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

Certainly a good idea - I have often thought about it but don't cover them seperately

What's Todd's encyclopedia?

quote:

Originally posted by Sidewinder:
What's Todd's encyclopedia?

That's exactly what I was thinking.

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Originally posted by Juelle Lou:

quote:

Originally posted by Sidewinder:
What's Todd's encyclopedia?

That's exactly what I was thinking.

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

http://www.nonsportupdate.com/...tore.htm#priceguides

Available from the NSU store!!!!

quote:

Originally posted by hammer:
http://www.nonsportupdate.com/...tore.htm#priceguides

Available from the NSU store!!!!

Many, many thanks for the plus, Hammer! 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.

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.

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.

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.

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.

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

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

You tried throwing a boomarang, harder than it looks,especially if you want it to come back.

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

And as for insurance, my contents insurance dosn't cover any of my collectables, and i think about that all the time.

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.

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?

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!!!!

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.

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.

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.

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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.

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.

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.