Hi everyone
Just a quick question about your growing card collections. I’ve got what I consider to be a small collection of 50-60 PSA 10 cards my question is at what stage do you insure your cards? Do you even bother? At what stage should I take it seriously that my hobby actually should be protected? Advice please guys I’m UK based maybe there’s something already out there?!
Thanks in advance!
There’s no effective way to insure a collection without paying a lot for some extremely niche collectible insurance specialists. Most insurance companies wouldn’t want to touch it.
The best method is risk mitigation. Home or renter’s insurance will usually cover up to some dollar value for collectables. Store things in multiple locations so a catastrophic event can’t wipe out everything. Use a bank safety deposit box. Consider the pwcc vault as an option. Even common sense things like keeping your cards off the floor in case of a flood or getting a fire rated safe to improve the odds of survival in a fire. Do a combination of these things and you’ll probably be fine
I don’t know if they cover UK so sorry if this is all moot but I use collectinsure.com/ for my collectibles. It’s incredibly cheap. It’s under $200 a year for $20,000. They even cover your shipments when you send stuff to get graded, up to $2500 with priority and signature and up to $25k for registered mail. I don’t expect to have to file a claim but it is nice to have
“There’s no effective way to insure a collection without paying a lot for some extremely niche collectible insurance specialists”—does this apply to Collectibles Insurance Services?
$200 for $20,000 is a lot. I pay like $300cad a year to cover up to 2million in my renter’s insurance. That also covers up to $2,000 in collectables
For me personally, it has gone something like $X – time for personal safe. $10X – time for collectible insurance. $20X – time to store some stuff in the PWCC vault, I don’t feel comfortable having all this in my home and am overflowing with cards with no space.
It also depends on where you live. I’m less concerned about crime, tornado, earthquake, but I had cards washed away during Hurricane Sandy which certainly made me ultra-cautious.
Sell them on ebay with the story, hurricane sandy damaged cards. All jokes aside that sucks you lost some of your collection, glad your more cautious.
@crios711, lol they’re literally washed away! in the ocean. But fortunately wasn’t anything super expensive
I double checked, it was $140 for the year. I use mainly for my comics. The amount I save in shipping insurance every year is worth many multiples of what I pay. To each their own though.
I mean it’s definitely an option if you want peace of mind. Everyone has their own tolerance for risk. The company exists so clearly there is demand.
There’s nothing wrong with this route. However, for me it’s too much and I prefer my own methods of risk mitigation which I mentioned above.