The Energon Pub

[metalformer]

INSURANCE?! Wow! Now we're talking big leagues here! I has never stopped to think or consider such an option ever. That is something I should evaluate on doing because of my love for my collection. Guess its the grown up thing to do. Seriously, a very thought-provoking topic you made. Congratulations.

[Zeds]

My collection is presently worth around $40-50K given they span from G1 to present. See attached pics for proof of what I have on display at this time. I have been considering liquidating, but my heart just won't let me.

Some highlights include:

- Near Complete Series I-III Canadian Boxed G1 TFs (missing Smokescreen and Rampage). Some AFA'ed (others pending) and some signed by voice actors afterwards (ie Michael Bell signed my AFA 85 CDN error box Swoop).
- Complete Armada, Energon and Cybertron with all US and JPN exclusives. All RID exclusives. Some minor select pieces from other lines and Conventions.
- Complete Alt and BTs including all exclusives.
- Complete TRU and TFC G1 Reissues.
- All Masterpiece Figures.

About 80% of it is boxed up in storage for lack of display space.

This article was quite helpful for me. My insurance is coming due and I will be asking a few question when I renew.

Thanks as always counterpunch! These are an investment and should be treated as such.

[MagnusPrimal]

More work. Thanks a lot!
I've been meaning to do this for a while, but now you've made me nervous. So I've actually got to get to it.

[OptimusShr]

A question about sunlight damage, I have a window that lights my room pretty well and I use it for light during the day. The shade is kept down but the curtain is open, should I be worried the few toys that are a short distance from it?

[decepticonjon]

to cp's benefit, a slow news day is good for exposure

[neliz]

I'm supposed to say that you're a complete douche .. but..

Man, THANK YOU!

When you've got a toy that covers a months mortgage you get to realize the value of "collecting"

[Counterpunch]

to cp's benefit, a slow news day is good for exposure

Everytime someone says 'exposure' to me, I end up in jail.

[Tigertrack]

to cp's benefit, a slow news day is good for exposure

Everytime someone says 'exposure' to me, I end up in jail.

Like Counterpunch needs more exposure.

[Counterpunch]

to cp's benefit, a slow news day is good for exposure

Everytime someone says 'exposure' to me, I end up in jail.

Like Counterpunch needs more exposure.

What I need is more coffee. Seriously.

All my intentions for putting pen to paper (or hands on keys as the case might be) fell short due to napping half the weekend and Fire Emblem.

[decepticonjon]

to cp's benefit, a slow news day is good for exposure

Everytime someone says 'exposure' to me, I end up in jail.

don't feel too bad.. same thing happens to me everytime i end up at a tastee freeze past 9pm.

[Homer]

I am a actually a sales manager for the largest Allstate agency in the nation, and this is all very sound advice. Insurance is very picky, you MUST know the ins and outs of your policy, as well as how to word statements when filing claims.

It also really helps to have an agent that is very comprehensive, and very willing to take the time to help you understand your policy.

Most, if not all of the informative posts in this thread are accurate, but if you will allow me to do some tweaking....


Different companies, in different states, have different rules, regulations, and guidelines that they adhere to. If you are going to take the time to buy a policy to cover your assets, please make sure that you know what is covered. You SHOULD have a policy regardless, but if you are getting a policy to cover your transformers specifically, you may be wasting your money (although covering everything else you own isn't necessarily a waste). A renter's policy covering $30k usually runs about $100 - $125 a year, as mentioned earlier.

Some examples that you may want to clarify with your agent include:

What perils are you insured against? An example would be that a homeowner's or renter's policy does not cover the peril of flood. You MUST buy a seperate policy for flood for this to be covered. Flood is considered as rising water and/or storm surge. Keep in mind, you don't need to live near the coast to be flooded. Stats have shown that more flood claims are filed in non-coastal areas and counties than by the beach.

If you rent a house or an apartment, and your roommate has renter's insurance, guess what? NONE of YOUR **** is covered. That is your responsibility to cover your own ass. Renter's insurance will only cover your items, and anyone living with you that is RELATED to you. If you live with a girlfriend (not wife), again, the insurance company has every right to deny your claim if it is your stuff that is stolen and your girl is the policy holder.

Under your homeowner's or renter's policy, collectibles are indeed covered. You don't have to call them toys, it is safe to call them collectibles, but you cannot schedule them like you can jewelry, firearms, or artwork. HOWEVER, you MUST document what you have. Take lots (LOTS) of pictures, videotape, appraise, etc everything you have. Receipts are great, too. Keep your documentation in a safety deposit box or a fire proof safe that cannot be easily moved. Document what the collection is, how it is cared for, stored, or handled, and its total value. Without this documentation, your renter's policy is pretty much useless for protecting your toy collections.

If you do not have this documentation, and you file a claim for, say, $8,000 in TOYS, the adjuster will laugh harder at you than the lady who checked you out at Toys R Us. You will NOT get anywhere near the money your collection is worth. Gauranteed.

If your collection is worth more than 10% of the total contents coverage on your policy, it would be very wise to increase your contents coverage, as again, you cannot schedule these items.


Some other things to consider that were mentioned earlier....

If you go through a broker (who shops among several companies), be prepared for impersonal customer service. Most brokers and independant agents pretty much release your policy to generic 800 numbers once they sell you the policy. So if you have a question or would like to get really in-depth with your policy, you will more than likely be dealing with someone who makes $7 an hour, could care less about you or if you cancel your policy, and you never get the same person twice. By going through an exclusive agent on the other hand, you get that personal and professional service, plus you always know who you will speak to when you dial their number. Those guys actually DO care about you, and want you to keep your policy with them for years, as that is how they make their money - on your renewals.

Also, be careful of some of these specialized companies, like the Collectibles Insurance company linked earlier. Make sure you do research and that these companies are "admitted" by your local state's Dept. of Insurance. If they are not, then it is very possible that company could deny your claim, as they are really not worried that your state may pull thier appointment to do business in your state.

Insurance is boring, but important. I hope this helps you guys. My fingers are cramping now.

Any insurance specific questions, feel free to fire away.

[neliz]

Thanks Homer.

[Counterpunch]

Thanks Homer.

Indeed!

[Iron Prime]

Thanks Homer.

Indeed!

"Thirded"

Thanks, that is really helpful!

[DavidT]

This is some good Shi... I mean info

[Counterpunch]

Someone was asking me about this over the weekend...

So,...bump?

[El Duque]

I'm lucky my two best friends from childhood are now my insurance agent and insurance adjuster, so anything that goes wrong with my house, car, etc. I come out smelling like a rose. I am in the process of cataloging all my TF, because we are working on a rider for my homeowners policy just for them. This is very sound advice.

[Pyrostrata]

It is always a good idea to carry rider-clauses on one's homeowners/renters insurance to cover "losses of collectibles"...I have carried said riders for many years, since my ex-husband was into sports collectibles. I never dropped it off the policy when I moved around. I just took the "sports" part off and added in "vintage toys" instead!


My insurance man loves me!