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In lugnet.org.ca.rtltoronto, Chris Magno writes:
> So, I get a bill In the mail from my home insurance company.
>
> Its time to renew. This is the perfect opportunity for me to think
> about switching to the insurance company that has my cars.( i could save
> 5%) I call up the auto insurance company and give them a spec on the
> house and ask for a quote and I am given a price. it is about the
> same as my existing insurer. Then I tell her about my "lego collection"
> and how i think it has a high value. The nice lady on the phone tells
> me that to insure the lego for EXACT REPLACEMENT value, it will cost and
> additional $150. WHOA....
>
> This concerned me because my current home insurance policy claims to
> have me covered for no additional funds.
>
> Five minutes later I call my current insurer and have her go over my
> existing policy and I once again ask about my lego collection and i
> state a perceived value. The nice lady (Terri) explains that there is
> little fear that someone will steal the entire collection, and how water
> damage to the plastic brick would be minimal, and the only real "threat"
> is total loss due to fire. Ergo, they can offer replacement value as
> built into my existing policy, no extra rider required. All that would
> be required is proof of the lego, and a video would suffice.
>
> Some questions to the Group:
>
> The (auto) insurance company said that to get the rider i would also
> have to get the collection appraised. Who does this?? Who in the GTA
> has enuff knowledge of lego that I would feel comfortable agreeing to
> what they say? Has anyone had their lego professionally appraised?
> Dose RTLToronto, have any insurance professional lurkers???
I've had to go thru this already for my collection and it's a pain.
I have All-State Insurance as this is how I had to handle my "LEGO" collection.
1. You need to have a record (paper, eletronic) of ALL your legos. So you,
your insurance compnay, and the appairs know what you have.
I found this application useful (see link) but it can be a simple
spreadsheet as well.
http://am_production.tripod.com/Products/TIC/TIC_About.htm
In your records keep the following.
1. set of name
2. purchase price
3. purchase location
4. date of purchase
5. collector, retail set
6. complete/incomplete
2. You need to figure out, if you lost ALL you legos, which ones are
irreplaceable. These may be unopened sets that you have form the 60s,
specail one-of-a-time promotion sets, etc.. These are the sets that will
need to be appraised.
3. Appriasor. This is a tough one as very few compnaies deal with this for
the toy market and in LEGO in general. You have two options here (at least
given by All State to me). Find an appaisor (i found only one company on
the internet based in NY that could/would do it. (since research would be
required by them the cost was $800-$1000) Since my collector's sets are
valued at <$1000 I figred it was NOT worth it. So I opted for option #2:
current market value.
4. I went to ebay and searched old auctions for each of my sets and took the
average of all the sells to get the market value for the given year. This
was a freaking very very long task. And one that must be redone every few
years. =(
5. Next I figured out the rertail value of all my sets (except the collecotr
one) and came up with a Retail LEGO Value. I did the same for the
'apparised' sets and came up with a Market Value. Add these two up and you
got the Total value of your legos.
6. Next got a digital camera and took images off EVERYTHING! Boxes,
instructions, sets, etc... I put this with the info that I have in TIC
(program mentioned above).
7. Finally I gave my insurance company a copy on CD and they provided me
with a 'collector's item' insurrance to add on to my renter's insurance for
the amount of my total. (~$6,000)
8. Now the big task is to maintain my inventory records when I get new sets,
and keep a running tab of sets sold/bough on ebay that will help me
determine the market value cost so that I can update my market value.
Hope this help...
AHui
> Has anyone In the group had the misfortune of having to make a claim
> with an insurance company re: lego? what happened and how did it go?
>
> Why would one large insurance company think no-extra-ryder-required. and
> a second large insurance company feel a separate rider is required??
>
> why is this place so dead?
>
> What are the winning lottery numbers for tomorrow going to be?
>
> Chris
> Pretend this says something funny
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Message is in Reply To:
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| So, I get a bill In the mail from my home insurance company. Its time to renew. This is the perfect opportunity for me to think about switching to the insurance company that has my cars.( i could save 5%) I call up the auto insurance company and (...) (23 years ago, 21-Mar-02, to lugnet.org.ca.rtltoronto)
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