Subject:
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Re: valuing lego for insurance purposes
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Newsgroups:
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lugnet.general, lugnet.loc.au
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Date:
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Fri, 7 Jan 2005 20:05:19 GMT
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Viewed:
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2560 times
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In lugnet.general, Jonathan Wilson wrote:
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I have a large collection of lego including sets purchased new, sets
purchased second hand and parts (some from sets I have bought and kept only
some parts from but most from second hand sources).
The parts are in various levels of quality (some are
chewed/damaged/whatever, some are as good as if they were straight out of
the box)
I have insutrctions for the sets (plus some insutructions purchased loose
off bricklink)
How should I come up with a value for my collection that reflects its true
value and (more to the point) that the insurance company will accept.
And what should I do as I acquire more lego to make sure that that if the
worst happens I get the full value of my collection?
Right now the insurance company has no value for the collection at all and
if the worst was to happen, I would probobly get a lot less than the true
value back (or worse, nothing at all) so I would really like to know what
to give/tell the insurance company so my precious collection is protected.
(x-posted to .loc.au to get insight from other aussies and how they handled
insurance issues with respect to their collections and anything specific to
australian insurance companies and australian regulations etc)
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I have my LEGO collection insured under a special collection agengy insurance.
I tried to have my renter’s insurance thru ALL STATE give me a quote but they
did seem to understand that my collection of lEGO was worth $20,000. They
wanted to lump it into my toy category and been done with it. I explained to
them and after going back and forth with them and my local ALL STATE calling and
talking with corporate ALL STATE I was told it was best to get it insured via a
speciality collection agency.
So after an extension reaserach and talking to many different insurance
companies I choose http://www.collectinsure.com. The application was very
easy and best of all a detail listing of your collection is NOT needed for
approval. You do need proof at the time of claim that you “lost” your
collection/part of your collection/lego set/etc...
Now as to how to track your collection. I did a presentation back in 2003 at
Brickswest on this topic. You can see it here:
http://www.brickshelf.com/gallery/brickswest/2003/Presentations/session03_insuring_your_lego_collection.pdf
or
http://www.brickshelf.com/cgi-bin/gallery.cgi?f=30727
Look for the Session 03 - Insyring your LEGO collection
I use a software application called “The Invetory Collection” (TIC) that I
created to help me keep track of my LEGO collection for insurance purposes.
Actually it can track anything in the house for insurance purposes.
You can get a demo download from my website here and also learn more about it.
http://am-production.tripod.com/index.htm
Click on Products --> TIC --> Download
-AHui
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Message is in Reply To:
 | | valuing lego for insurance purposes
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| I have a large collection of lego including sets purchased new, sets purchased second hand and parts (some from sets I have bought and kept only some parts from but most from second hand sources). The parts are in various levels of quality (some are (...) (20 years ago, 6-Jan-05, to lugnet.general, lugnet.loc.au)
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