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

[Trent]

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)

[kup]

How does one go about insuring a collection? Does it need to be assessed for value? I don't think many (or any) insurance person in Australia would have enough know-how on transformers to properly do so.

[griffin]

I think that's something to ask the insurer, as it will come down to how they process a claim (which would be different to each insurer). Some may require proof of purchase, some may require a "professional" evaluation of each item at the time of insuring, some may require photographic proof of the condition of the items, some might want proof of their replacement value at the time of theft (what it would take for you to replace it in a timely manner, which can be more expensive than waiting for a bargain)... while some may require all of the above.
Perhaps shop around, asking what their policy requires beforehand, and what is required when making a claim... and pick one that is easier to fulfil (as some have standard contents insurance, which would be easier to prove value and condition).

One insurer I asked at, would only offer a standard "contents insurance", and based on the (timely) replacement value, the annual premium would be $5,000! Some specialty insurers might be different, if you can convince them of Toys as being a valuable collectable. Maybe inquire at one of those insurance comparison brokers (like iselect) and they might have insurers on their database that are noted to cater for special policies.

[DELTAprime]

I know from looking into this on Seibertron and TFW that they say to make sure your toys are listed as toys, not a collection, don't even say the words collection or collectable. Apparently policies are less strict on toys than they are on collectibles.

This year when the insurance is due I need to call around and ask about if they need a note on the policy or what.

Last year we switched to the Commonwealth Bank's insurance. They said we can go about it two ways, either make them just contents or a collection. Going for a collection would mean finding an appraiser (which I don't think there is one in these parts) and documenting everything. Making them just contents saves all that hassle, but I don't feel very secure.

[theshape]

Ive spoken to rac a few times and they said as long as each item is less than 2k they will be covered under standard contents. Not sure how i would go about getting replacement on the rare items . not that easy to easy to prove a toy is worth 2k

[kup]

All this doesn't make any sense and seems more trouble than it's worth. I don't believe any Australian insurance company knows enough about Transformers (or toys in general) to make the right assessment. Even if I do get the insurance and the worse happens and I need to claim it, how do I proof anything? I can see a lot of problems showing up due to 'lack of evidence' as I don't have any receipt and there isn't really an updated and officially recognised database on how much stuff is worth.

To be frank, it doesn't seem doable so I would be interested in someone who actually as ensured their collection so they can enlighten us.

[Ravagecat]

I looked into this while back with my insurer (NRMA) and was told for collections, that each item in the collection that you wanted insured needed to be individually appraised (cant remember if they did the appraisal or if you had to take the items to a toy/antique dealer) and documented then they could insure each item for the appraised value. The amount of time, effort and money involved in individually appraising each and every item in our collections would be ridiculous and unrealistic. Also insuring items individually would make for one hell of an annual premium that needed to be paid to the insurer

[5FDP]

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.

[griffin]

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).

[Omega Metro]

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.