TOPIC: Insuring Tokens

Not sure if this belongs here or in Off-Topic

My token collection has reached a point where losing them would be a significant loss financially.

My question is do you have insurance on your token collection? If so, how did you go about it?

I just know that trying to explain to an insurance adjustor "Oh no, really, all of these charred, melted, steel discs really were worth <insert large number of dollars here>."

Any advice?

I have a document with my entire collection and the approximate current value, but that's about as far as I've gotten.

Thanks!

Joshua

We are looking into this quite seriously as well at the moment.

I was able to add my vintage magic cards to my home insurance as a rider (I suspect it may have been a one off because they didn't really understand what I was asking). I did have to prove their replacement cost though (print outs from starcity) and get the cards graded/authenticated by a professional (letter from my FLGS), then take lots of pictures. My insurer also asked that I store them in a fire safe. Never thought of extending coverage to my tokens, but something to think about.

Yeah, if you want a rider, you need to provide proof of value and ownership. And as Picc said, they may require you to store them in a manner that would reduce damage in a fire/flood. I had a friend that had a VERY large Star Wars toy collection that was going to be expensive to get graded and evaluated for replacement value. He was able to sell it in one transaction for a very tidy sum.

+1 this topic. I almost posted the same question a week ago!

I am really curious if anyone has actually done this, and if so, what perils are covered, and how much does it cost?

I believe this came up a couple years ago. If I can find the old thread it had some good info as I recall.

+1 to this topic.

Finally reached the same point. I'm planning on meeting my insurance agent next week and want to know what to ask for, thinking some kind of rider on my renter's insurance? I've got more value in mtg but it's split between a dozen boxes and binders. My tokens fit in 2 tackle trays is what worries me some days.

Insurance riders are not very expensive ($13/year or so I believe ).

You will have to have an appraisal, which might be difficult given the limited market.

You should ask the agent who they would take an appraisal from, so you don't have to go in a 2nd time.

Otherwise they will want to see them, and have photographs, particularly in case of theft.

The average thief is more likely to grab your laptop, TV, Jewelry, or things with broader appeal.

The fire safe thing is something I hadn't heard before, but makes sense.

It really depends on the insurance company you choose to go with. I looked into insuring my comic collection a good many years ago. They wouldn't let me do it as a rider, I would have had to have taken out a separate policy specifically geared towards "collectibles". Since my collection at the time was valued at around $11,000, they wanted something like $400 a month (mainly because comics are easily combustible). Needless to say I wasn't going to go for that.

I've switched insurance companies since then though. It might be worth looking into again!

I almost wonder if Jeff could offer some form of token insurance. I realize its out of his normal scope but he would be uniquely qualified to issue replacement tokens.

www.collectinsure.com

I've seen them at a few comic book conventions over the years. They specialize in collectors.