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Author Topic: Evaluate for Insurance Purposes?  (Read 1383 times)

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Offline Tulips

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Evaluate for Insurance Purposes?
« on: March 27, 2018, 07:28:36 PM »
Since I'm setting up a pony room I figured it was time I sat down and figured out insurance for my collection. I've started typing up an inventory and already want to crawl under a rock and just not think about it.

Does anyone have any advice on how to evaluate my collection?
Should I be using approximate current values, or what I originally paid for items years ago?

I know it's going to be different to insure them in Aus than the US, but any advice at all would be greatly appreciated.  ^.^
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Offline aintnobuffalo

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Re: Evaluate for Insurance Purposes?
« Reply #1 on: March 27, 2018, 07:40:52 PM »
Is your collection ponies only? As general advise, insure for the amount it would take to replace; this would be it's value. You might be able to find a local expert in collections to come assess the value. The insurance may request that it be assessed in a certain way, so it might be helpful to start there.
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Offline FantasticFirefly

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Re: Evaluate for Insurance Purposes?
« Reply #2 on: March 27, 2018, 07:56:18 PM »
Since I'm setting up a pony room I figured it was time I sat down and figured out insurance for my collection. I've started typing up an inventory and already want to crawl under a rock and just not think about it.

Does anyone have any advice on how to evaluate my collection?
Should I be using approximate current values, or what I originally paid for items years ago?

I know it's going to be different to insure them in Aus than the US, but any advice at all would be greatly appreciated.  ^.^

You'll need to talk to an agent to figure out what policies are available and what each requires.

It's good to have a detailed inventory regardless
I keep- in order of year, then set:
what I bought,
when,
from who/where
how much
details about condition (how I cleaned, ANY flaws and blemishes, any restorations etc).
special notes: peachy with darker symbol or special colour eye paint. if something is slightly different.

I find my logs a bit fun to look back on too. :)


Here I can't find a company that will allow me to come up with my own list (and documentation/reciepts). I would need to hire a professional appraiser and pay for their report first.

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Re: Evaluate for Insurance Purposes?
« Reply #3 on: March 27, 2018, 08:25:56 PM »
Moved to the Corral for you :)
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Offline Tulips

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Re: Evaluate for Insurance Purposes?
« Reply #4 on: March 27, 2018, 10:52:16 PM »
Thanks Loa, I wasn't sure which board a topic like this belonged on :)

Oh wow FantasticFirefly, your logs sound intense. I haven't kept any details like that at all, I've only just typed up a list of everything noteworthy, I wish I had that forethought like you to keep records properly... But then I never expected a few ponies to become hundreds. Your description of what you do has given me some ideas of how to organise my own lists properly, thanks for the advice.

From what I've been told by some family members I don't need to have anything appraised by a third party. Apparently the insurance company will cover whatever figure I come up with as long as I'm willing to pay the premiums they set, but I'm still worried that they'll be sceptical.

What would be the best way to find values? I thought checking sold auctions on eBay, but even the first thing I searched gave me trouble actually finding something recent enough to approximate a replacement value. Hmmm
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Offline FantasticFirefly

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Re: Evaluate for Insurance Purposes?
« Reply #5 on: March 27, 2018, 11:56:11 PM »
-values

This is why I want you to speak with (at least one) recommended agent. I know I can *add* things (jewelry collection, coins, toys) as riders to my home policy, they have low caps though.

When you start passing those caps, and depending on how your collection grows one of my concerns is values fluctuate so rapidly, you want to know how they cover the premium and allow you to replace in the event of the worst. It's not just the ending prices, in order to replace you'd be paying shipping/customs as well- which would also be part of your costs.  Maybe find an insurance group on Facebook and ask there?

example of that, I paid $30 for my soda sippin' ponies NM and complete, along with bare boxes. They upgraded the pair I had with floats and brushes that were $20 (which I gave to my friend). I couldn't buy a single soda float NM for $30 now. Maybe next year they'll be down again, maybe they'll be higher. some stuff just moves so rapidly and strangely I honestly wonder how each company handles that.
« Last Edit: March 27, 2018, 11:58:29 PM by FantasticFirefly »

Offline Tulips

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Re: Evaluate for Insurance Purposes?
« Reply #6 on: March 28, 2018, 12:34:14 AM »
Thanks FantasticFirefly, that's some great advice. I'll do some research and ask the insurance companies how they handle it. If I bring them a ballpark figure or my collection we can at least start there. But you're right, in the collecting world prices fluctuate so wildly sometimes it's hard to pin a price on something.
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Re: Evaluate for Insurance Purposes?
« Reply #7 on: March 28, 2018, 01:28:32 AM »
Here in the UK because they're my little ponies (and not what our insurance company recognises as a proper collectable), they are insured under house contents and they are covered to an unlimited amount if anything were to happen to them. I have to have details (and images) of my collection but I don't have to provide individual values for all of them, just a rough guideline amount for the whole lot and how much it would cost to replace, which we have done.

We went into exceptional detail and so did the insurance company over this to check it all out for us. So it's worth finding out whether your collection qualifies to be insured as a collection or whether it doesn't. I don't know what the rules are in Aus about this.
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Re: Evaluate for Insurance Purposes?
« Reply #8 on: March 28, 2018, 09:29:18 AM »
I will say- as the attorney they hire when things go very wrong- that the more detail the better-

the things most insurance companies will ask for
1. list of the inventory (photographs would be great not just to prove you had the items but even more for you- it is very hard to remember what you had if there is a fire)
2. receipts (if possible especially for high priced items)
3. age of item, quantity and replacement value at the time of the loss

Keep in mind many insurance policies (at least in the US) only pay "actual cash value" for "personal property" unless you specifically buy coverage for "replacement cost" -  "actual cash value" is the cost of the item NEW less depreciation for age-  for vintage my little ponies- I'm afraid that it would reduce the value to $0 in most cases.

So that may be a reason for buying a special rider or purchasing "replacement cost" for your personal property- just a thought.

Of course- we are still probably talking about a relatively small amount of money- even for all of your ponies- many of the times (I've noticed) the insurance companies hardly even look twice at the small value items- the things that catch their attention are the items that are valued in the hundreds or thousands- so if you have items like that, maybe talk to your insurance agent about whether they'd be covered in the event of a loss and if so, how the value would be calculated (the agent usually won't know he'll have to contact the insurance company for a real answer)
« Last Edit: March 28, 2018, 09:32:36 AM by Galactica »

Offline goddessofpeep

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Re: Evaluate for Insurance Purposes?
« Reply #9 on: March 31, 2018, 01:09:32 AM »
I'm currently looking into insuring my collection.   It's....beyond massive.  I would say that attaching it to your home owner's insurance is probably not a good idea unless it's the only option.  There are insurance companies that specialize in collectibles of all kinds - including toys. 

This is the one I'm looking into:
https://collectinsure.com/

I spoke with them at their booth at SDCC last year.  They specialize in collectibles of all kinds, and they'll be happy to insure a pony collection.  They told me that I don't need to provide a full inventory for them.  They'll accept a more general "all collection" estimate.  You will probably have to provide some general photographic evidence of the collection, but they won't require to take individual photos of every single item, or provide receipts for everything before they'll insure you.  General group shots should be enough to get you started.  And if you need to make a claim, I think they said they'll take even completed ebay auctions as valid proof of value in many cases.  They're not the cheapest thing ever, but all they do is collectibles, so they understand how a piece of plastic with brushable hair can be worth $900.

I have yet to sign up with them(I'm still going through my collection), but I spoke with them for quite a while.  It all sounded pretty good, and they're at SDCC every year in the comic book area:p  It was actually nice to talk to them at their booth.  When I told them what I collected, they didn't look at me like I'd just grown a second head.  They seemed totally cool with the whole pony concept, which I don't think I would get with my general homeowner's insurance.  They also seemed to understand that while there are some high end pieces in any collection, those smaller pieces(your $5 common ponies and whatnot) do add up very quickly.  I was actually very happy with everything I heard from the people at the booth.  Of course, they were there to sell insurance to collectors, but it was nice to talk to someone who knew we were talking about plastic horses and didn't treat me like I was wasting his time.  Of course, it was A LOT of plastic horses!   They even cover accessories and merchandise!

I asked about a kind of general estimated rate, and for about $40,000 I think they said it would be about $400 a year(though I haven't gotten an official estimate yet).  They increase the premium a bit every year to account for the collection being active.  You don't have to constantly report every single thing that you buy.  They'll just assume you keep buying stuff, and adjust the premium and the coverage accordingly.  You might be able to change this if you talk to them about it, but I'm not sure.  Since my collection IS active, it would be nice to just have that taken into account automatically instead of having to renegotiate this every year.
« Last Edit: March 31, 2018, 03:27:19 AM by goddessofpeep »

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Re: Evaluate for Insurance Purposes?
« Reply #10 on: March 31, 2018, 01:53:07 AM »
I know in Australia many home insurance companies have a 'collections' addition, which is a capped value for a collection of whatever you happen to have, as long as it's documented. I have photos on a cloud service, and my checklists too, so I have my complete inventory available if the worst happened. My collection is just going over the largest cap for my contents insurance, but finding anything else suitable is tough, and my documentation will have to be more thorough, which is a pain since a whole bunch of my stuff is in storage right now. If I find anything, I'll let you know, but toy collections are a tough sell, and nothing in mine is hugely valuable per piece, so I'm having a bit of trouble even considering my overall value is getting up there!
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Re: Evaluate for Insurance Purposes?
« Reply #11 on: March 31, 2018, 01:54:55 AM »
goddessofpeep-

I heard good things about them filing smaller claims from people buying more modern items like ours, even from a couple of fellow pony collectors. I would have gone with this company myself- but "Coverage available within the continental United States and Hawaii".  That policy seems like a unicorn compared to anything I have found so far!


So far I haven't found anything near comparable on offer in Canada (or elsewhere really).

It seemed that yes, elsewhere the assumption is a collection is fixed, it certianly seems that way with any policy available to me requiring the upfront investment in getting an appraiser (who apparently needs to be experienced in MLP) to visit, and write up a professional report. Rather daunting. and needing a new report if the collection changes. Especially for someone like me where paying for travel and accommodations to a remote location would likely exceed the bill on the report.

This article does made a point to read the fine print properly, replace Vader with an India Funskool Butterscotch. Imagine losing one, and your replacement is a BIN for $5.99 US butterscotch on ebay, or a new pony from Walmart.

http://www.edmontonexaminer.com/2010/11/14/edmonton-collector-becomes-countrys-first-action-figure-appraiser


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Re: Evaluate for Insurance Purposes?
« Reply #12 on: March 31, 2018, 03:39:34 AM »
This is a lot of great advice, you've all given me so much to think about, thank you everyone!

Stormness, thanks for the Aussie perspective in particular. Family members have told me about the 'collections' addition, I figure exploring this is my first step. My partner and I are newly renting and yet to get contents insurance (very bad of us to be so slack!), my collection has made the entire thing seem way too daunting. :yikes:
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Re: Evaluate for Insurance Purposes?
« Reply #13 on: April 02, 2018, 08:22:11 PM »
I plan to take photos (of a shelf full at a time) and document values directly on it. A spreadsheet would be WAY too hard to keep track of.
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