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Protecting your valuables -- the cheap way |
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If your collection is stolen from your unattended
car, most collectibles insurers will cover it up to around $50,000
or more if you take out additional travel insurance.
Some agencies will not insure items such as bullion;
jewelry or watches containing precious stones; vehicles; live animals
or plants; or fine arts, such as paintings or sculpture.
But most collectibles insurers will cover a wide variety
of collections including animation art, autographs, badges, Beanie
babies, books, bottles, ceramics, china, Civil War memorabilia,
clothing, coins, comics, crystal, currency, dolls, figurines, glass,
maps, medals, model cars, musical instruments, patches, pens, postcards,
pottery, prints, records, stamps, sports cards, toys and trading
cards. Guns, knives and edged weapons are also insured separately.
you collect one thing, such as Civil War memorabilia,
you'll find that most specialist insurers will take you on, or will
point you to a highly specialized insurer in that field. You can
shop for the right insurer through the Internet or by contacting
your state
insurance department.
Some losses are not covered, even under an all-risks
policy.
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Exclusions vary by company, but generally include: |
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Specialty insurers
Insurers in other specialist fields, such as the world-renowned AXA
Art, provide coverage of fine art, rare books, antique weapons,
vintage wine, personal jewelry, vintage vehicles, and rare stamps
and coins, among other collectibles.
"We not only insure treasures like paintings,
drawings, prints and photography which are fragile by the nature
of their materials, but we work with the world's leading conservators
to help those who insure with us to keep their art safe, sound and
secure," says Christiane Fischer, of AXA's New York bureau.
Those treasures range from Teddy Roosevelt's African
safari hunting rifle -- which sold at auction in 1995 for $550,000
-- to Thomas Jefferson's own claret wine, bottled for him at Chateau
Lafitte in 1787, and vintage cars such as Bugatti, Hispano Suiza
and Rolls Royce -- collectibles which can be driven at highway speeds!
AXA offers vintage-vehicles policies against accidental
loss or damage for antique cars at least 25 years old, classics
or rare design and many limited-production models, including coverage
of the trailer used to take those vehicles to car shows or competitions.
Collectible car insurer Grundy
Worldwide, of Horsham, Pa., began antique car insurance policies
in 1947 when Jim Grundy Senior implemented an Agreed Value policy.
It works by owner and insurer deciding in advance what an old car
is worth if it is destroyed or stolen.
The amount is listed on the policy and forms the basis
for the insured's premium.
Be aware: If you do insure your classic car with a
specialist agency, underwriters expect you to take better-than-normal
care of it. It should be garaged when not in use and used as a hobby
vehicle, although most carriers do not limit the number of miles
you can drive it annually.
Finally, with any collectible, be it a car or a Civil
War cannon, be sure to keep it insured for its full, current replacement
value. Monitor what similar items fetch at auction or have sold
for recently, and adjust your coverage accordingly.
Paul Bannister is a freelance writer
based in Oregon.
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