Insurance for your models ??

Has any body got insurance for there collection ??

Just read it in another post.... and with 80 odd models that i have there is a lot of money wrapped up.
Its something i've never really thought of.
Even if i said each car was $100NZD....thats still $8000.00NZD.

i've heard of it and i think it's silly... of course companies want to insure it so they make more money, but if somethin' happens it's gonna end up like all other goods... they won't care and u won't get money for it....

and think of it this way... no two models are the same - just like a photo album they're irreplacable

so might as well spend the money on perhaps purchasing damageproof / fireproof casing for ur models or something rather than giving all the money freely to the insurers...

I disagree with you crab? what are you talking about? "they wont care, and you wont get money for it" um, ok, so whats the point of the insurance? what kind of company insure somethings and won pay you went its damaged? unless they are doing some type of fraud i dont see how a company wont pay for damaged models if they insure damaged models. yes, custom models are irriplaceble but I much rather have no models and 5000.00 in my pocket then no models at all............

I dont have insurance, I only have around 30 cars so far, 2 bikes, maybe when i get to the 3 digit #s, mean while, i just watch out. I dont think theft is a problem, more like fire and such.

hehehe.. u don't know about insurance companies do you? sigh...

ok here's the deal... yes, the point of insurance is to get X amt of money back on items that are insured. But the thing is, they don't pay you the full amount, they probably pay you 80% of the amt you lost... and that's only if it's something that's COVERED by their policies.

it's not as easy as it seams... the insurance company has to check if you really lost the amt you're trying to claim. Even if so, they'll have to see if the cause of damage is valid. If the insurance company doesn't feel the cause of damage is valid, they DO HAVE the right to NOT pay you a cent for the DAMAGES to YOUR GOODS even if they're INSURED.

AND even if you get some money back, you ain't gonna get the same models back... ur masterpieces... gone for good

p.s. look at the World Trade Center buildings... the company that owned the buildings didn't get a dime because "terrorists attacks are not covered"... damages reached several billion dollars

P-Man,I had a rider included with my home owners insurance for an agreed value of 10,000 for"collectibles" a bit more than I have but the collection is always getting bigger,never smaller
:bandit: Mike

oh crab, I am so sorry, you are such a expert.

:flipa:

Still, large sum of money and no models is still better than no models

nah... don't take it from me... gimme ur address and i'll torch down ur place.... then u'll gain first-hand experience

:finger: :finger: :flipa: :finger: :flipa: :finger: :finger:

settle children.


Pman - Try ringing around some of the insurance companies and find out what type of polices that they have for that type of thing. You never know what they might be able to do.

House and contents insurance covers it all - you just have to specify what you have - send in a list of your models with approximate values and provide a picture or two of your cupboard and display case.

Claims staff only give you a niggle when you can't substantiate things.

Document it all.......

Cheers

GM

.......currently consulting to an insurance company........

Ok, it's like this...
I have 12 guitars, most are over $2,000 and 2 are over 3. One was owned by Slash (from Gn'R), and it's irreplacebale in my opinion. I have insurance on all of them, and one got swiped at a show. Those bastards! And guess what? The company paid me EXACTLY what I said it was worth. It was a '69 guitar, and I got a '69 back for it. Although I hate to lose things, when you have money invested in stuff, you might as well have insurance for it.

Peace.