Valuation of collections / insurance

[random7100]

Afternoon all. hope this is in the right forum.

 

I have a collection of retro consoles, games and accesories which is probably small by the standards on here, but has taken me a while to collect and does include some nice items, all in good condition, some boxed, some reasonably rare etc

 

now, how have you guys gone about valuing your collections? mine isnt worth insuring on its own, but will be included on the house contents insurance.

 

Im just worried that if the worst does happen then theyl just offer me a really small sum and say they were 'just old games' etc. obviously for the most part i have pretty much no receipts either.

 

whats everyones thoughts or experiences? btw im in the UK.

 

ps. just managed to find a PAL red label copy of Dodge Em for the 2600, well happy! just thought id add that took ages

[random7100]

all these huge collections, rarities etc and no one has enquired about insurance or got any thoughts on it?

[nofrills100]

Well it's not exactly a thrilling topic

I would say document it all with photos, then do some research through ebay via 'completed items' - put together an average resale value for each of your items - add it together and bingo! If you have high value items be sure to list them individually on the contents.

If the worse case scenario happens - then you have photo documentation to prove what you had.

 

Personally I can't be bothered. A thief would go for my TV first, and if my house burns down, my atari collection will be the least of my concerns.

Edited May 5, 2012 by nofrills100

[DeusVult]

I haven't really considered insuring but I have really put some thought into building a fireproof display case for the games.

[random7100]

cheers guys, i know insurance isnt really exciting! idve just thought it wouldve been a more important thing, given the size / contents of some peoples collections thats all. im suprised.

[phaxda]

Mine is covered in renters' insurance. I put a value of 10K on it, which is in the ballpark. At various times I have probably had more than that sitting around but now that I am selling a lot it might be a bit less. Everything is photographed and databased.

 

It's really hard to put a value on a hard-won collection--some of the stuff is priceless to me!

[sqoon]

I talked to my agent and he requires an itemized inventory. My collection is so large and growing all the time so it seems like an impossibility, at least with my current company.

 

Roughly, I value my collection in the $10-15k range, and it would most likely never be replaced in my lifetime, but I am just not about to itemize, then continue to update the insurance agent on a weekly basis.

[+cvga]

I talked to my agent and he requires an itemized inventory. My collection is so large and growing all the time so it seems like an impossibility, at least with my current company.

 

Roughly, I value my collection in the $10-15k range, and it would most likely never be replaced in my lifetime, but I am just not about to itemize, then continue to update the insurance agent on a weekly basis.

 

Weekly? That doesn't sound like fun for you or your agent. I'm sure they're not going to amend your policy every week. If your collection is only valued at $10-15k how much can the value really change each week? Seems like you would be fine with a semi-annual, or quarterly if you really wanted to update frequently, basis.

[potatohead]

Exactly. Do it once, and you've locked in a ton of risk coverage. From there, update when you notice it's going to matter, or twice a year, etc...

Edited May 6, 2012 by potatohead

[SRGilbert]

Besides, who doesn't keep a list of the games they have? If you have that much, how can you even be sure what you have?

 

The harder part would be putting a value on it.

[R.Cade]

I had several arcade games that were destroyed in a flood (well, not *destroyed* but you know what happens to particleboard sitting in 2" of water). The agent just asked me what the replacement value was, and gave it to me. I guess you could tell them they were $3,000 in 1982 and let them calculate the depreciation to $1.

 

Now, I said $1000, not $100,000, but they had no trouble and wrote a check. Of course I never found the same games for sale again.

[HelloAtariJason]

I actually just updated my renter's insurance to include my collection and I have to say it definitely make me feel better. It didn't add very much to my yearly premium. The cool part is they made it an expemption so if the house burns I get a cool $40K. Just make sure to keep pics and records of what you own.

[chrisballer]

I talked to my agent and he requires an itemized inventory. My collection is so large and growing all the time so it seems like an impossibility, at least with my current company.

 

Roughly, I value my collection in the $10-15k range, and it would most likely never be replaced in my lifetime, but I am just not about to itemize, then continue to update the insurance agent on a weekly basis.

 

An itemized list is the only way you will get the money from the insurance company. Not to sound pessimistic, but an insurance company will have no problem selling you any amount of coverage, however, when it comes time to cash in good luck. If you do not have proof of item, and proof of value I highly doubt you will get anything. Or if you do it will not be anywhere near the full amount.

 

Besides, who doesn't keep a list of the games they have? If you have that much, how can you even be sure what you have?

 

The harder part would be putting a value on it.

 

Well I know I don't have a full list anyway, and I am sure there are a lot out there just like me. I have been working on that complete list for years, and it just never gets completed.