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

  1. #41
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    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.

  2. #42
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    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.

  3. #43
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    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.

  4. #44
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    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

  5. #45
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    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.

  6. #46
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    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

  7. #47
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    They should set it up so that you designate a value to the collection, at or below what can be justified (with things like ebay listings), and premiums are calculated according to that value. Then at least if you are only able to claim for the lesser amount that you are happy with, you don't pay as much for your insurance premiums.
    But there would still be a lot of work on your part, to catalogue and photograph the entire collection, and keep it up to date... so that if anything gets stolen or destroyed (with the house) you can prove your claim a lot easier.

  8. #48
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    the whole concept of cataloguing and valueing my collection is beyond impractical.
    My Fan interview with Big Trev

    my original collection from when I was more impressionable.
    My Current Collection Pics (Changing on occasion)

  9. #49
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    Quote Originally Posted by UltraMarginal View Post
    the whole concept of cataloguing and valueing my collection is beyond impractical.
    It would certainly need a regular (annual?) update to the Insurance Policy, as everyone keeps adding to their collection, which adds to its value with each purchase.

    And an insurance company would need to pre-approve your appraisal method... and as noted, I doubt there would be anyone in the world who's a "professional toy appraiser". The closest you'd get would be a professional toy dealer, and even then, your Insurer would need to recognise their "qualifications" beforehand. Perhaps being a registered toy business for a lengthy period of time maybe?

  10. #50
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    upkeep of a collection list would be doable with strict follow up whenever something new is purchased, but the hours required to start something like that?

    I don't even know how many transformers I have, at least hundreds, probably well over a thousand. If I managed to keep cataloguing to just 5 minutes per figure that's over 5000 minutes, that's 167 hours. assuming I spent an hour a day creating a list that's 23 weeks doing an hour a day, nearly half a year.

    as if I could be bothered,

    and then there are all the insurance company requirements mentioned aby others above,

    it's probably better picking the 10 or 20 most expensive to replace (or most special to you) figures and worrying about those.
    My Fan interview with Big Trev

    my original collection from when I was more impressionable.
    My Current Collection Pics (Changing on occasion)

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