TOPIC:

As the title says...
Do you think about insurance, and do you have a list of what you own, in case anything goes wrong?

(Don't worry, this isn't the start of a pitch to sell you insurance )

One thing about this hobby is that, over time, you end up accumulating many items that would be hard to ever find again, so it can be difficult to put a price on things.

But at least a basic list of items/values would seem like a must-have.


www.rctoymemories.com

Hi,

This is a very good question...
At the beginning I wasn't concerned about insuring my models...but as the time passes and more and more models are adding to my collection I’ve been thinking of it.

Now everything is cost/value related. Of course if someone's asks me how much worth my models are, I’d say that taking all the working hours, spare parts and the sentimental value in account it's going to be very very expensive.

Taking in account that all of the models i have are vintage and are no longer produced (except for the re-re ones) the insurance company would only insure them at the value of a re-re one unless it's stated differently on the contract.

To answer this question: Today my models are not insured.

One thing is for sure, I might someday ask an insurance quote but my final decision will be based on how much the insurance fee will be.

The art of insuring art

I think you just have to ask your insurance company on how or what is possible to insure collectibles.

I think the major issue is to get a good policy broker. Otherwise, they underestimate the volume of these cars.
I know this problem from vinyl-records. It was no rock or classic, it was a collection of very rare hiphop stuff and no broker want to insure that but the values of the records are getting nearly the same as those from other music.
Also the same on huge videogame collections.

I think you would have to get an "agreed value" policy where you agree the value of your collection with the insurer before taking the policy. This is what you do with 1:1 classic cars, otherwise the ignorant insuance companies tend to regard 40 year old cars as scrap. I am sure they would regard most Tamiya models as "toys" and only give you pennies for them.

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pack rat fever

Interesting idea. I will call to my insurance

About 12 years ago I had an HPI RS4 3, Thunder Tiger EK4S2, a built vintage Estes Mars Lander and all my field equipment stollen from the back of my car while moving from one side of town to the other side. My home owners policy covered everything. And even did research on the vintage rocket to come up with a replacement cost. Needless to say their still my insurance company.

HI!... Mines all covered under my house insurance policy. I think last year I had it updated to $45,000 just for my RC collection. I think in a 2 years time I will upgrade that to $65,000.

Non-existant user wrote:

HI!... Mines all covered under my house insurance policy. I think last year I had it updated to $45,000 just for my RC collection. I think in a 2 years time I will upgrade that to $65,000.

Insurance companies are sneaky badwords and notorious for doing anything they can to wriggle out of paying out for claims. Make sure that your insurer agrees explicitly, in advance, in writing on the value you have put on your collection. They may be quite happy to charge you a premium for insuring $45k of kit, but may quibble about the "market value" when it comes to making a claim.