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

  1. #51
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    Some insurance questions were asked here... and a policy would depend on "purchase" value, "replacement" value or "current" value, particularly when it comes to collectables that are constantly changing value.
    Purchase value - what you originally spent on it.
    Current value - what you can get for it now if you sold it right now.
    Replacement value - what it would cost to replace it, fast (as in, paying extra to replace it now in the same condition, without searching months or years for a cheap replacement).

    So for that last one, if you had a complete Optimus Prime that you bought in 1984 and it is out of packaging...
    Purchase value - about $40-50.
    Current value - probably about $100-200
    Replacement value - could be up to or over $1000, depending on how quickly you want a complete original... that might need to be in a sealed original packaging just to guarantee it.

    It's necessary to pre-allocate your collection's value according to how you want to be compensated by your Insurer, and see if an insurance company can calculate a policy to that value.
    As long as you or your area is not deemed high-risk by an Insurance company, and can have the value of your items authenticated in some way (that they accept), they would just charge you a rate based on your designated value - the more you want in return for lost items, the higher the premium.
    Last edited by griffin; 20th January 2015 at 09:34 PM.

  2. #52
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    I came across this American Insurance company advertised on a website tonight, which might give some info for people wanting to insure their collection... to ask insurance companies here if that is a service they offer (or format).
    It might also be useful if someone here wanted to start up a collectibles Insurance business (if you have the resources and funds).

  3. #53
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    And thieves are getting very desperate. I had a box of 7 AOE Deluxe Bumblebees stolen from my front door last week. I always think things like this would never happen to me but I am wrong.

  4. #54
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    Quote Originally Posted by Omega Metro View Post
    And thieves are getting very desperate. I had a box of 7 AOE Deluxe Bumblebees stolen from my front door last week. I always think things like this would never happen to me but I am wrong.
    Bummer dude - sorry to hear that man. Freakin scum!

    Quote Originally Posted by 5FDP View Post
    I got my collection included in the contents insurance. Everything is cataloged and photographed. It also helps to have a robust home security set-up.
    Who are you with? RACV will only insure mine as 'misc' for 20 grand which would only replace maybe a quarter of my collection if that

  5. #55
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    24th Nov 2009
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    Quote Originally Posted by BigTransformerTrev View Post
    Who are you with? RACV will only insure mine as 'misc' for 20 grand which would only replace maybe a quarter of my collection if that
    Not 100% sure dude, I'd have to check with the Minister of Finance i.e. the wifey. I think we might be with NRMA which should be the same as the RACV but hey, I could be completely wrong. Assumption is the mother of all...
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  6. #56
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    I went with AAMI and I was able to put a special clause in my policy (by special I mean pay more) and I usually update the value of my collection each year.

  7. #57
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    Couldn't agree more. I'm always paranoid about keeping all visiting repair-type people out of my tf room. When someone like a pest control or internet/cable service repair person absolutely has to go in there (access to my attic is also in my tf room...arrgh), I actually move all my japanese tf boxes out of there and big figures as well into another room (and close that door). I then drape bed sheets over all of my display shelves haha. I then remove all of the figures off of my desk (1978 star wars as well as G1 japenese tfs of course) and stash them into display shelves behind the draped sheets! It takes me about 15 minutes of prep work but absolutely worth it. Can't be too careful.

  8. #58
    drifand is offline Rank 6 - Dedicated Member
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    I have only two rare toy robots here in Australia and they are not transformers.
    I don't regard my masterpieces of really any value at all as they are not misb and are displayed.

    Other than that Macross toys are the next most expensive but not even in any regards rare. All my vintage robots are in Singapore so I have really nothing of big value.

  9. #59
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    Thought I would quickly share my experience. My collection has escalated rapidly and is worth quite a bit now so I figured it was time to make sure it is covered in the event of loss or theft.

    The cheapest option (and most comprehensive it seems) for me was simply adding extra cover to my existing home and contents insurance. I am with Westpac and after about an hour on the phone with the representative (who professed she was a Transformers fan herself) and her bosses we figured out the best way to insure them.

    For the purposes of insurance, Westpac deem them all to be toys. Under my policy (which is the standard) there is no limit on the amount you can claim for toys so long as it come within the total sum insured amount. I ended up adding $50,000 to my total sum insured amount and that ends up costing me only an extra $7 a month! $84 a year for my collection to be covered is damn good value.

    I also had to give them a rough indication of the number of Transformers and separate them into series and what value I attribute to them. They recommended I have photos of the collection and any evidence of purchase but otherwise it will still be covered for replacement value.

    So if anyone is yet to insure their collection I'd recommend having a look at adding extra cover to your home and contents insurance.

  10. #60
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    I am also insured with Westpac, I think mine are regarded as toys too since its not a 'complete collection'. I just pray that I never have to use it.

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