Insure your collection folks
So after what happened to laserman81 I decided to call my rental insurance company. I have plenty of "blanket" coverage but after having an in-depth conversation with them they came to the conclusion that they would only cover what I purchased the pieces for and only those I had receipts for. WTF!? So asked if I could get a "rider" to cover the actual value of the collection and they said no. This was Progressive.
After some diggin around I called American Collector's Insurance http://www.americancollectors.com/Collectible/17/ and they supposedly have never covered a video game collection but agreed to cover the collection valued at 300K for, get this....$2250 for the year. I have to catalogue every title worth over $2000 i.e. take pictures, serial numbers (easy, thanks VGA) and a receipt.
They are calling back to verify the coverage and I will follow-up after they call. For me this was an absolute no-brainer. Discuss.
After some diggin around I called American Collector's Insurance http://www.americancollectors.com/Collectible/17/ and they supposedly have never covered a video game collection but agreed to cover the collection valued at 300K for, get this....$2250 for the year. I have to catalogue every title worth over $2000 i.e. take pictures, serial numbers (easy, thanks VGA) and a receipt.
They are calling back to verify the coverage and I will follow-up after they call. For me this was an absolute no-brainer. Discuss.
Comments
1) Many of my items are bought cheap on "deals". If my cost basis is $100 and the game is worth $500, I don't see the point in paying for a premium that would only insure the game for $100.
2) Many of my games are bought in lots. If I paid $100 for a lot of 4 games where 3 are worth $5 and one is worth $200, how is my cost basis determined for that? $25 for each game? That doesn't make much sense either.
Now to you guys who deal in high end items only where there is a clear log of them, it makes more sense. If you got a clear paper trail of exactly what was paid for each game, insuring can make sense.
But then the burden of proof is still on you, and that's where it's shaky.
Let's say I buy a dirty sock for $1,000 from you. I get it insured at $1k and have a paper trail of it. My house goes up in flames. Now when I go to collect $1k from the insurance company they are going to say "Dirty sock worth $1k? Yeah right. Here's your fair market value of 25 cents."
It seems like a ridiculous comparision, but good luck trying to get a non-collector to believe that a Pro Wrestling 85+ is 12.5k for example.
Insurance companies are not your friends and they are in it for the money. They'll tell you everything you want to hear when you sign up and fight tooth and nail when you hit them with a claim.
They may make sense for some people, but it's not quite as cut / dry as it seems either.
Originally posted by: maximus_clean
I tried, they won't insure it.
Who did you call? May not be covered under Home Owner's but you should be able to get a collectible policy
I don't want to derail the thread too much, but installing a security system is something I've been strongly-considering for some time. At the very least, a surveillance system, using a core DV-R unit and either multiple wall-mounted or hidden cameras, or both. Ideally they would all function via Bluetooth as I don't want cables seen. Does anyone have any experience and/or advice with this?
Originally posted by: MinusWorlds
Originally posted by: maximus_clean
I tried, they won't insure it.
Who did you call? May not be covered under Home Owner's but you should be able to get a collectible policy
I tired everything. My moms is even a manager at an agency. No go.
Even if they somehow have them, receipts aren't effective for anyone who has been collecting for any length of time.
Originally posted by: B.A.
What constitutes an acceptable third party?
Even if they somehow have them, receipts aren't effective for anyone who has been collecting for any length of time.
Agreed. They said they could use eBay as a last resort but preferred another site that lists values. Also they only would cover sealed games and VGA is better since you have a serial number. Who wants to start a sealed value thread. Can you list Pro Wrestling for 50K, thanks
Originally posted by: mlbfan10
Could making a thread be used for value of the games?
Almost certainly not.
I was following a thread for a sealed Dracula X - 8-900 $ ... omg - are you kidding me, and the sticker price was 100 times less, only a fool can pay those amounts, and if you are paying you are the fool, not the one who askes the insane price.
Unfortunatly the videogames will never be categorised and valued - nobody is fool enough to venture on that road (I mean no insurance firm) is too bumpy - it's easyer to sell "sweet dreems" (to put it in other way "nothing" - the "moon in the sky") to a guy who is afraid that he will have an accident, that his car will get stolen, that he can die or get sick, than to catalog and do expertise at tens of thousants of games. (I am almost sure that the amount of videogames in the world doesn't exceed 100.000, probably around half is a corect figure but this is not the topic)
Also another big issue is the demand for such a service - how many super rare, extremly high valuable games are out there - let's say 100 - 500 at most - so the possible customers who own those games can be who many, a few thousands - economically is wrong. Of course I could assure my game collection (which btw consists in a few thousands titles - nothing realy insanly expensive) and what to get ... at most 20 - 30.000 $ -
If you are so afraid - better go to a bank - rent a safe deposit box - and that's it, you will have your games protected (I mean the real "valuable" not 50 cent crap.
PS: don't forget in 50 years - none of the games will probably work anyway ... so why bother
PPS: sorry for babbling - I hope you understand my opinion and nothing I said was intended to create any harm - If I couldn't make myself clear enough I appoligise (english is not my native, pls excuse grammar mistakes)
Originally posted by: darkone
Used games have no insurance value actualy - the games are only valuable for games collectors, but I don't think a authority in the field exists - for example I understand why Nintendo Championship is valued so highly but Stadium Events and the rest of games which could be bought in the stores for 60-120 $, and now are "artificialy" priced at hundred / thousands of dolars it's for sure insane. (maybe you will call me stupid, that the basic economical principle of offer / demand has rised the prices, but I can tell you that thos principle can easily be "tricked" - look at the real estate market which bursted because it was a big bubble - I hope that the game market will crash as well)
I was following a thread for a sealed Dracula X - $8000-9000 ... omg - are you kidding me, and the sticker price was 1000 times less, only a fool can pay those amounts, and if you are paying you are the fool, not the one who askes the insane price.
Unfortunatly the videogames will never be categorised and valued - nobody is fool enough to venture on that road (I mean no insurance firm) is too bumpy - it's easyer to sell "sweet dreems" (to put it in other way "nothing" - the "moon in the sky") to a guy who is afraid that he will have an accident, that his car will get stolen, that he can die or get sick, than to catalog and do expertise at tens of thousants of games. (I am almost sure that the amount of videogames in the world doesn't exceed 100.000, probably around half is a corect figure but this is not the topic)
Also another big issue is the demand for such a service - how many super rare, extremly high valuable games are out there - let's say 100 - 500 at most - so the possible customers who own those games can be who many, a few thousands - economically is wrong. Of course I could assure my game collection (which btw consists in a few thousands titles - nothing realy insanly expensive) and what to get ... at most 20 - 30.000 $ -
If you are so afraid - better go to a bank - rent a safe deposit box - and that's it, you will have your games protected (I mean the real "valuable" not 50 cent crap.
PS: don't forget in 50 years - none of the games will probably work anyway ... so why bother
PPS: sorry for babbling - I hope you understand my opinion and nothing I said was intended to create any harm - If I couldn't make myself clear enough I appoligise (english is not my native, pls excuse grammar mistakes)
I bought that Dracula X so I guess I'm a fool. Also I said NEW games not used. They will not insure used games. If you don't collect sealed then leave your opinion to yourself. English or not watch who you start calling a fool. That Dracula X would have been a steal at $8000 FYI.
I admire every collector - and I don't think it's matters if my games are sealed or not, is not the subject of the discution, I wanted to make some point, if you payed a big chunk of money on Dracula X then you asumed the risk, if tommorow you game will be lost, in a tragedy - nobody will care except you (probably close family who knows how mutch you payed for it as an "investment" probably because I am sure you didn't bought it for playing the game) but if tommorow Le Luvre will be hit by a tragedy and works of art (unique not consumer base) will be lost - a lot of people would suffer. (I hope by my exageration this time I made myself more clearer) why a game collection has basicly no value except in the eyes of a games collector (or collectors).
Also the second plan - from the insurance point of view - they will loose money because of the limited number of posible customers (the people who wants to insure their collection) and also the high prices of evaluating (sealed or not-sealed) games. If you have 1000 games in your collection and only to evaluate/grade/protect them will cost you 10.000 $ - think about the insurance price. This are only other artificial methods to increase the value of a common product.
later edit: because I saw the post of CompleteSNES - I also did a similar thing - insured the assets in the house - they didn't care what the assets are, just asked me the value and they will match the sum in case of a calamity fire/water damage/earthquake etc (not theft)
Originally posted by: thesubcon3
I have mine covered with renters insurance. High value items are just that and are covered with mine.
Are you absolutely sure about this? I have renter's insurance and had a huge conversation with my insurance carrier. Could not convince them to cover my NES collection for any amount. They gave me all sorts of reasons (impossible to determine fair market value; fmv may not even exist; etc. etc.) and this was from a personal friend who I knew long before I got my insurance, so I don't feel like I was being sold a bill of goods or anything shifty.
What company are you getting your renter's insurance from? I'd like to learn more about how they handle it.
Originally posted by: darkone
MinusWorlds - I already appologize once - but I will do it again, maybe I am not good with words, and you missunderstood me (Dracula X was just an example) I don't blame or acuse anybody, I just wanted to make some point and it sounded good (for me because is a quote from a proverb in my native language - "Prost este cel care da, nu cel care cere" - and I assure you it's not an insult at any kind - the translated word sounded much harsh that the one I used).
I admire every collector - and I don't think it's matters if my games are sealed or not, is not the subject of the discution, I wanted to make some point, if you payed a big chunk of money on Dracula X then you asumed the risk, if tommorow you game will be lost, in a tragedy - nobody will care except you (probably close family who knows how mutch you payed for it as an "investment" probably because I am sure you didn't bought it for playing the game) but if tommorow Le Luvre will be hit by a tragedy and works of art (unique not consumer base) will be lost - a lot of people would suffer. (I hope by my exageration this time I made myself more clearer) why a game collection has basicly no value except in the eyes of a games collector (or collectors).
Also the second plan - from the insurance point of view - they will loose money because of the limited number of posible customers (the people who wants to insure their collection) and also the high prices of evaluating (sealed or not-sealed) games. If you have 1000 games in your collection and only to evaluate/grade/protect them will cost you 10.000 $ - think about the insurance price. This are only other artificial methods to increase the value of a common product.
later edit: because I saw the post of CompleteSNES - I also did a similar thing - insured the assets in the house - they didn't care what the assets are, just asked me the value and they will match the sum in case of a calamity fire/water damage/earthquake etc (not theft)
No worries man. As far as rental and homeowners I'd encourage everyone to make sure your items are covered for their full value. A single phone call will verify this. Because before what happened to laserman81 this was an afterthought.
I believe as JosephLeo stated that PriceChating should work as the 3rd party valuator. No it isnt completely accurate but it's better than nothing.
Once I have reviewed the policy and have the exact details I will let you know what happens.
Considering it costs around 75 cents a day for this peace of mind, I couldn't imagine having a valuable collection and not having it fully insured.
Originally posted by: laserman81
I can tell you that the few video games that were stolen (Wii, accessories, and several games and an X Box) were paid at a value adjusted rate; I.E. the Wii that was bought for $199.00 new 2 years ago was paid at a value adjusted rate of about half. This is how my claim was paid for used merchandise, I have absolutely no clue how new, sealed, graded and blessed by Joel items would be covered
Exactly, people here are assuming they are covered because of their $$$K blanket coverage. You can't just say well I had a sealed game and it was worth $100K and they hand you 100K.
The purpose of getting a "rider" or additional "collectible" coverage policy is to cover the full value. Assuming you can come up with a $ amount both you and the Insurance company agree on going in. Which is why they want me to put together a list and value, they will have their underwriter review and they'll either come up with their own amount (most likely) or agree with whatever amount I've determined with values supported by the Third Party, hopefully PriceCharting works.
If you own a 66 Corvette that is a POS they arent going to cover you for anything more than book with a standard policy, however if it's a fully restored collector piece and you have collectible insurance then your covered for the amount it was valued at. If you have standard car insurance on same said vehicle... have fun fighting with the insurance company. Obviously collectible cars are much easier to value than games but you get the point.
Originally posted by: imanerd0011
I recently got renters insurance when I moved into my new apartment. I took pictures of everything (as well as a video) and made a chart of all the valuable items I have (including their Ebay value). My insurance agent said this was good enough, and since many of the items rarely show up for sale online, they would take my word on the value (I was 100% honest). They said the total couldn't exceed my renters insurance amount (obviously), but I could possibly receive the full amount.
Considering it costs around 75 cents a day for this peace of mind, I couldn't imagine having a valuable collection and not having it fully insured.
Sounds like you took the right steps and yeah it's relatively cheap to insure this stuff. A simple phone call will tell you if you are covered and if not find somebody that will. Some people will be covered and others will not. Take the few minutes and verify to save a potential headache down the road.