 Joined: 19/06/2011(UTC) Posts: 24 Location: Canada
|
Looking to pick some brains here… We are in the process of moving houses, and when dealing with insurance I thought it might be a good idea to specify the value of my Marklin collection. I gave the insurance company an estimated value of $40,000. We did not have it specifically insured previously.The proposed added coverage was about $1600 per year, (which seems outrageously expensive), and would basically double our yearly premium. As it stands, I would be leaning towards not covering it additionally, and relying on regular household contents insurance. How do others in the Marklin universe protect their ‘babies’? Best regards, Dave ( Topic moved from "I want to sell" to "General MRR" / kweekalot)Edited by moderator 30 August 2024 22:13:14(UTC)
| Reason: Not specified
|
 1 user liked this useful post by polabear
|
|
|
|
 Joined: 09/08/2008(UTC) Posts: 431 Location: Stockton, CA
|
I’ve used American Collectors Insurance for years for both my vintage Lionels and growing Maerklin collection. Very reasonable, but I’m not sure if they write policies in your area.
|
2 users liked this useful post by Eurobahnfan
|
|
|
|
Joined: 05/12/2004(UTC) Posts: 2,976 Location: CA, USA
|
My insurer confirmed the trains are covered within our general "personal articles" section of the policy, and said if that isn't enough to just add extra coverage on that line. Not expensive at all (actually, no additional cost as we don't have much of major value other than the trains and my tools haha) The one requirement of note was having to identify any train item worth more than $1000USD on a spreadsheet, and even better if documented with images. Edited by user 28 August 2024 23:41:00(UTC)
| Reason: Not specified |
SBB Era 2-5 |
2 users liked this useful post by 5HorizonsRR
|
|
|
|
 Joined: 29/07/2007(UTC) Posts: 1,435 Location: Switzerland
|
Of course, I don't know the law and the insurance conditions in your country, but here at least it is the case that the insurance company reduces its benefits proportionally in the event of a major claim if you are “underinsured”. Or in slightly different words: it's not necessarily a good idea to understate the value of your inventory in order to save on premiums, as this could end up backfiring.
|
3 users liked this useful post by Unholz
|
|
|
|
Joined: 15/11/2023(UTC) Posts: 56 Location: Alberta, Calgary
|
Originally Posted by: Unholz  Of course, I don't know the law and the insurance conditions in your country, but here at least it is the case that the insurance company reduces its benefits proportionally in the event of a major claim if you are “underinsured”. Or in slightly different words: it's not necessarily a good idea to understate the value of your inventory in order to save on premiums, as this could end up backfiring. I remember this talking about insurance, as it was in belgium - when I still lived there. One had to insure the property (house and contents) for the "new value", not the current value - including write offs and what not. As an example: Suppose the total (new value) comes to 500,000 (whatever the currency) You insured for only 400,000. Then the insurance company took it as you insured (in this case) for 1/5th of the value yourself. so any claim (any claim) would be only reimbursed for 4/5th of the cost, leaving 1/5 for yourself. I don't know how wide spread this policy actually is used.
|
2 users liked this useful post by hermanvk
|
|
|
|
Joined: 10/02/2021(UTC) Posts: 3,887 Location: Michigan, Troy
|
When I inquired about it with Allstate they said they would have to have photos and appraisals done. A rider policy is possible.
|
1 user liked this useful post by marklinist5999
|
|
|
|
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
