Insurance



  • Hey guys,
    My mom and dad's house burned down this week (everyone's fine) and it got me and my wife thinking about our insurance coverage. It occurred to me that my magic collection is easily worth in tens of thousands of dollars and I have no insurance on it and no real estimate of its value. I'm pretty sure if it were lost in a fire it would be totally gone. Does anyone know what the proper way to insure magic cards is? I googled around a bit and found various "collectibles" insurance policies. is that what you get?

    Anyone in the New York area who does assessments for insurance purposes on magic collections please PM me.



  • Varies widely from country to country, but as a rule of thumb, you need to make sure your collection is declared and covered, and there's a good chance you probably need a separate specialist policy. Only really know about UK insurance in any depth, so don't want to give you bad advice.



  • I use collectinsure.com, not everyone is willing to insure a magic collection but they will. Good rates and service for me, been with them two years.



  • Like Rikter, I also use http://collectinsure.com/

    I've been in insurance for 18 years now as both a claims handler and an agent. Their application process was very easy. I grilled them pretty hard about what is and isn't covered and was impressed with their answers. Price is VERY cost effective.



  • Backstory: I'm a bit pessimistic about wether insurance is paying what they promised, mainly from stories of family and friends. Never had an issue with my own insurance company, but they have a local agent that is well known and has a reputation to loose - so I feel pretty safe there.

    @Khahan: You obviously think that collectinsure is trustworthy - what led you to this other than their professional correspondence? Are they a well known player in the field or a newcomer?

    Additional question: Do I have to get some extra security for my collection? Is it ok to just have the cards in a normal cabinet or do I need to get a safe? ;-)

    Thanks in advance guys!



  • I also use collectinsure, runs about $600 a year.



  • found out they are only available in the US - haven't found something similar in Europe yet :(



  • @Twiedel said:

    Backstory: I'm a bit pessimistic about wether insurance is paying what they promised, mainly from stories of family and friends. Never had an issue with my own insurance company, but they have a local agent that is well known and has a reputation to loose - so I feel pretty safe there.

    @Khahan: You obviously think that collectinsure is trustworthy - what led you to this other than their professional correspondence? Are they a well known player in the field or a newcomer?

    Additional question: Do I have to get some extra security for my collection? Is it ok to just have the cards in a normal cabinet or do I need to get a safe? ;-)

    Thanks in advance guys!

    They have an 'about us' section on their page but basically they've been around since the 60's, so 50 years of business. And, more importantly to me, they were founded by a hobbyist. Talking to them reminded me a lot of my dealings with Hagerty Insurance who is a specialty carrier for antique and collectible cars. They understand the collectible world in a way that normal underwriters and claims reps just never will (from an insurance perspective there are certain things that hold true whether you are collecting coins, stamps, baseball cards, Magic cards or even antiques).

    Right now my collection is insured for $15k at $106 for the year. Now that I'm back into collecting more and have a better handle on the value of things I'm getting ready to bump that up a good bit.



  • I have my collection listed in my renter's insurance. Not all companies will do this, however.



  • You will only get a few thousand dollars through renters insurance.



  • @Twiedel

    @Twiedel said:

    found out they are only available in the US - haven't found something similar in Europe yet :(

    Try these if you're UK

    https://www.collectandprotect.com/



  • @BillCopes said:

    I have my collection listed in my renter's insurance. Not all companies will do this, however.

    Definitely recommend you talk to your agent and make sure he understands exactly what it is he is insuring. Spell out that you have 'x cards, with individual card values up to $y and want to make sure you are covered for loss from theft, fire etc properly' Maybe send him a link to starcitygames.com or ebay showing the value of a few choice cards and explain you want to make sure if there is a loss you will be compensated sufficiently to purchase the same name, edition and condition of card that was lost. Preferably do this over email so you get a written response from him.

    I have found, much to my own chagrin for my industry that some agents will say anything for a sale. But they wont put it in writing. If he's unwilling to put a 'yes, that is properly covered for what you are looking for' in writing. . . then its not.


  • TMD Supporter

    @Twiedel said:

    Additional question: Do I have to get some extra security for my collection? Is it ok to just have the cards in a normal cabinet or do I need to get a safe? ;-)

    I've spoken with CollectInsure and they seem to have a ton of experience with high end collections. They do appear to offer discounts for safes and alarm systems, but some things to note:
    1.) I've heard storing cards in safes can be very bad for the cards.
    2.) If you take the alarm system discount, you are expected to "arm" your alarm EVERY time you exit the premises. I know for some people that is fine, but for more casual alarm users, this might present a problem if you go to make a claim.

    Just FYI.



  • @joshuabrooks said:

    @Twiedel said:

    Additional question: Do I have to get some extra security for my collection? Is it ok to just have the cards in a normal cabinet or do I need to get a safe? ;-)

    I've spoken with CollectInsure and they seem to have a ton of experience with high end collections. They do appear to offer discounts for safes and alarm systems, but some things to note:
    1.) I've heard storing cards in safes can be very bad for the cards.
    2.) If you take the alarm system discount, you are expected to "arm" your alarm EVERY time you exit the premises. I know for some people that is fine, but for more casual alarm users, this might present a problem if you go to make a claim.

    Just FYI.

    My rate was pretty solid (as best I can tell) with just deadbolts and not living in a high crime area. I wouldn't want to store cards in a safe, there can be issues with humidity I believe. Maybe this could be mitigated by using silica packets or something?



  • Not exactly an answer to your question, but I own a fireproof safe designed for documents. Small ones are pretty reasonable. I sleep better.


  • TMD Supporter

    How do you guys document your collection? Scans, photos, videos and/or appraisals?



  • @ydl I have scans and photos, along with paypal and ebay receipts



  • I only had to itemize my beta lotus, I have $150K in coverage.



  • @ydl said:

    How do you guys document your collection? Scans, photos, videos and/or appraisals?

    Photos and buying local. I've traded for some of my more expensive pieces at BMG and bought many other items (booster boxes I keep sealed, FTV sets etc) thru my local shop which is Deal Me in Games. If there is a loss I can get verification thru them.

    I also have an excel spreadsheet of missing cards I can check off as I get them. Sort of a reverse checklist.

    Collect Insure only requires documentation for individual items over $5000 I believe (or maybe $3000).



  • How does the insurance work with the changing card prices? Does it just need to be updated yearly or what?



  • @letseeker said:

    How does the insurance work with the changing card prices? Does it just need to be updated yearly or what?

    Insurance pays out at market rate, so with collectinsure you only have an issue if the price moves above 5k and you didnt update your schedule. Any calculations are just to compare total value of collection to coverage limit to make sure its reasonable. You can also automatically have coverage increase by a fixed percent each year but I dont bother, I update manually if I think its needed.


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