replace it. Look at say car insurance -- it's like say car insurance, you can either insure it for the cost of replacement, or at its market value. I don't think car insurance covers you for its original retail cost, since cars are a depreciating investment. Same with say house insurance -- they don't insure you for the market value of the house, but the cost of rebuilding it. To my understanding, property insurance is about the cost of replacing the insured property (hence why they might insure a car for its market value, but not a house - because the cost of rebuilding a house might be quite different to the cost of selling it).

I'm not an expert on insurance, but that's how it was explained to me by an issuer at a bank. :)

I figured that if I lost all my transformers I would probably give up collecting. Maybe. But to accumulate all the ones I had and in the same condition would definitely cost me more now than what I paid for them initially.

I guess it depends on how badly you want to replace them all, and for what purpose you are collecting them. If it's something that you're very passionate about then for sure, try valuing them at replacement value. Of course for various figures this may change over time depending on what is popular or not.

If it's something that you enjoy on the side but you still have other interests then you'll probably just be disappointed with the loss for a while but will find some other way to fill the void. Going through the exercise of valuing everything at replacement cost will probably be too much effort.

I would consider my collection relatively small at just over 100 however for other members who have 1,000's including figures from the 80's etc I imagine that they would be pretty keen to replace as many as possible.

Either way I would say if you are going to value your collection then do what is right for you because that is all that matters.

BTW Goktimus, I like the red OP shirt in your signature block, I've got one just like it.

People automatically undervalue things like this.

When you really sit down and work out your replacement cost, it's generally a fair bit higher than you'd have originally estimated.

You can list items individually. Have fun with that.

But dated photographs MUST be kept. Keep a spare copy on a flash drive and give to a relative who doesn't live with you.

You need to be able to provide satisfactory proof you owned these items at the time of whatever the calamity was.

Generally, it's a good idea to have a photo amongst them that has that day's newspaper clearly visible and verifying the date.

We have a thread somewhere regarding insuring our collections here.... not very adept at finding it in search but Im sure somebody here could post a link eventually :D

I know what you mean,
I kept my Spreadsheet list up to date when I was starting coz of excitement - G1 and all that alone is a bit too much, then I have separate sheets for every other line, but after the 1000s mark, nay the 800s I just couldnt be bothered anymore. Ive included it in the insurance for my contents with NRMA but admittedly it underinsured as I dint get it properly assessed at the time I applied, it has grown exponentially since. We really should try and get a good valuer and prolly some insurer specializing in things like these - or antique insurers - I wonder at times when I watch Bargain hunt or Antiques roadshow - they often recommend an insurance price for an item and makes me think - who are these insurers and where can I get in contact with them - Australian equivalent. Coz yeah G1 alone is gonna be pricey....

Whichever method people wanna go with, try to be consistent within their own method. e.g. Devastator (G1): does he count as 1, 6 or 7? Up to you, but I reckon whichever rule you choose should be applied across the board for all your gestalts, regardless of whether you purchased them individually or in a single box set. Maybe if you keep the box sets sealed... but otherwise if they're opened, I say count 'em all the same way. :)

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Originally Posted by liegeprime

If it's for insurance , best to LIST EVERYTHING... while some may be counted as accessoies for a figure - I always counted Sixgun as an accessory figure for Metroplex, if you have him

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Yeah, I suppose for insurance purposes you might want to catalogue them like TFU.info does... Sixgun, Scamper & Slammer aren't counted separately from Metroplex, but the page on Metroplex clearly lists/documents every accessory that he comes with - those robots, the building bit, the missiles etc.

Quote:

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Originally Posted by liegeprime

ALthough, I do deviate from UCM to form my own personal counting especially with minicons - most count them as "accessories" but I personally count them as a separate entity altogether cos they dont often need the larger figure anyways - as with the new sets of scout PCCs the basic scout is 1 figure coz even if they dont have the minicon - they're still a basic figure in both modes - mebbe gunless of whatever but still by itself a complete toy you can play with - a plane or a snow plow or a truck.... gunles robot mode but still a full robot. Same with the minicon - it may be a gun, or a drill but then Megatron is a gun and he's counted a s1 figure too. So I count the minicon as a separate entity. BUt this same logic I don't apply to Actionmaster partners.

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UCM counts Mini-Cons separately dude (Article03). As you said, Mini-Cons have independent play value... you take Jetter - on his own he transforms from a robot into a supersonic jet. He doesn't need any other Transformer to be enjoyed with as a Transformer toy. The fact that he can merge with the rest of his team to form the Star Sabre and Powerlink with Autobots/Decepticons is a bonus feature.

Quote:

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Originally Posted by LordCyrusOmega

I used the UCM to count my toys while at the same time using my own method. I no longer use the UCM though.
If a Toy has sentience it's counted as 1 as in headmasters (Hasbro - not that I own any) or targetmasters. Drones don't count as 1, only their control bot as in PCC.

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Heh, I used to use the Sentience method too when I was a kid. :D (back when I maintained a checklist on a Commodore 64, then later a 286 PC (with a VGA monitor! Made me the envy of my friends who were still using CGA and EGA monitors... then my godbrother got a Super VGA monitor and blew my mind away :p) *rewinds.tape*

Quote:

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Originally Posted by LordCyrusOmega

ROTF Devestator (supreme not legends) count as 1 even though each vehicle has it's own name. They don't have their own robot mode.

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Agreed. You'd have to be pret-ty desperate to jack your collection count up to count those separately IMO. :p I couldn't be bothered making a poll about that set because there's only 6 of them - and considering that results are rounded to the nearest hundred in the primary poll, it's not really going to affect the results. There are gaps in the UCM like this where stuff slips through - but the numbers are so small that they wouldn't affect poll results anyway.

Quote:

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Originally Posted by LordCyrusOmega

For me Headmasters and Targetmasters (and any other of that evolution) always counted as 2 as their partners had their own personality while Targetmasters had their own alt mode that didn't need the main bot like the Power/Headmasters did. Yes they are just a gun but so was Megatron.
Pretenders count as 1 but Actionmasters count as 2.

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Hmmm... but are Action Master weapons/vehicles sentient though? My understanding has always been that they're not... at best they may have advanced A.I. but aren't actually sentient/self aware (at best they might be like say Jarvis in the Iron Man/Avengers film franchise -- artificially intelligent but not sentient).

Hey guys. I'm wondering what insurance companies you guys use to insure your collection? I'm after a good price with reasonable terms and conditions. Or do you not insure your collection specially? The cost seems rather high and I kinda feel I'd rather put that money into new TFs.

The best quote we have on the house and contents is from Comm Bank, but they have the unreasonable condition that I have to find an expert to value my collection and give an official replacement value. I am trying to classify them as toys not collectibles as the info on TFW and Seibertron says to get them classify them as toys.

suncorp are good as they will insure it seperately from ur home and contents insurance but it doesnt cost any extra but there is a limit tho im not sure what it's set at.

This is something that we probably should be noting or announcing from time to time, for the benefit of the newer members and guests.

As with any valuables, if you have a growing collection, or some pricey pieces, remember to secure them (and your house in general).... and as always, be careful who you let into your house if you don't yet know them, even if they appear to be a fellow fan. Until you trust someone who has access to your house, always secure and watch over your valuables - toys or not.

A couple years ago there was a news report about a Superman collector in America who let someone into his home, but didn't realise he was just scoping the joint to rob later.
It doesn't even have to be someone claiming to be a toy collector either, as TV shows like Toy Hunters is educating non-fans into the potential value of vintage toys that people here are collecting. If something is small and publicly known to be valuable, toys, jewellery, electronics or cash, they become a target... so...
- Document everything you own,
- Secure it,
- Restrict or Supervise Access, and
- Insure it.

As the catch phrase goes - Be Alert, But Not Alarmed.
So don't be worrying that your collection is now at risk, but do take the normal precautions you would with anything of value in your home.
And if you need to meet up with someone new who is buying or selling, prefer meeting at their place or somewhere neutral, or if they do come to your house, keep an eye on them like you would do with any stranger.

We got robbed about 6 years ago. The perps let themselves in to the TF room, gingerly lifted the TF Movie Bumblebee statuette off the laptop in there, sat it on the floor and nicked the laptop. Rather considerate for a thief :rolleyes:


When the cops investigated they were two young guys who prob spent more time looking at my collection than any kind of detective work. One of them said "You need to get this insured mate - a junkie would trash all of this for the hell of it"

How do people go about insuring the collection anyway? Do they just increase their contents insurance or are they specifying it separately?

If anyone (eg workmen) seems to pay a particular interest in any of them, I've drilled family members to say "Yes it's just such a shame he took them out of the packaging, and didn't keep the boxes. They're a fraction of what they would have been worth :( "

Quote:

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Originally Posted by Burn

How do people go about insuring the collection anyway? Do they just increase their contents insurance or are they specifying it separately?

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Look at your policy and what it says about special collections. Some insurers limit payouts for non-household items and some don't cover them at all. You may be able to add a rider to the policy to specifically insure the collection. You will probably need to get your collection appraised and documented.

Just talk to your insurer. They'll know more of the specifics and options.

I had my DVD/bluray, videogames and toy collection insured but needed to specify the overall value. eg. Robot toy collection $25000 or videogame collection (400 games). Most policies will only cover set amounts unless specified so make sure you actually tell them you want to insure certain items so you are covered. For example, I know NRMA's standard policy will only cover you for $2500 in jewellery if you dont tell them otherwise. Accordingly, this will increase your premium but atleast if anything does happen, you are covered.

This is why a few months ago here in a discussion I suggested making the collection section of the board only viewable by members. I got shot down though *shrugs*. I mean, if you use a phone (or GPS capable camera) to take photos and then use an image hosting website then amongst all the metadata available to anyone who can view the image is the GPS coordinates of where the photo was taken (unless you strip the metadata or turn off the location settings)