Experience with Collect Insure / Insuring your Collection?

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#1 3 years ago

OP

GMK

grantopia

Pinside member

Fairview Park, OH

8y 99,600 3,563 8

I've been trying to find some info in old threads on how people are ensuring their collections in their home. All the threads I've seen on this seem to be pretty old and basically boil down to "hope your existing homeowners policy covers you". I talked to our insurance company, and they said the games would be covered under my existing insurance, but basically flat out told me it would be almost impossible to recover the replacement cost of them in the event something happened.

I ended up calling around to a few other major companies (State Farm, Progressive, Allstate) as well as two local offices, none of which insure collectables, including games separately or as a rider to your existing policy. I did find Collect Insure (https://collectinsure.com/) which looks like they specialize in insuring collectables, and they told me they do games. The weird thing was they said they don't require pictures or an appraisal to cover them, which seemed...odd? I did some digging and they seem to have some positive reviews in the sports memorabilia and comic community...but has anyone used them for pins? Any idea if they are legit and will cover pins at (or even near) replacement value?

Basically I'm trying to see if anyone actually has separate insurance on their pins at a realistic replacement value and if so, what company do you use...and how did you get them to do it? Everyone I've talked to seems unable or clueless...

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#2 3 years ago

MIS

Lhyrgoif

Pinside member

5y 107K 8,621

I'm wondering about this too so following.

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#3 3 years ago

EMS

emsrph

Pinside member

12y 75,300 1,352 1

OP
Quoted from grantopia:
I've been trying to find some info in old threads on how people are ensuring their collections in their home. All the threads I've seen on this seem to be pretty old and basically boil down to "hope your existing homeowners policy covers you". I talked to our insurance company, and they said the games would be covered under my existing insurance, but basically flat out told me it would be almost impossible to recover the replacement cost of them in the event something happened.
I ended up calling around to a few other major companies (State Farm, Progressive, Allstate) as well as two local offices, none of which insure collectables, including games separately or as a rider to your existing policy. I did find Collect Insure (https://collectinsure.com/) which looks like they specialize in insuring collectables, and they told me they do games. The weird thing was they said they don't require pictures or an appraisal to cover them, which seemed...odd? I did some digging and they seem to have some positive reviews in the sports memorabilia and comic community...but has anyone used them for pins? Any idea if they are legit and will cover pins at (or even near) replacement value?
Basically I'm trying to see if anyone actually has separate insurance on their pins at a realistic replacement value and if so, what company do you use...and how did you get them to do it? Everyone I've talked to seems unable or clueless...

I use CollectInsure and the premium is fairly reasonable. They are very easy to work with in getting a policy. You set your own values and pay accordingly.

I have no experience with claims so can't state how easy it is to get paid from a loss. In all the years this topic has come up no one that has CollectInsure has come on here and relayed any payout info. I did get a company representative to post on Pinside many years ago but he avoided answering my general question...has anyone that has insured their pin collection ever submitted a claim and has been paid for a loss.

Edit - CIS1966

Inactive member

Pinsider since August 11th, 2015 (Last seen August 25th, 2015)
Hope that helps.

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#4 3 years ago

JP

jake35

Pinside member

7y 114K 2,552 25 9 5

why not just get them separately scheduled on your homeowners policy?

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#5 3 years ago

OP

GMK

grantopia

Pinside member

Fairview Park, OH

8y 99,600 3,563 8

Quoted from jake35:
why not just get them separately scheduled on your homeowners policy?

I've tried with my current insurance and they don't offer a separate rider or schedule, similar to like expensive jewelry, etc. They told me it would have to be covered under my general property. All the other major carriers I called said the same. Do you have yours scheduled?

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1

#6 3 years ago

REW

woody76

Pinball Marketing

Nashville, TN

9y 142K 6,846 6 98

Quoted from jake35:
why not just get them separately scheduled on your homeowners policy?

this is what I do, I added them to my personal property with an additional $100k. Sent what I paid for them with pictures to the underwriter and they approved it.

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#7 3 years ago

OP

GMK

grantopia

Pinside member

Fairview Park, OH

8y 99,600 3,563 8

Quoted from woody76:
this is what I do, I added them to my personal property with an additional $100k. Sent what I paid for them with pictures to the underwriter and they approved it.

Do you send just literally a number? My concern is replacement value. For example I paid $500 for my Mousin Around, but it would cost me much more than that if I needed to replace it. Our insurance basically told me I would need to try and prove the value with an appraisal...

Will they just replace it at what you paid for it?

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#8 3 years ago

KAW

viper001

Pinside+ Frequent

11y 73,650 962 15

Quoted from emsrph:
I use CollectInsure and the premium is fairly reasonable. They are very easy to work with in getting a policy. You set your own values and pay accordingly.
I have no experience with claims so can't state how easy it is to get paid from a loss. In all the years this topic has come up no one that has CollectInsure has come on here and relayed any payout info. I did get a company representative to post on Pinside many years ago but he avoided answering my general question...has anyone that has insured their pin collection ever submitted a claim and has been paid for a loss.

I'm living dangerously in that I'm depending on my regular homeowner's policy to cover me as well. I do know when this collector's insurance comes up it was revealed it is secondary coverage to your regular policy. So basically all they will pay is the difference between what your regular policy decides to pay out versus what you told them you think your stuff is worth. So you will end up whole, but if you have reasonable contents coverage you might be paying a lot for very little actual coverage. But sometimes peace of mind is worth it.

0

#9 3 years ago

REW

woody76

Pinball Marketing

Nashville, TN

9y 142K 6,846 6 98

OP
Quoted from grantopia:
Do you send just literally a number? My concern is replacement value. For example I paid $500 for my Mousin Around, but it would cost me much more than that if I needed to replace it. Our insurance basically told me I would need to try and prove the value with an appraisal...
Will they just replace it at what you paid for it?

If it was NIB I sent a invoice, if it was a older used game I sent what I thought it was worth or what it would cost to replace it. I had full replacement on mine but it is up to your insurance company I guess.

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#10 3 years ago

JRB

JRBBRJ

Pinside member

Westminster, CO

4y 55,050 333 6

When I talked to my insurance broker year year and a half ago. They told me since I only have one game at the time it would be covered as my one big ticket item on my homeowners policy. He followed up with if I got more than one I wouldn’t be covered. I need to follow up and see if it is purchase value or replacement value. Definitely following this thread

By grantopia

3 years ago

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