Art and collector car insurance

[Barry Wolk]

In discussions with a major player in collector car insurance business I asked about insuring my art collection through them, too.

The response was that they had considered insuring automotive collectables and automotive art but hadn't considered non-automotive art.

It is my experience that many car collectors are consummate collectors of all things, not just automotive related objects. From observations of my circle of friends the art collector is the same person as the car collector.

Many of us have been collecting objects d'art for longer than we've collected cars. The vast majority of our art is only insured only for what we paid for it. I could increase the insurance but I'd have to pay for appraisals for everything, which can get quite expensive.

I would prefer an "agreed value" type of insurance, eliminating the need for appraisals, except when values reach a certain level.

My argument is that collectors are a certain breed that is very protective of their "things" and produce a low risk for insurers, far lower than the exposure of the risks of the open road.

I've started this thread to garner feedback that will be used in their decision to cover all of our goodies. Please post your thoughts.

[R W Burgess]

I would think that's a great idea, Barry.

As an aside, think of the point of having a value for your collectibles, so the family can handle the "final sales" without a major loss.

So many families have suffered large monetary losses, because they never knew the value of those "old pieces of junk" you may have collected all of your life!

Wayne

[Barry Wolk]

Very good point. We've all heard of those "steals" people brag about. Those steals came out of someone's pocket for the very reason you mentioned.

[West Peterson]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: R W Burgess</div><div class="ubbcode-body">

So many families have suffered large monetary losses, because they never knew the value of those "old pieces of junk" you may have collected all of your life!

Wayne </div></div>

In my case, it IS mostly old pieces of junk (without the quotes). The monetary loss occurred the day I made the purchase.

[Barry Wolk]

One man's trash is another man's treasure. It never ceases to amaze me what certain things are valued at.

[West Peterson]

Ain't that the truth. I just got done talking to a guy who was ready to give a box of WWII patches away, cuz he didn't think there was any value to them. He thought they were neat, so he wasn't going to throw them away, but at the last minute he decided to start listing them on eBay. He said so far he has sold about $11,000 worth of patches, and still has 500 more to sell.

Not really art. Sorry to have gone off on a tangent.

[Barry Wolk]

I think your story it totally relevant. You've been to our house. It's filled with art. In fact, that's how I got interested in cars as sculpture. We ran out of room inside.

On another site I posed the same question. I got an interesting response that there might be an increase in insurance fraud with "agreed value" insurance. I wonder if anyone here would think the same thing.

[TheMoneyPit]

Having collected "car junk" for thirty years now, I've got quite a pile. I've tried to insure before and at one time looked into an appraisal. The appraiser I found was placing value at around 25% in my estimation and wanted to buy until I kicked him out. Charged $100/hour to try and cheat me, but was arrested for burglary (someone else's house that he had appraised) before I paid him, and I got out of it lucky. Moved several states away shortly after so I'm not worried about him.

I'd go for insurance if a company had a competent appraiser on staff and didn't want my first born as a downpayment...

I keep a burned CD with high resolution pictures and update a spreadsheet with an "assumed value" every year or so in a fireproof box and a copy at work JIC.

Now this forum wants us to add our information to our posts, does anyone wonder why so many of us DON"T??