Insurance for your collection

[£400 for a Penny ? 0]

One of the un-opened trunks marked Lord Lucan?

Lord Lucan last seen 7th November 1974.

Pinged by the pedantry police, for introducing a veiled reference that he might have anything to do with a trunk unopened since the 1950's.

Shergar and Elvis are similarly disqualified.

They are full of 1933 Pennies, QED.

[andyscouse 0]

In reality that's ludicrously expensive. I believe Azda posted on here saying how much cheaper it was in Germany. It's not the £30-£50 a year that's the issue, but the £10 every time you want to access it. No doubt he will confirm, but apparently there is no access charge in Germany.

Wow - £10 per access! In the US, you pay about $60 and up per year (depending on size) with free access as often as you like. The cost of rental can also be offset against your taxes (for what it's worth).

Edited August 19, 2010 by andyscouse

[Peter 615]

I don't bother with insurance.....keep the collection scattered around the house.

[RLC35 288]

Peter, I'll bet your insurance rate is really cheap also! I'm with you!

[azda 979]

Actually, the safest and cheapest option is a bank safety deposit box.

I realise this is not suitable for most people as they want to look at their coins most days, but if your not fussed about seeing your coins for a while than putting them in the bank is the best option as it is fairly cheap and they are liable for loss if its nicked from them.

I used to work for Lloyds TSB in 2003, at Coventry High street branch they had a floor dedicated to safety deposits, you used your own box too so your not limited to a size. I remember several huge trunks down there that had not been opened since the 50s. Some of the boxes had not been opened since 1910 when I used to look at the records

As far as I remember, it used to cost about 30-50 quid a year for the storage and then about 10 quid every time you wanted to visit your box.

In reality that's ludicrously expensive. I believe Azda posted on here saying how much cheaper it was in Germany. It's not the £30-£50 a year that's the issue, but the £10 every time you want to access it. No doubt he will confirm, but apparently there is no access charge in Germany.

No there is NO access charge here Red, i pay a rental charge for the safety deposit box, maybe 20 euros a quarter, but i can go everday as long as the bank is open without extra charge. RIP OFF BRITAIN, another reason i left.

[DaveG38 405]

I was originally putting my collection under the normal house insurance but it was less than ideal. The way house contents works is that any one item, a collection in this case, must not be more than a certain percentage of the total cover, if I recall correctly it is about 30%. This means that if your collection is worth £10,000 you must have at least £33,000 of contents insurance, ok no problem. A £20,000 collection would be £66,000 and £35,000 which I had at the time would require £117,000. That's a lot of premium you need to pay for. Last year I insured my collection for £40,000, it was cheaper at that point to find a seperate company to insure my collection and find a cheap contents insurance. My renewal this year was £243 for £45,000 cover. I upped it to £60,000 for £320. I use Stamp Insurace Services in Exeter and the policy is with Sterling Insurance.

Gary

I've just had my house, contents and collection insurance come through and I was gob-smacked at the huge hike of around £200 per year in premium, even when allowing for the increased value of the coins. Taking Gary's advice, I approached Stamp Insurance Services, and have now got a separate coin insurance policy, which is significantly better than the 'standard' type. They insure, through Sterling Insurance, the whole collection for its replacement value, not just two thirds of the Spink values and this has only cost a small increase over the 'standard' policy. However, this small increase (£25) was more than offset by decoupling from my house and contents, which I have managed to dramatically reduce. The overall effect is to cut around £400 off my premiums, which is brilliant.

There were also no problems with Stamp Insurance Services. The proposal form was simple, they replied within 2-3 days and there were no nasty surprises about what they do and don't insure. The only slight chore was producing a list of the items valued at over £1k, but once done there were no problems at all. I appreciate that I haven't had to make a claim (and hope I don't have to) so I don't know what that part of their service is like, but so far I am very happy with them. Just thought I would give them a thumbs up for forum members.