Protecting your collection a€œ whatever it may be

Posted by: Moneysupermarket in Member Blogs

Protecting your collection – whatever it may be It doesn’t matter what your hobbies or interests are:- Cars, paintings, toys, whatever, if you have a collection of something, you know just how important it is to you that your pieces are kept in the best possible condition, and are kept as safe and protected as possible. Your collection most likely represents both a large financial and sentimental investment, and as a result keeping it all in A1 condition is likely hugely important.

 



Depending on what you collect of course, there are a number of different things you can do to protect your stuff – I’m not going to go telling you to keep your stuff in dustjackets or to keep them well oiled because it probably doesn’t apply to toy collectors, but something all collectors should consider is insurance – after all it’s cheap enough to do, and quite often you can add it onto your home insurance…

I’d like to say ‘of course, you already have home insurance’, but recent studies have shown that nearly 40% of British homeowners do not have full insurance (meaning they either have no buildings insurance, no contents insurance, or no cover at all), and the 60% of people who actually have full insurance nearly all misvalue their property. This might not seem like a huge problem – after all, how likely are you to ever make a claim for the full value of your home? – but in fact, if you undervalue your property by 20% (For example) and your insurer finds out, they may only pay 80% of any claim back out. Of course, this doesn’t work the other way round, unfortunately…

Something well worth considering (and finding out) is how your insurer classifies your collection. A collection of Action Men, for example, may be considered as one item by some insurers or a group of items by others. If your collection is considered as one large item, then you should double check what your single item limit is, as you may well have something that your insurers will not cover if something happens.

Once you’re certain your collection is covered financially, there are a number of other things you can do make sure your stash is super-safe. Keep a photographic record of your collection, including serial codes and issue numbers if possible – if you lose a rare version of something, you don’t want to replace it with the common one, do you? Cataloguing your stuff like this is a pain, fair enough, but it’s well worth it.

You should also have your collection valued at least once a year by an accredited valuer. Prices change all the time, and who knows if that £5 impulse buy ten years ago has suddenly become a priceless rarity? Course, that’s not particularly likely, but it can’t hurt to know for sure…

Of course, if you’re a serious collector or keep your stuff away from home, you should probably look into dedicated collection insurance. It’s a little bit more expensive, but this is the best way to get comprehensively covered for an expensive set of items.

A lot of collectors don’t properly consider insurance – after all, if you’ve just recently bought something new and exciting, the last thing you want to have to do is consider what might happen if it was damaged or stolen from you. Unfortunately, these things I don’t blame you if you’ve never thought about insuring your stuff before now – after all, when you add something to your haul the last thing you want to think about is it being damaged or broken, but you simply cannot be too safe.

Tags: Vehicles, Figures and Toy Soldiers, Tin Toys, Trains

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