I asked this question a few years back but wondering if anyone has any new suggestions for insurance companies that specialise in collectables insurance in the United Kingdom for private individuals? Not home insurance, specifically collectables insurance.
Any help much appreciated!
Update!
I spent a long time searching and speaking to various insurance companies in the UK so I’m hoping this might save others hassle in the future as it was a pain! There didn’t seem to be a big number of companies that did collectibles only policies which is what I was specifically looking for. See below for my findings. Also please note I have not used all these companies so can’t comment on what they would be like in the event of a claim.
**TLDallas – Seems like good value for money. Will also insure a certain amount when in transit or if you take some of your collection to a card show for example. **
**Hiscox’s– Will insure but not the cheapest. Used them for a few years and never had an issue though (again never had to claim though). **
Highworth – They do collectables insurance however wont insure a collection if they deem it too high risk. Tried two years in a row and while they would give me a quote, once I gave them the details they refused to provide insurance.
**AssetSure – Do collectables only insurance - restricted to £75,000 max value. **
Stanhope – Another provider but very expensive (double my renewal price)
I don’t think this will ever become a practical reality without absurd premiums. High values, experts required for valuations, highly variable market pricing, small customer base. The cost of running a collectibles insurance company basically make it not worthwhile for customers to use.
That being said they still may exist. But I’d have more confidence in my collectibles not being destroyed than I would in the solvency of such a company
Put your cards inside a fire proof case, then inside a fire proof gun safe. Bolt the safe to the floor. Locked up and protected. No insurance can beat that, and this is like a $1k investment. Plus can put other personal items in there as well.
I have a insurer currently and it seems pretty pricey on the renewal as you say the premium is high on this type of insurance. However, part of me just feels nervous to not insure my collection incase of a fire or theft or something similar. It feels similar to not having home insurance, what happens if your house burns down? Can you afford to replace it without insurance?
The premiums can be justified based on your own peace of mind, but my main concern would be how hard they’d fight you avoid paying out. I’m imagine they’d put a million tiny things in the fine print.
To be honest, I couldn’t blame them. Insuring something so small/unregistered probably makes you even more vulnerable to fraud.
To add to my point of a fire proof safe. That will cost you less than one year’s worth of insurance premium costs. And you get to keep it forever. Every year you use it, it will be that much more savings in your pocket.
Remember - insurance is a scam for poor people. Self insuring pays a dividend.
Yeh I hear what you’re saying and I might follow this route in the future but I don’t think a safe is possible for me at the moment as I don’t own where I live unfortunately.
Just a bump to say I found a insurer and I have added my findings to my original post to help other UK collectors as it was a massive pain to find a suitable one! Hope it helps
