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  • Insurance

    I've been meaning to ask this for a while - does anyone have any recommendations about insuring record collections - mine's just under my normal contents and I worry that should anything happen, the chances of anyone believing any of it is worth more than a tenner is slim, especially with all the innacuracies in any of the published price guides. Anyone got any thoughts or help, or know of any specialist valuers/insurers?

    Nice new look by the way chaps, just taken me a few days to get used to it
    Stop wasting your money on records and get a proper hobby.

  • #2
    Yes, I've done a bit of investigating. If you want to insure it as a collection, you really need to produce an inventory, which I'm trying to do now but is a kind of hopeless task when you've got many 1000s of records already.

    What you should do, however, is take good pictures of your collection in case anything should happen in the interim (i/e just for the purposes of regular house insurance). At least if there was a fire, you would have proof that a collection existed even though you've never get the true worth of it reimbursed. Unless the photos got burned, too...


    • #3
      I queried this with my insurer when I moved house last year, in that my policy gives 'unlimited' value contents cover in the event of my house being destroyed.

      As usual with these type of discussions, you have to take the word of the person on the 'phone, but it would appear that if my house was destroyed by fire, I would be able to claim that I had all sorts of things there before the fire, which because all documentation would also be destroyed, I wouldn't be able to actually prove.

      So, if the worse happens, I'm planning to claim that I had 3 x Nasa Space Shuttles and the world's supply of gold & oil in the front room. Which, for those of you who have visited will be able to testify is almost true.
      Matt Hero


      • #4
        Er, I would but but only if I lied Matt. However your G-plan sideboard is priceless

        Insurance is something that I've been thinking about myself recently and recommendations for insurers would be good. What sort of thing needs inclusion in the inventory LBG?
        You freeking scientologists are all the same, quible, dribble and then demand ice creams. Ohhhhhhhhhhh.


        • #5
          I tried to separately insure my records, and tried a couple of people in the UK.

          They said that they could insure them, but only for the value of the physical worth of each item - in other words, the worth of the lump of wax and the cardboard sleeve. Not the market value, or the price that somebody would actually pay for the piece. We're talking practically pence instead of pounds.

          I did hear of someone in the who insures, but I can't for the life of me remember who it was.


          • #6
            Used to work in the antiques trade & while standard insurers are pretty useless at valuing non-standard items, there are specialist collectables insurers like this one


            who can do quotes on stuff like books, stamp collections, coins, jewellery etc. Dunno if they cover records, but growth in modern collectables should mean you'll find someone with the necessary expertise (try asking dealers who they use when carting valuable items between record fairs etc, maybe?).

            Probably at a premium price, though, & as ladyboygrimsby says, you'd need a detailed inventory, photos & descriptions of especially high-ticket gear etc (this can be lodged with insurer or at a bank or other location sometimes, btw, to avoid risk of destruction of papers you mention) so it'd be a lot of hassle, probably at a steep price (I know people who've sold on paintings when insurance cost became untenable). That said, any payout should be at replacement cost, ie: market value of items at time of loss (so that 50p Gentle Rain should be reimbursed at going rate).

            But it can be done, I think. Question is, is it worth it to you?
            a giant steam-powered turntable in warwickshire plays six foot cement recordings of Prince Albert's speeches to the rejoicing populace


            • #7
              I guess ask Q Tip - him being the only person I can think of who has lost his entire record collection due to a fire.
              Matt Hero


              • #8
                My insurance company said that it could be insured as a collection, but that I'd have to produce an inventory, which, seeing as I have around 3000 records, isn't happening anytime soon!

                So, check with your current insurer about what they do with collections.

                Don't call it a comeback... H, N, and the number 7.
                Ok, it's a bit of a comeback, I suppose...