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#1 Nancy

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Posted 18 June 2003 - 04:51 PM

Can I be really nosey and ask all my fellow collectors out there - do you insure your collection or not? [Puzzled]
This is somthing I have been meaning to get around to for ages but still haven't [Embarrassed]
Everytime I updated my database (past tense now) it would give me a total estimated value for my collection and I was shocked [Eek!]
Do the majority just lump them in with their household insurance or has anyone taken out special insurance. I really should address this soon but don't know where to start. Of course I realise that things are different in America but I would be interested to know from anyone how to go about this. It is unthinkable but, if anything were to happen how on earth could I replace my collection? How long would that take? How much would that cost????? [Eek!]

Nancy

#2 greyhound

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Posted 18 June 2003 - 05:19 PM

I haven't bought extra insurance. Hopefully, nothing bad will happen to any collections. But if it does, I have proof. I printed out the auction pages of all Lauder solids I bought over the internet. Also, I kept the recipts to all the ones bought at department stores. [Big Grin] Perhaps, forgetting one or two....especially the ones mom gave me for Christmas.

How about a fire? Then, my evidence will be destroyed. [Cry]

#3 Lisa

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Posted 18 June 2003 - 05:26 PM

Mine are covered under my homeowners insurance. Most collections I expect would be although each company is different, they may require a seperate rider policy.

Greyhound great idea of printing the auction page, I am going to start to do that!
I agree keep all receipts and document all your solids with a video camera. [Big Grin]

#4 Ann and Ken

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Posted 18 June 2003 - 05:49 PM

We have a fine arts policy for the solids and other collectables.

The cost is based on the amount turned in for replacement cost . We just updated ours and I would suggest that you insure only the costly ones. We made the mistake of turning in all of our EL solids and the replacement total was over $60,000.
(We didn't pay that ).

And when the other stuff(Ken's trains)was added we had a neat little insurance bill of $1300. [Frown]

We are now redoing our list. [Embarrassed] [Embarrassed]

Ann & Ken

#5 klassicguy1

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Posted 18 June 2003 - 09:08 PM

Thinking about insurance is a good idea. I found out that I only had coverage for theft on my items - listed everything and had some items appraised - cost was relatively low for value covered.

#6 Ann and Ken

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Posted 18 June 2003 - 10:14 PM

Agree with Woody, insurance is a good idea.

Check with your co. and ask about coverage for collectables that cover everything(theft,fire, breakage,etc.)

What you pay for an item doesn't count at the time of loss , it is replacement value. You would have to show what it would cost to replace at the TIME of LOSS and that is what they would pay you. And we all know how these little darlings change in value. some go up ,some go down.

There might be a different coverage to protect your money investment but I don't know what it is.

Ann

#7 mimi

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Posted 18 June 2003 - 10:24 PM

Thanks everyone for the information on this insurance topic. I have not insured mine yet. Greyhound, good thinking on printing your auction page! Wish I had thought of that..but I will from now on.

More later...

Mimi

#8 Nancy

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Posted 20 June 2003 - 01:31 PM

Thanks everyone for your advice. I think I need to check with my company. I'd hate to be under-insured. Greyhound, I too print off my ebay auctions. Great minds think alike eh? It also means I know who I bought from which means I know who was good to deal with and who was a bit iffy.
Ann, I take your point about only insuring the more expensive ones. I should sit down and make lists of all my collections. Gosh what a boring week-end ahead. Good job I had a wild day today!

Nancy

#9 Ann and Ken

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Posted 20 June 2003 - 01:44 PM

OK Nancy, now we need to know about the WILD day.
[New Laugh] [New Laugh] [New Laugh]

Ann

#10 Ann and Ken

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Posted 20 June 2003 - 01:48 PM

It is also a good idea to back up the print outs with one of those flppy,floopy disky things.
After 4 yrs. of ebay the paper takes up a lot of room and can burn or get wet etc.
The disk can be put in one of those fireproof cases.

Sorry for all the tech talk. [New Laugh]
Ann

#11 Nancy

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Posted 20 June 2003 - 04:52 PM

Ann, you make out you don't know much about technology but really you are well clued up aren't you?
Also, day only wild by my standards so not really wild by yours!!!!!!!! Very boring in fact. Just running around between auction to antique show back to auction and tomorrow - Glasgow School of Art Degree show and wait to find out if my bids at auction were successful!
Well, at least I wasn't at work!
Have a nice week-end everyone. I bet I'm not alone in re-assesing my insurance this week-end eh!

Nancy

#12 Nancy

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Posted 20 June 2003 - 04:54 PM

Oh Ken, saw some train set stuff at auction today but think it was OO guage. What is yours?

Nancy

#13 Ann and Ken

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Posted 20 June 2003 - 08:02 PM

Hi Nancy,

Ann really does not know about all of the technical stuff. She is the pretty one and I am the brains. [New Laugh] [New Laugh] [New Laugh]

I mostly collect N Scale (1/160). I do collect some of the older pre-1940 Lionel (O27 Gauge) trains.

Ken

#14 Nancy

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Posted 22 June 2003 - 11:39 PM

Gosh, you really learn on this site don't you! I thought there were only two sizes with train sets - OO and the bigger one (whatever that one is)Are the sizes International or does it differ from country to country?
And, I think Ann has brains and looks!

Nancy

#15 Ann and Ken

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Posted 22 June 2003 - 02:36 PM

Nancy,

There are 8 or 9 popular scales and several others. In the US we have the following letter scales:

G, O, S, HO, N, and Z being the smallest. TT and OO are European sizes. TT is almost the same as N Scale.

Number scales include 1/4", 1/2" and 1" to the foot. (These scales are expensive, but live steam, diesel, and electric engines are run in these scales and it takes a couple of acres for a good layout.

Ken




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