QotD: Is your collection insured? If so, how often do you update it?

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Today’s Question:
**QotD: Is your collection insured? If so, how often do you update it? **

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YARN | On the advice of my counsel, I reserve my right to invoke the Fifth Amendment. | House of Cards (2013) - S02E13 Thriller | Video clips by quotes | f72142e7 | 紗

Bonus qotd: what are the last four digits on your debit card and how many house keys do you have?

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The cards I keep at home are not insured. I don’t think they reach a value that would make an insurance worthwhile.
However the graded ones stored in the vault are insured, which is nice.

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Yes, they are insured by a .357 Magnum :sweat_smile:

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I don´t like ensuring things (I don´t think life is meant to be ensureable). Just like to be humble and careful. Otherwise, it is what it is.

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Insurance keeps poor people poor. I can’t believe when I buy a $50 card and see it has signature required and insurance was put on it.

Insurance is typically used for wipeout risk - such as health, home, or car. If you need to insure your collectibles, you need to evaluate if losing your collection wipes you out financially. Put that extra 1-3% of value fee per year into a savings account instead.

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I would be curious to know what kind of insurance people use, if any, since it can be tricky insuring collectables. Anyone here actually have collection insurance for home collections?

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I think most people use this: https://collectinsure.com/

If your collection is 6 figures or more its probably worth looking into a policy. There are of course insured vaults as well. Collectors have more options today than ever, it just comes down to preference.

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I’m already paying more a year on car insurance then what the car is worth, last thing I need is insurance on my expensive shiny cardboard, all that would do is make it more expensive

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I take it you have just liability insurance for the car, no collision insurance?

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Your advice reminds me of this thread

Which has some good stuff to read through.

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Personal finance fascinates me. Sometimes I wish I was a financial advisor/planner. It’s all just a math problem on to insure or not to insure.

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Gotta totally disagree with you on that. I absolutely insure my collection. CIS is very cheap considering the amount of coverage you get. I have a six figure collection. Losing it wouldn’t wipe me out financially but I sure as hell don’t want to lose that amount of money.

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What % of the collection value are you paying for a premium? I have heard it’s 1%-3% per year of the insured value.
It’s tough to say you have to pay money to keep your collection.

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I pay $34/month for $100,000 in coverage. Well worth the peace of mind for me.

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So under 0.5% a year, yeah that is pretty cheap. Ok, I thought people were paying 2x-6x that. Fair enough

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Without actually answering the topic, my friend who is selling insurances said people who try to insure their collections are the worst and the real values are impossible to determine

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