Non-Sport Update's Card Talk NSU Home | NSU Store | In The Current Issue... | Contact Us |
Non-Sport Update    Non-Sport Update's Card Talk  Hop To Forum Categories  General Card Discussion    It's insurance time again
Go
New
Find
Notify
Tools
Reply
  
It's insurance time again
 Login/Join
 
Bronze Card Talk Member
Picture of btlfannz
posted
Just before Christmas the renewal of my householders (contents) insurance arrived in the mail inviting me to upgrade my insurance for the next 2 years. I don't know what it's like in other countries but my insurer has a clause that says any single item that exceeds $2,000 in value must be itemised.
That got me thinking about my card collection so I rang the insurance company and said that my collection was probably worth about $20,000. They asked if I wanted to insure it for replacement value and I said that I would. That led us into a discussion about setting a value and I suggested that Todd's Encyclopedia would be a fair arbiter of price. To my surprise they agreed and I now have it written into my contents insurance policy that in the event of destruction by fire, other damage or theft they will pay out on my data base (supplied) at all prices in Todd's book. This arrangement can be updated every two years at no extra cost.

Premium-wise at only added another $120 to my annual payment. Frankly, I considered that money well spent

____________________
My dog is a RotweillerXLabrador. He'll bite your leg off but he'll always bring it back to you.
 
Posts: 509 | Location: Auckland New Zealand | Registered: January 26, 2011Reply With QuoteReport This Post
Diamond Card Talk Member
Picture of hammer
posted Hide Post
Certainly a good idea - I have often thought about it but don't cover them seperately
 
Posts: 12066 | Location: England | Registered: September 16, 2003Reply With QuoteReport This Post
Silver Card Talk Member
Picture of Sidewinder
posted Hide Post
What's Todd's encyclopedia?
 
Posts: 1224 | Location: Australia | Registered: November 05, 2007Reply With QuoteReport This Post
Silver Card Talk Member
Picture of Juelle Lou
posted Hide Post
quote:
Originally posted by Sidewinder:
What's Todd's encyclopedia?

That's exactly what I was thinking.
 
Posts: 1512 | Location: Australia | Registered: October 23, 2008Reply With QuoteReport This Post
Silver Card Talk Member
Picture of Sidewinder
posted Hide Post
quote:
Originally posted by Juelle Lou:
quote:
Originally posted by Sidewinder:
What's Todd's encyclopedia?

That's exactly what I was thinking.


Big Grin Maybe it's a Kiwi thing? We shall never understand them Razz
 
Posts: 1224 | Location: Australia | Registered: November 05, 2007Reply With QuoteReport This Post
Diamond Card Talk Member
Picture of hammer
posted Hide Post
 
Posts: 12066 | Location: England | Registered: September 16, 2003Reply With QuoteReport This Post
Administrator
Picture of H_Toser
posted Hide Post
quote:
Originally posted by hammer:
http://www.nonsportupdate.com/...tore.htm#priceguides

Available from the NSU store!!!!


Many, many thanks for the plus, Hammer! Big Grin We get a lot of people buying books (both the Encyclopedia of Non-Sport & Entertainment Trading Cards and the Promo Card Encyclopedia) to value their collections for insurance purposes. Insurance companies like it as it's not as speculative as eBay or the like and it's there for the insurers in black-and-white.
 
Posts: 12968 | Location: Harrisburg, PA, USA | Registered: November 29, 2000Reply With QuoteReport This Post
Member
Picture of cardcollectors uk
posted Hide Post
Here's something I always wondered about a claim for insurance. If you lost you collection in a fire how could you prove you had all the cards you claimed to own? I think most people would be able to find eBay receipts, but most shows, promos and trades that made your collection complete would be nearly impossible to prove.
My experience is insurers are very good at taking premiums but if you placed a claim of $20,000 they'd want your life history. Literally. It may be worth finding this out just in case.

____________________
What do you call a set missing more than 10 cards?
Singles!
 
Posts: 128 | Location: United Kingdom | Registered: September 08, 2005Reply With QuoteReport This Post
Platinum Card Talk Member
Picture of Raven
posted Hide Post
I think that an insurance company may well be willing to write your card collection into a policy so that the premium goes up, but woe unto you if it ever comes time to make a loss claim on your cards. Wink

In NY we just had Hurricane Sandy and its a shame what the insurance companies and FEMA are putting people through before paying out money. There are so many loopholes in these policies to limit the damage you can claim that its not funny, especially when it comes to water, wind and natural disaster.

I'm not trying to discourage anyone from insuring their cards, just be sure that you are not paying more for nothing. Frown
 
Posts: 9445 | Location: New York | Registered: November 20, 2007Reply With QuoteReport This Post
Bronze Card Talk Member
Picture of btlfannz
posted Hide Post
quote:
Originally posted by Sidewinder:
quote:
Originally posted by Juelle Lou:
quote:
Originally posted by Sidewinder:
What's Todd's encyclopedia?

That's exactly what I was thinking.


Big Grin Maybe it's a Kiwi thing? We shall never understand them Razz


To all of you collectors out there who didn't know what the two "bibles" of collecting are - shame on you! Surrender your Phantom ring immediately along with your Lime Rock Inside Traders membership Card!
How can you possibly get this far through life without owning a copy of Todd Jordan's The Encyclopedia Of Non-Sport & Entertainment Trading Cards and his Promo Card Encyclopedia & Price Guide totally escapes me!

The only excuse I will accept is from the Australians who are (what can I say....) well... just Australians I suppose. One mustn't expect too much from people who go to University to learn how to throw a boomerang Wave

____________________
My dog is a RotweillerXLabrador. He'll bite your leg off but he'll always bring it back to you.
 
Posts: 509 | Location: Auckland New Zealand | Registered: January 26, 2011Reply With QuoteReport This Post
Member
posted Hide Post
You tried throwing a boomarang, harder than it looks,especially if you want it to come back. Big Grin

As for Todds fine work, i have every issue, and i would'nt be without them. Thumb Up

And as for insurance, my contents insurance dosn't cover any of my collectables, and i think about that all the time. Confused
 
Posts: 97 | Location: Australia | Registered: December 22, 2008Reply With QuoteReport This Post



Titanium Card Talk Member
Picture of wolfie
posted Hide Post
quote:


Originally posted by cardcollectors uk:
Here's something I always wondered about a claim for insurance. If you lost your collection in a fire how could you prove you had all the cards you claimed to own?



This for me is the big thing. You can insure your collection and you can use a price guide to come up with the value's but after all your cards are just ashes on the floor how do you prove to the insurers that you ever owned them.

____________________
Come, it is time for you to keep your appointment with The Wicker Man.
 
Posts: 28778 | Location: wolverhampton staffs uk | Registered: July 19, 2002Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by wolfie:
quote:


Originally posted by cardcollectors uk:
Here's something I always wondered about a claim for insurance. If you lost your collection in a fire how could you prove you had all the cards you claimed to own?



This for me is the big thing. You can insure your collection and you can use a price guide to come up with the value's but after all your cards are just ashes on the floor how do you prove to the insurers that you ever owned them.



I've thought about this as well Wolfie,I think videoing same of the more harder to get things in your collection would go a long way in satisfying any assessor.

What about older cards that there is no price guide for, i have folders full of early turn of the century Australian trade cards, and the same can be said for anyone in any country, how do you price those?
 
Posts: 97 | Location: Australia | Registered: December 22, 2008Reply With QuoteReport This Post
Diamond Card Talk Member
Picture of hammer
posted Hide Post
quote:
Originally posted by wolfie:
quote:


Originally posted by cardcollectors uk:
Here's something I always wondered about a claim for insurance. If you lost your collection in a fire how could you prove you had all the cards you claimed to own?



This for me is the big thing. You can insure your collection and you can use a price guide to come up with the value's but after all your cards are just ashes on the floor how do you prove to the insurers that you ever owned them.


I assume that if you have listed them and paid the appropriate additional insurance fee then they will pay (you could photograph them as well). How do they pay out on any insured item that has been burnt to the ground? Obviously keeping Receipts will help, but cards are no different from valuable paintings/ornaments you might have valued seperately. You just hope that at the time you get paid for what you insured!!!!
 
Posts: 12066 | Location: England | Registered: September 16, 2003Reply With QuoteReport This Post
Member
posted Hide Post
Insurance companies I've delt with in the States usually require photo imaging as proof. Remember to keep your proof outside of your collection for it will do you no good if also is lost in a fire or flood.
 
Posts: 457 | Location: Raleigh | Registered: April 21, 2012Reply With QuoteReport This Post
Bronze Card Talk Member
Picture of btlfannz
posted Hide Post
For what it's worth my insurer was willing to accept my computer data base which records every single carqd in my collection. I gave him a CD with all of the data on which they hold as a reference point. As I said in my first post, I get to upgrade it every two years.

____________________
My dog is a RotweillerXLabrador. He'll bite your leg off but he'll always bring it back to you.
 
Posts: 509 | Location: Auckland New Zealand | Registered: January 26, 2011Reply With QuoteReport This Post
Silver Card Talk Member
posted Hide Post
quote:
Originally posted by cardcollectors uk:
Here's something I always wondered about a claim for insurance. If you lost you collection in a fire how could you prove you had all the cards you claimed to own?


It's pretty straight forward to set up a video camera and flip through binders, etc. to document that you have the cards. Then store the video offsite somehow.
 
Posts: 1785 | Location: Huntsville, AL United States | Registered: November 30, 2002Reply With QuoteReport This Post
Titanium Card Talk Member
Picture of wolfie
posted Hide Post
quote:
Originally posted by Bill Mullins:
quote:
Originally posted by cardcollectors uk:
Here's something I always wondered about a claim for insurance. If you lost you collection in a fire how could you prove you had all the cards you claimed to own?


It's pretty straight forward to set up a video camera and flip through binders, etc. to document that you have the cards. Then store the video offsite somehow.


I'll do that next time i go to a show. They do all belong to me officer, honest.

____________________
Come, it is time for you to keep your appointment with The Wicker Man.
 
Posts: 28778 | Location: wolverhampton staffs uk | Registered: July 19, 2002Reply With QuoteReport This Post
Platinum Card Talk Member
Picture of Raven
posted Hide Post
quote:
Originally posted by wolfie:
quote:
Originally posted by Bill Mullins:

It's pretty straight forward to set up a video camera and flip through binders, etc. to document that you have the cards. Then store the video offsite somehow.


I'll do that next time i go to a show. They do all belong to me officer, honest.


Not only that, you could take the pictures and then sell the cards. Big Grin

There are a bunch of problems trying to get insurance on a card collection. Or maybe I should say trying to get paid on a loss claim for insured cards, since they are very happy to take premiums and very unhappy about paying out.

If you have something well known and valuable, like that Honus Wagner for example, you can get it appraised and insured. But a normal collection of a few thousand cards, commons, limited and very limited is a different matter. Each card needs individual pricing if its not a base set. What price do you use? Book price? Auction price? Sale price?

If its sale price you need the receipt. You may need the receipt to prove ownership. How many of us have receipts for cards we bought? I don't usually get them from my hobby store or even eBay. I certainly didn't keep the ones I may have gotten over the years. And if you pulled a premium hit from a box you have nothing to show for that card at all, just the box.

Why not just increase the property contents value in you homeowner's or renter's insurance if your card collection is worth the extra money and keep you fingers crossed that you will never have to make a claim. Wink
 
Posts: 9445 | Location: New York | Registered: November 20, 2007Reply With QuoteReport This Post
  Powered by Social Strata  
 

Non-Sport Update    Non-Sport Update's Card Talk  Hop To Forum Categories  General Card Discussion    It's insurance time again

© Non-Sport Update 2013