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.