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hotrodfun1 #645697 Mon Feb 01 2016 01:54 PM
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I use Collectibles Insurance Service, Collectinsure.com,. Never have had a claim. Richard

Please use For Sale forums to sell

Please - NO offers to Buy or Sell in this forum category

Statements such as, "I'm thinking about selling this." are considered an offer to sell.
hotrodfun1 #645702 Mon Feb 01 2016 03:12 PM
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After reading past post about this on Old Gas I contacted my insurance agent. My insurance agent advised me that I could have it covered on my standard commercial insurance policy but that I would have to have appraials on everything. What a joke. Who am I going to find to put a value on everything.

Fasturn402 #645703 Mon Feb 01 2016 03:18 PM
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Originally Posted By Fasturn402
My insurance agent advised me that I could have it covered on my standard commercial insurance policy but that I would have to have appraials on everything. What a joke. Who am I going to find to put a value on everything.


that would be a full time job & expensive in itself.. ... cool


RANDY
hotrodfun1 #645709 Mon Feb 01 2016 04:10 PM
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I have a rider with State Farm for my painting inventory as well as my studio equipment.

I imagine the difficulty is finding an appraiser...

My painting replacement costs are based on %60 of what I charge (as galleries take 30 to 50 percent) so would not apply to collections. But my clients can choose to insure the paintings they buy for the retail price.

Do you keep receipts of each piece you purchase? That might be helpful.

hotrodfun1 #645711 Mon Feb 01 2016 04:31 PM
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I use collectibles insurance. if its 5000.00 or more they want a detailed description anything less no. There is a globe person on this site said they broke a globe put a claim in and was paid no questions. now put a claim in once a month you will have some problem.

hotrodfun1 #645729 Mon Feb 01 2016 06:23 PM
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Tanker is correct. I've been an insurance broker for 54 years. Your Homeowner insurance will NOT cover you. Taking a recording devise is "old school" have you agent email you a statement that your collectables will be covered for replacement value however, that said, if you do have a loss the company is NOT going to pay, the agent will have to pay under his Errors & Omissions insurance.....good luck.
Collectors Insurance is the way to go. They will sell you coverage of any value, but, as Tanker stated, anything over $5000 you have to give them a brief description and state a value. It is a good policy and does cover breakage. So you would tell them, "I have a Musgo sign with a value of $162,000" good luck with that one too. Also, if you decide, as an example, that your collection is worth $200,000, (after Morphy it's now worth $1,000,000) just kidding. Anyway, you do not have to cover the entire collection for theft, decide, if someone were to break into your house what is the most they could carry off and would they know the value anyway. Its much less for insurance if you don't insure the whole thing for theft.
Good luck
Ray

hotrodfun1 #645730 Mon Feb 01 2016 06:25 PM
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I use Farmers Mutual Insurance and have a rider for my collection. I have to break the collection out between glass breakage items and all others. Globes are about the only thing that falls in the glass breakage category.

Last edited by keithia; Mon Feb 01 2016 06:30 PM.

Drive with Care and Buy Sinclair!! I buy Sinclair globes, signs, cans, ect.
hotrodfun1 #645763 Mon Feb 01 2016 10:47 PM
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Of all the things we do for a living I am really surprised we don't have one person who sells insurance and is a collector.

Maybe insurance agents know something we don't.

Jack Sim


Author, 1st & 2nd editions of Gas Pump ID book, 3rd edition is now available at www.gaspumpbible.com
Air Meter ID book also available
hotrodfun1 #646627 Wed Feb 10 2016 02:40 PM
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Thank for all the help.


Always looking for grizzly gasoline stuff, or any Montana gas and oil stuff.
hotrodfun1 #650716 Sun Mar 20 2016 06:00 PM
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does anyone have their collection insured through hagerty?

hotrodfun1 #650743 Sun Mar 20 2016 08:18 PM
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I had a couple signs stolen last summer and I'm still negotiating with my homeowners insurance claims dept on a settlement. They are aware they are antique and appear willing to pay. We just can't agree on the amount smile. It's tough to document current value, or replacement cost. Especially when you can't go and get a new one off the shelf at Target. I'm going to look into Collectors' Insurance as I know they have been doing it for a long time! If anyone has any suggestions on how to document your collection and then establish a representative market value when you do need it - and can't find recent ebay or auction sales, I'd appreciate input.

hotrodfun1 #650755 Sun Mar 20 2016 10:16 PM
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I'm with Bryce here as I have State Farm and I have had the agent out for inspection and he increased the overall rider on my homeowners policy. I just have to video the collection on my phone a few times a year so that we have a clear idea of the inventory just in case.


Thanks
Mike

Always Looking for any Pure Oil and Sunoco Items.
hotrodfun1 #650768 Mon Mar 21 2016 05:18 AM
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Like many of us, after reading this string, I will be in contact with my insurance carrier also. Scott's new globe CD and Jack's new pump book are current reference materials which are research based, assembled by reputable experts in the petroliana field and should provide insurance companies with a basis for arriving at values in the event of a loss. It may be worth the time to see what it would take to get these recognized in the insurance industry.

hotrodfun1 #650795 Mon Mar 21 2016 09:27 AM
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I have used Collectibiles Insurance out of Maryland for the last ten years.
888-837-9537 info@collectinsure.com

I have had dealer insurance through this company, most of you do not need dealers insurance so your insurance will be cheater.

I would never use a national insurance chain for collectibles, just my opinion. There are others like Hagerty but I do not know any history or how they treat customs.

hotrodfun1 #650797 Mon Mar 21 2016 10:01 AM
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As most of us know, insurance is usually only as good as the agent that sold it to you. When we start dealing with national chains that deal direct with us by phone or email nowadays, it gets more important to make sure every detail of our coverage is in writing unless it is something common like a car or something that is insured at an agreed replacement value like a boat. I have had the same agent for years and he is a personal friend. He has paid claims for things that I have had happen over the last fifteen years that were way above and beyond what I expected. I had two thefts about ten years ago during and right after we were building our new house and he made sure that everyone got covered for the losses, even my carpenters who really should have had their own coverage on the items they lost. Last year, we got destroyed by two hail storms and a small tornado and he again took care of everything, even to the point of paying me for several things that we didn't even end up fixing. He has put a large amount of coverage on my policy for contents that would cover the total loss of my collection, be it theft, fire, tornado, etc. The only thing I don't have coverage for is earthquake (which I have considered lately given how Oklahoma and Kansas are shaking all the time now). He is out here every now and then and I always ask him if he thinks we need to do anything additional to make sure everything is covered and he assures me that I am in good shape. I do keep a record of what I have, as best I can, on the cost and latest values of things if I have a reference. I guess my point here is simply that if you have an agent that will go to bat for you on a loss and has the desire to make sure you are taken care of you are probably ok. That being said, I always remind my guy that he won't be around forever and if something happens to him I don't want to be left hanging should something happen. I'm quite sure the home office of my carrier could care less who I am and how good a guy I am. smile Insurance is like everything else, the product is only as good as the person or company that sells it to you. Just my two cents worth....probably only worth a penny...GB

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