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Do You insure Your Stack / Collection ?


Pete

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Posted

There are some serious stackers and collectors on this forum so my question is how do you insure ( if indeed you do ) your PMs ?
Do you have specialist insurance or do you expect your general household insurance to cover loss ?
The problem with silver is you might have 1,000 relatively low value silver coins ( say £15 each ) and in the eyes of an insurance company this constitutes a collection.
You might disagree stating it is no different to a box of lego and a collection would be best described as a boxed set.

Likewise your policy may cover all valuables under £2,000 each so if you had a mixed bag of one ounce gold coins with each coin at £1,000, well under the threshold, but the bag or box of coins might be worth £20,000. If this was stolen then would your insurer pay out ? They might treat the box of gold as a single item and as it exceeded the threshold of £2,000 they wouldn't cover you.

Just curious to hear others opinions and views. Also if you kept your PMs in a bank safe deposit would you take separate insurance or just assume the vault is 99.9999% safe and you don't want to pay out £200-£300 per annum insurance ?

Posted

I checked my home insurance recently to make sure the valuables cover was enough but I never thought about the possibility of them classifying it all as 'one item'.  I'll be phoning them in the morning to check now!

Posted
25 minutes ago, Goldhooked said:

I checked my home insurance recently to make sure the valuables cover was enough but I never thought about the possibility of them classifying it all as 'one item'.  I'll be phoning them in the morning to check now!

You might not get the outcome you would like.

I did a similar thing a few years ago and the outcome was that my insurance company added an exclusion to my policy and told me I was invalidating my policy by not disclosing the information sooner.

The cheeky bleeders even asked me where the money for my purchases was coming from. I got the distinct impression they thought I was investing the proceeds of crime.

I changed my insurer shortly after.

Posted
1 hour ago, Pete said:

Just curious to hear others opinions and views. 

In the U.S. some insurers offer "Valuable Personal Property" insurance, which is how I insure my collection.  Not sure if that is available in the U.K. or other countries.  

Posted

If you do the price comparison site inputs for home insurance they all have a section for additional valuables like bikes, laptops etc and they all seem to have precious metals cover up to 10k that checking the box to add cover does not really seem to alter the premium any.

Posted

Yes. Took me a while to go through what bits were part of a collection and what bits were individual items, the coins and rounds for some reason are separate from the bars insurance wise. 

What it did help with was making sure I had the right class of storage to have them covered, they insisted on a rated safe without which you're not covered so it's worth checking that on any policy you're looking at.

The actual additional cost wasn't much at all.

Posted

I have just checked with my insurance provider and they have confirmed that all my PMs are covered under the 'valuables' section of the contents insurance and they class each coin as a separate item (for single item cover).  I told them I have a safe which they said was great but it wasn't actually a requirement.

I do photograph all my coins as I receive them and keep records of purchases so I would have the necessary proof for a claim if the worst was to happen.

Posted
22 minutes ago, Goldhooked said:

I have just checked with my insurance provider and they have confirmed that all my PMs are covered under the 'valuables' section of the contents insurance and they class each coin as a separate item (for single item cover).  I told them I have a safe which they said was great but it wasn't actually a requirement.

I do photograph all my coins as I receive them and keep records of purchases so I would have the necessary proof for a claim if the worst was to happen.

Sounds good what company is that might give them a go

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