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

  1. #21
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    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.

  2. #22
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    Quote Originally Posted by GoktimusPrime View Post
    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.
    Do you have proof of that price? 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

  3. #23
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    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.

  4. #24
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    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.

  5. #25
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    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.

  6. #26
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    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.

  7. #27
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    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.

  8. #28
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    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

    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....
    Wanted AM partner Vanguard, Myclones Dirge, G1 Victory Leo, e-hobby Dark scream ( the black version), e-hobby Magnificus
    Parts- AM partner Basher-side guns, G1 Actionmaster Elite Windmill's blades[I][B]

  9. #29
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    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.

    Quote Originally Posted by liegeprime View Post
    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
    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 Originally Posted by liegeprime View Post
    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.
    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 Originally Posted by LordCyrusOmega View Post
    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.
    Heh, I used to use the Sentience method too when I was a kid. (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 ) *rewinds.tape*

    Quote Originally Posted by LordCyrusOmega View Post
    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.
    Agreed. You'd have to be pret-ty desperate to jack your collection count up to count those separately IMO. 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 Originally Posted by LordCyrusOmega View Post
    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.
    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).

  10. #30
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    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.

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