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

  1. #11
    Join Date
    29th Dec 2007
    Location
    Adelaide
    Posts
    1,364

    Default

    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.
    SofaMan - Occasionally Battling Evil with his Mighty Powers of Indolence

    TF Count: 1739 - I counts 'em as I sees 'em.

  2. #12
    Join Date
    28th Dec 2007
    Location
    NSW
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    14,754

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

  3. #13
    Join Date
    11th Aug 2011
    Location
    townsville
    Posts
    798

    Default insuring your transformer collection.

    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.

  4. #14
    Join Date
    9th Sep 2011
    Location
    Guildford/Perth
    Posts
    2,000

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

  5. #15
    Join Date
    11th Aug 2011
    Location
    townsville
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    798

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    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).

  6. #16
    Join Date
    27th Dec 2007
    Location
    Sydney NSW
    Posts
    35,631

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    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. But yeah, I believe that's the way to go.

  7. #17
    Join Date
    16th Aug 2011
    Location
    Brisbane
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    1,381

    Default

    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.

  8. #18
    Join Date
    24th Nov 2009
    Location
    1984
    Posts
    8,244

    Default

    This has been covered (no pun intended ) a few times iamirondude. Do a quick search of the forum and you may find the answers you're after.
    New Acquisitions:
    TR Astrotrain, Skullsmasher, & Hardhead
    Scouting For:
    G1 Boxes & Cardbacks
    - - - - - - - - - - - - - - -
    [COLLECTION] [CREATIVE] [MK COLLECTION]



  9. #19
    Join Date
    28th Dec 2007
    Location
    Adelaide
    Posts
    4,128

    Default

    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.

  10. #20
    Join Date
    26th May 2010
    Location
    Perth
    Posts
    1,331

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    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.

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