Who here catalogs and insures thier collection ??

[ivrjhnsn]

I've been cataloging my collection via taking a pic of each individual item in case something happens...theft, fire , death, etc. . Anyone else do the same ?

And then ,, insuring your collection. Do most of us know more than the people providing insurance coverage ? Who do you go to ? How does it work ?

 

[OldSkipTooth]

Some things may be covered in your home fire policy, but if you want actual coverage for your collection & or collectibles you might want to add insurance or find a policy to cover antiques/collectibles. Lloyd’s of London offers antique/collectible coverage for dealers, just check with your provider. But don’t assume your basic home insurance policy will pay out for a dozen vintage bikes, it won’t.

 

[Allrounderco]

Above is 100% true, but you may not need to obtain a specialty carrier policy. My wife’s wedding ring set is covered via a rider on our existing home insurance policy. By default, that policy insures jewelry up to $2,500. Her set was appraised well into the five figure range. It’s expensive insurance. Our homeowners policy costs roughly $800. We have a $2.5M umbrella which costs another $250-ish. The rider for the ring, which covers the gap between what the standard homeowner policy covers, and it’s appraised value? Almost $100. I guess it’s because a ring is easy to lose, and the diamond, easy to fence. I’m guessing bicycles would be much cheaper per amount covered, like agreed value policies on collector cars. The few bikes I own are worth less than a grand combined, but I’m curious to see how some of you ballers are handling this.

As an aside, I work for a specialty insurance provider, who happens to be a Lloyd’s syndicate.

 

[piercer_99]

mine are in my homeowners policy. well, the ones that I care about the most. not all of them.

 

[detroitbike]

I've asked about insurance for a bike collection here before and got no response.
I just figured that no one here has their collection insured ; everyone just thinks that they are somehow covered.

I Own a bicycle shop and can only get my antique bicycles 100% insured as a declared / scheduled item.
I pay approx. 3200 /year for 125000 in new bicycle inventory. My deductible for that coverage is 1000. Also you must consider
everything or if you have a loss the insurance company will say you are underinsured. Then COINSURANCE will apply.
If you have 300,000 inventory with 125,000 coverage the insurance company pays 42% as you are insuring the rest .
Look up coinsurance !
Antique bikes are extra and need to be cataloged separately. Pic and sales data to show value.
Try that on a Autocycle or Evinrude.



BTW:
I have yet to find an insurer that will cover the full value of my old bikes, parts, literature without it costing a fortune .

 

[IngoMike]

I hate all Insurance,, over $200k paid in the last 20 years just for health insurance, and not a single benefit.....any doctors visits or anything else were never covered because the deductible was not met. Always had coverage because of my risky lifestyle and the potential for serious medical bills, but I have never had a serious incident and never had to use the Insurance. Now that I have slowed down with most of my dangerous activities, I am even more resentful at the prices we are all paying....even if I got hurt, I figure they would find some small BS loophole and coverage would be denied.
I have never really thought about adding my collection to the pile, and I would imagine there will be another loophole in that transaction, but I might look into that one.
Anyway, sorry for the rant, I personally did not have a good day today and it is coming out in spurts and fits.......

 

[detroitbike]

I’ve been spreading my collection around so it’s not all in one place. If anyone here has ever had a claim with an insurer on an old bicycle that they felt they were reimbursed fairly please post!!

 

[Freqman1]

I've asked about insurance for a bike collection here before and got no response.
I just figured that no one here has their collection insured ; everyone just thinks that they are somehow covered.

I Own a bicycle shop and can only get my antique bicycles 100% insured as a declared / scheduled item.
I pay approx. 3200 /year for 125000 in new bicycle inventory. My deductible for that coverage is 1000. Also you must consider
everything or if you have a loss the insurance company will say you are underinsured. Then COINSURANCE will apply.
If you have 300,000 inventory with 125,000 coverage the insurance company pays 42% as you are insuring the rest .
Look up coinsurance !
Antique bikes are extra and need to be cataloged separately. Pic and sales data to show value.
Try that on a Autocycle or Evinrude.



BTW:
I have yet to find an insurer that will cover the full value of my old bikes, parts, literature without it costing a fortune .

Here is a thread on the subject https://thecabe.com/forum/threads/vintage-bicycle-insurance-thread.32807/#post-175990

Insuring through Collectibles Insurance Services is declared value--you don't need sales data or appraisals. If you insure your Evinrude for $13k and someone gladly steals that eyesore you get $13k to go buy a nice bike! For a $250k policy it cost just over $1k per year. V/r Shawn

 

[bricycle]

I document item and cost of anything bike related.

 

[scrubbinrims]

The benefit of "hidden, not ridden" is the unlikelihood of my bikes going missing..."stolen, not rolling" is something you won't hear me say.
I do worry about a number of large trees upended from a hurricane or catfish posting my picture on his gallery unexpectedly, but no policies, just the business card of Copake for my widow to call.
Chris