Make sure your collection is properly protected
05 June 2017
What would you do if your collection got destroyed or damaged in a freak accident at home or as you are transporting it to your club or a show?
If you think your household or car insurance would pay out for a replacement, then think again.
Household insurance policies are designed for the mass market. The cover they provide is for the general contents that most people keep in their homes, and sometimes take out of it, such as jewellery. They are not designed for the specific needs of collectors.
So, what can you do to make sure your collection is protected?
First, enter all the details of your collection in our Collection Calculator so that you have a proper record of all your units along with an independent and expert estimate of the true value of each of the elements.
Next, when it comes time to renew your insurance, ask your insurers these questions:
- How do you value my collection? As individual pieces, per unit, or as a single whole collection?
- If I need to claim how will you calculate the replacement value? If new for old, what happens if my damaged or lost items have been discontinued?
- If I lose or damage a critical piece of my collection that can no longer be replaced will you pay the value of the entire collection or just the lost or damaged elements?
- How much is my excess?
- Do you cover my collection when I take it to wargaming clubs and shows?
- Do you cover my public liability when displaying in a public place?
- Do you cover items associated with my collections such as rule books or other materials?
- If I make a claim on my household insurance for loss or damage to my collection will it cost me more to insure next year?
Let us know how you get on. We suspect most insurers will struggle to answer all these questions. But it would be good to know what they say.