(Topic ID: 193507)

How to insure pinball games


By rrosenhouse

2 years ago



Topic Stats

  • 67 posts
  • 35 Pinsiders participating
  • Latest reply 4 months ago by MrBally
  • Topic is favorited by 37 Pinsiders

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    There are 67 posts in this topic. You are on page 2 of 2.
    #51 2 years ago

    For the record I do not work for any insurance companies but I have run this by both my agent and my brother who was one of the biggest agents here in town. The only point I was making is *if* you have a decent homeowner's policy and they end up paying out what your machines are worth, the premium you paid to a 3rd party policy is not a good value. Because in that case you paid ~$500 a year and they actually pay you zero in the event of a claim (FYI, this is what's knows as a great business to be in...). But let's just say you don't hire a lawyer and your primary company undervalues your claim. Maybe you have 20 games and in the end you are undervalued an average of $1000 per game. They will cut you a check for $20,000 for your loss, true, but $500 a year for $20,000 in coverage is a crappy deal. My primary policy gets me around half a million in overall coverage for a little more a year than you are paying for probably 20k to 40k in actually coverage (for a huge collection), probably a lot less for a smaller or average collection.

    FWIW the last time we did this thread there was a representative here from one of the collector insurance companies. When these questions were posed they either confirmed all of this, or else they quit responding to the thread. Because all of this is a fact of secondary insurance.

    #52 2 years ago

    As was stated earlier, talk to your agent. if they can't answer your questions, make them find out. Have them show you in your policy until you understand what you have. If you have a good agent, they will get you the information and advise the best way to insure what you have. Make sure they know the value you are talking about. A couple of pinball machines is different then "An HEP MM and a King Kong".

    2 weeks later
    #53 2 years ago

    Talked to my agent today. She seemed to unerstand what needs to be done to insure my pins correctly. She requeted as much info on the values of each machine and said that they will be scheduled under fine arts on my policy. Are there other places besides Pinside where I can obtain accurate values?

    #54 2 years ago
    Quoted from Strummy:

    Talked to my agent today. She seemed to unerstand what needs to be done to insure my pins correctly. She requeted as much info on the values of each machine and said that they will be scheduled under fine arts on my policy. Are there other places besides Pinside where I can obtain accurate values?

    My insurance company refused to insure mine and said I'd better stick with Collect Insure...lol, idk why but whatever. Something about how they didn't fit any of their "categories", meh whatevs.

    #55 2 years ago
    Quoted from WackyBrakke:

    My insurance company refused to insure mine and said I'd better stick with Collect Insure...lol, idk why but whatever. Something about how they didn't fit any of their "categories", meh whatevs.

    An insurance company that won't take money? Weird. I would think they would at least quote you a crazy premium price.

    #56 2 years ago

    They said 35 bucks a year to insure 20k. I'm slightly above 20k but that sounds totally reasonable to me

    2 years later
    #57 4 months ago

    Has anyone actually had a pinball loss that was covered under an insurance plan? How did that go?

    I just went through the preliminary quote at collectibles insurance services for my 20 pins and 20 arcade games, 20 neon lights and some rare-ish arcade art. I guessed at a $140k value. Their initial quote (before even knowing what type of collectible I have) was almost $900 per year! That sounds pretty expensive compared to what many others here have said.

    What are you guys paying annually and for how many games and what did you value them at?

    #58 4 months ago

    My agent just said as long as the overall extended replacement value for contents was enough to cover everything in the house, it didn't matter that it was a pinball machine.

    #59 4 months ago

    I guess CIS isn't insuring pinball or arcade games anymore? Hmmm? Call inland marine instead.
    Screenshot_20200217-155850_Gmail_copy_1080x1387 (resized).jpg

    1 week later
    #60 4 months ago

    I also just attempted to get coverage but was declined. Evidently they don't cover anything that runs on electricity. At least that is what I was told, so pinball would not be covered.

    #61 4 months ago

    Odd, I just paid my renewal policy with them Feb 10 and they didn't say anything

    Edit: I just emailed my underwriter at Collect Ins Serv and she confirmed they DO in fact cover pinball machines and other coin op devices. Looks like I'm good to go. Not sure where that other information came from?

    #62 4 months ago

    I was buying a pin from a guy a few years that had many pins in his garage and he had a fire from his legally installed wood stove.

    he lost several machines in the fire and the insurance company declined his claim saying that his pinball "hobby" was a business and that any business activity is not covered by his policy.

    they researched his activity of buying and selling machines and parts. I don't know how it ended for him

    Since then I have always been concerned that any significant loss would be met with a similar response

    #63 4 months ago
    Quoted from gliebig:

    Odd, I just paid my renewal policy with them Feb 10 and they didn't say anything
    Edit: I just emailed my underwriter at Collect Ins Serv and she confirmed they DO in fact cover pinball machines and other coin op devices. Looks like I'm good to go. Not sure where that other information came from?

    It's pretty odd. I followed up and they said pins could be covered, but not arcade games. Initially they declined everything due to them running on electricity... I find the arcade game part odd because I know multiple people insuring their arcade games with collectinsure. At this point I'll probably just increase my personal property coverage under my home owners to make sure I'm covered.

    #64 4 months ago
    Quoted from Jarbyjibbo:

    My agent just said as long as the overall extended replacement value for contents was enough to cover everything in the house, it didn't matter that it was a pinball machine.

    Same. And I got it "in writing."

    #65 4 months ago

    I wanted to mention since most pinball games are in the basement make sure you have a adequate limit for back up of sewer and drains. The NFIP flood insurance program doesn't do you any good for the basement. It excludes everything below ground except mechanicals.

    Cheers.

    #66 4 months ago
    Quoted from gliebig:

    Edit: I just emailed my underwriter at Collect Ins Serv and she confirmed they DO in fact cover pinball machines and other coin op devices. Looks like I'm good to go. Not sure where that other information came from?

    I was declined by the underwriter at collectinsure.com after I submitted my application. Initially because they use electricity, then after I linked the various pinside threads they told me they could cover pinball but not arcade games. Maybe I'll try calling someone else there, but given this interaction I imagine any claim I may need to do wouldn't go well.

    #67 4 months ago
    Quoted from grahamharley:

    I was buying a pin from a guy a few years that had many pins in his garage and he had a fire from his legally installed wood stove.
    he lost several machines in the fire and the insurance company declined his claim saying that his pinball "hobby" was a business and that any business activity is not covered by his policy.
    they researched his activity of buying and selling machines and parts. I don't know how it ended for him
    Since then I have always been concerned that any significant loss would be met with a similar response

    As I've said before; Insurance COmpaNies are your friend, until something goes wrong.....

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