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 Posted - January 24 2014 : 8:36:17 PM
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Does anyone here have any sort of insurance for your train collection/layout? Just thinking about all the $$$$ I have sunk into my trains over the last 5-6 years....and when I really think about it there's quite a bit of money in it. I know there are collectors here that have been at it much longer than I have, with many valuable items. I shudder to think about some kind of catastrophe like a fire or flood - even with my modest collection there are things I couldn't replace at any price.
And personally, I don't know if I would - with all the other expenses we have that are frankly too much as they are. And if I did, how to properly document the value and have it accepted? Do insurance companies even do this?
http://tycodepot.com/
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Posted - January 24 2014 : 8:50:28 PM
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YES!
Collectibles are insurable.
There are insurance companies that specialize in hobby collections.
An inventory of specification of each piece, couplers/wheels... it's got to be counted and documented, besides just the brand and condition.
And all those boxes that once held your piece? Originality counts.
This is what I know.
John
I don't have a one track mind. It depends on the turn-out.
"I love your catenary!"
Is that a power-trip or just another pick-up line?
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Posted - January 24 2014 : 9:50:11 PM
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Yes, they will cover it. But you have to make the effort to document it ALL. From the brand to the condition , etc. Many times the insurance company used to require photos, before Al Gore's Amazing Internet existed, but now you can keep digital pictures and put them on a CD, or in the cloud somewhere outside your home in case of fire/flood. If you have literally hundreds to thousands of pieces, yes, you must document them in order to be reimbursed for them. Not just words, but recorded images so you can prove you have/had them. Guess you'll be busy this year, eh? If you post most of your stuff to the OTW's, then you've got a lot of documentation done already. 
Jerry
" When life throws you bananas...it's easy to slip up"
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Posted - January 25 2014 : 09:51:46 AM
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Wow that would be a lot of work 
I wonder... in the worst case, the entire lot goes up in smoke....what (who) determines the final value? For example, a fairly common Athearn BB F7. Bought at a train show at a long-forgotten price, stripped and remotored, then custom painted, decaled and super-detailed. The only real documentation is a photo of the finished piece. I think it's worth $50, a train show dealer with a eye toward reselling it might give $10-$20....and the insurance company would....what?
I'm guessing that those types of insurance compnies that specialize in this sort of thing would have their own adjusters?
http://tycodepot.com/
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waw47
Hudson
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offline
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Posted - January 25 2014 : 10:10:33 AM
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This company specializes in insuring toy and model trains.
http://www.jabash.com/
Also, You may be able to get a rider on your homeowner's insurance policy to cover the trains.
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Posted - January 25 2014 : 3:04:10 PM
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I have an insurance rider on my homeowner's policy for my trains. I have all of my stuff on an Excel spreadsheet. My insurance company goes by the stated value of my inventory. Of course the premium I pay is based on the stated value so it doesn't really benefit me to inflate the price.
As I recall it costs me about $3 per thousand of coverage.
Randy
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Posted - January 25 2014 : 3:07:56 PM
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| my experience with model insurances,is very negative,my best advice is get a quote for cost per month,then open account,and put the quoted amount into it,ken
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