Pittsburgh, PA
I went with collectinsure after my insurance agent changed their story multiple times. Pretty much every time I asked I was told something different.
(Topic ID: 159525)
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Quoted from gliebig:Sounds to me like you guys have cheap insurance companies or are getting answers from people that don't really know coverage.
Sounds to me that you are too trusting of your insurance company. I have been fucked by insurance enough to know that they are e not there to help you when you need them. They will however tell you what they need to to make sure they are able to stick it to you without lube.
Trust me. Your insurance company is not your friend. Fine art is not covered and either are pins.
Quoted from OLDPINGUY:I was told by many they were covered as personal property, but that is incorrect.
As stated, maybe one machine at $2500, but the agents are not always listening or knowledgeable.
They should be scheduled...sorry..thats the way it is.
Sadly the cost quoted to me was a number that made no sense.
Looking into private collectible insurance now.
Let me know what you go with Art, I did collect insure as they seem to be well liked online. Always willing to change though.
Quoted from EricHadley:My issue with insurance companies is they will verbally say yeah no problem, it's covered. Then you read the extremely long policy contract and it seems like there are lots of loop holes on what is and is not covered. There are aways limits of jewelry, computers, and other random crap. So I basically do not trust anything they say to me verbally, and I'll bet you anything they would not fully cover, or come anywhere close to it, the value of the pinball machines. Has anyone on here had an incident where they actually had to use insurance on their machines? If so how did that go? I think for me it's worth it to schedule them and pay whatever extra that costs. This way it's in writing, which is the only way I will know they are covered. Having an agent tell me verbally doesn't do it for me at all.
Someone had their BBB stolen a while back and insurance tried to give them something like $600.
Quoted from viper001:After a lot of back and forth it was revealed that collectable policies are typically secondary insurance coverage. Which means you still have to collect on a loss with your primary insurance company. The only thing they will pay is the difference that your primary provider won't pay as compared to the agreed value of each item. So for instance your TZ burns up and your primary only pays you $5000 to replace it, but you had collector insurance that says it's worth $5500. So for all the money you pay for that secondary coverage they are only on the hook for $500 in the case of a total loss. When you look at it that way it's a LOT of money for very little actual coverage. Weirdly there were people in that thread that still wanted to stick with it.
But say your primary only pays $500 for the TZ (depreciated value from the NIB price) then you are screwed.
Quoted from futurepinhead:This has been covered several times, if you search you'll be able to find all the answers. I'm an agent. Collectibles to us here isn't a collectible to an insurance adjuster. A penny from 1890 is worth $.01. You need to have something separate for anything collectible of value. With my company you are covered but not nearly for what you need to be covered at. It's a set replacement value of $500 because its considered commercial equipment. Other companies will classify it as electronics, which some will have set limits there. Others won't care. It will also vary state to state. The best thing you can do is have a separate policy for them. It was determined here on Pinside that there is a company that sells insurance on collectibles and that was the best route.
And I'm going to say this again and I cannot stress this enough. When something happens, its not your Agent who deems something a covered loss, it is your adjuster/claims department. Check with them at your company.
Here is a great answer, yet people will STILL argue.
Quoted from viper001:This is true. The goal is to have just one company that will agree with your interpretation of the value. My point was you can get that with just one insurance company, having separate policies with different companies on the same items is a windfall of profit for those 2 companies, and they will certainly encourage you to do such a thing as it limits their exposure on your loss. Using my TZ example if you can prove it's worth $5500 you aren't going to end up getting more than that, both companies will only be paying a partial claim to end up at that number. Using this logic you could have 7 or 8 policies on the games but you will still only end up with the same payout.
Yes however keep in mind that insurance companies are masters of deception. For instance a 3 month old car will depreciate $8k with some insurance companies. I suppose it is all about trust and I do not trust a company that cannot give a straight answer to my question. I spoke with my agent multiple times and was told something different every time.
First call was yes, 100%. Second time it was covered to 2500 total (for all of the games since that is the cap on industrial equipment). Then it was fully covered on games I can still buy new, collectibles under 10 years old it doesn't cover however older up to 2500 total for the entire collection unless I schedule. I said eff this noise and ordered a supplemental policy. It was I think $115 a year.
Quoted from viper001:At the risk of pointing out the obvious, why would you want to stick with a company you obviously can't trust? You need them to pay off the rest of your contents in case of a total loss, right?
Well the rest of it is legit (state farm) but I assume that they were doing the minimal effort on researching the coverage of my pins.
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