Insuring your models?

[Southgate]

This came up today whaile I was at my insurance office, reviewing our homeowner's policy. How would one go about getting a model appraised? I have over a grand in just parts and materials in my crane, and that's nothing compared to the amount of work I have into it. Anyone have any experience in this area?

[Radio Control Trucker]

Your Home-Owners Insurance is OK, but I suggest getting a Personal Articles Policy to protect your trucks & equipment. There are subtle differences in the policies, but they do make a difference. Check with your insurance agent.

Also, an appraisal from a local hobby shop is a good idea, but the agent may take a "suggested dollar amount" from you as the actual value of the item.

- RCT

[cdm]

I was always under the assumption (as told by agents when i used them) that anything you disclose falls under the HO policy. If not disclosed and added, it isn't really covered. Guns et al are covered if written in as they use those extras to sometimes give you a higher rate. If one had a toolshed full of expensive toys then certainly it would make sense. If you have or two spread around the house, not sure it would be worth the bother.

Remember, these are just toys to folks. You can bet any adjuster will have a heart attack covering a scaleart model for example. instadenied.

[Radio Control Trucker]

Originally Posted by cdm

Remember, these are just toys to folks. You can bet any adjuster will have a heart attack covering a scaleart model for example. instadenied.

It's all in the eye-of-the-beholder. Our replicas can be considered toys, but to many people dirt-bikes and sea-doos are considered 'toys'.

The home-owners insurance should cover your trucks and equipment, but it is definitely better if you have a Personal Article Policy.
It should only cost about 2%-3% of the declared value of your items.

As I stated before, check with your local insurance agent. You may be surprised at just how affordable it may be.

- RCT

[cdm]

Well bikes and seadoos are actually land and water transportation devices, much like a car and follow the same regulations. not even close to being the same in terms of legal standing to a diecast/motorized diecast. not even close. not even same planet close. so if you are going to go the insurance way, make sure you arent just throwing money away because you will likely have to sue for actual value reimbursement in the miniscule event something does happen to your collection.

[Radio Control Trucker]

Originally Posted by cdm

Well bikes and seadoos are actually land and water transportation devices, much like a car and follow the same regulations. not even close to being the same in terms of legal standing to a diecast/motorized diecast. not even close. not even same planet close. so if you are going to go the insurance way, make sure you arent just throwing money away because you will likely have to sue for actual value reimbursement in the miniscule event something does happen to your collection.

The Personal Article Policy is specifically for such items. Even though the dirt-bikes and sea-doos are considered 'vehicles' and are covered by 'auto insurance', I was relating to them as to the idea they could be considered 'toys'.

Before anyone becomes fearful of insurance policies and the cost, they should get the facts. I am only aware of the Personal Article Policy because I had asked my insurance agent about my trucks & trailers. I'm aware of the dangers of theft, as well as the possibility of damage during common everyday operation. It just seemed that there would have to be something to cover the cost of repair/replacement if something were to happen to them.

Personal Article Policy: Coverage for all kinds of personal property whether inside or outside an insured’s (home) to include jewelry, musical instruments, cameras, fine arts, and precious stones. The insurance policy can be issued separately as an inland marine insurance policy or as an endorsement to the homeowners insurance policy. Protection is on an all risks basis subject to exclusions of wear and tear, war, and nuclear disaster. Each piece of jewelry and other expensive items must be specifically listed in the policy. - www.answers.com

Check with you local agent. I did and it makes all the difference. You should also check with your agent about the deductable, this is of utmost importance.

- RCT

[kingbob]

A good mate of mine had someone break into his shed and steal his racing E-maxx along with tool box, batteries, chargers etc. And this wasnt a stock truck, i think the only original parts on it were the body mounts. Was aluminium, titanium, carbon fibre, custome made cromolly gears etc, had to be worth upwards of $6-7k by itself. Letalone the 20 odd batteries at $100 a pop.

The insurance company got a hobby shop to quote for replacement. Luckily guys from the shop raced as well and knew perfectly well what was on the truck, so they added it all up. Pretty sure he got paid out a good percentage of its material worth.

But of course how do you vallue the time put into one of our trucks?
Ultimately its the working on it, and creating it that I enjoy the most. If i have 100 hours of work invested in one (a perfectly reasonable amount), do i value that at what i'd earn at work in 100 hours?

[Radio Control Trucker]

Well, KingBob, I'd think that we just have to take the enjoyment of building as the cost of building our trucks & trailers. No one is going to reimburse us for our time. Even when we sell our trucks, we usually come to a loss if we were to expect to be paid for our efforts as well as the cost of the kit & mod's invested into the trucks and tractors we part with.

I'm glad to hear that your friend was able to recoup most of his money. It's good that he had a hobby shop with a knowledgable staff to help him. Did he reinvest in the hobby or lose heart and just take the money to do something else? When you suffer a loss like that it can hurt to the core.

The is thread is all about getting insurance for our equipment. It just makes sense. If we were to lose it to theft or damage, it would be nice to have a plan of recourse. Just my 2-cents.

- RCT

[Stuff]

good question indeed. I know i have 25k content insurance but should check up on that for the models etc. think im gonna be switching to CAA insurance anyhow. save me 3k a year between home/truck/work/car/bus.

[Lil Giants]

I have this forum as proof of ownership, plus 1000's of pics on photobucket. My insurance company is well aware of my hobby and I have up'd my content ins. a few times in recent yrs... my contents are actually worth more than my house, so I had to up the value of the house to keep both comparable, my ins co said.

I'm building a steel building garage this summer, looking forward to moving most of my hobby in there where it will be virtually fire proof! b/c probably half of it isn't readily replaceable. I didn't place much value on my time for building any of it, just guesstimated replacement cost of kits & parts.

Communicate with your ins co, let them know what you have & what you want to insure it for and pay the premium for piece of mind. I've already had one house burn to the ground with 20yrs worth of memorabilia gone forever. Filling out the proof of loss forms, I then realized I was about 30% short on my coverage! (lost a 355 blown small block rated for 600hp, everything brand new or fully machined, Muncie 4spd, numerous other Chevelle parts, ect killed that project car build!) I hope it never happens again, but I'm well covered this time.

[Stuff]

never can have too much insurance.. just the wrong kind lol

[DPD327]

Hi Folks,

I have scheduled many items of high value on my HO policy. My basic HO policy for example only covers 1500.00 worth of jewlry. Ridiculous in my mind, scheduled all important jewelry, my weapons, combat ACG gun sites, trucks (Tamiya mind you not ScaleArt), photo equipment and the like. Most folks don't READ their HO policy and if you READ it, it's sinful what is NOT covered or the hoops you have to jump through when you make a claim. Just a heads up.

I am looking at a ScaleArt purchase later this year or next and will be scheduling it, the radio, support gear etc....when you schedule items, generally the insurance company only asks for receipts etc as proof of the value of an article.

All the best,

Jim