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Who Do People Use To Insure Their Collections These Days?

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Posted 10/21/2021   08:37 am  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply

Quote:
Rod222: You might check the limits. Unless its different down under. In the US, household contents insurance covers very little. Here it wouldn't even replace the binders (bare) that I have.


Thanks for your concern, however I know what I am doing.
I am covered for $40,000, for contents, and $5,000 stamp collection
(No Excess)

I am covered for fire and explosion, flood, storm, earthquake, and lightning, theft and burglary, and items taken away from insured address (up to 180 days)

50 years without a claim
50 discount has been applied
Loyalty discount 5%
No Claim Bonus of 25% applies to my risk.

Have an excellent security system, some paid by our Govt.

Paid my annual fee this evening (Up by $17.34) a annual rise of 6.52%

Only risk, I see, is adequate insurance.
That can change with inflation of product prices.
That can result in underinsurance.
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Edited by rod222 - 10/21/2021 08:41 am
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Posted 10/21/2021   08:55 am  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply
As an aside, I work out my own risk, with insurance,
for example, I have never had car insurance since 1975.

I pay cash for my cars, (under $6,000) and only insure
3rd party property damage. (circa $134 annual)
My Ford sedan, I bought 6 years ago for $900 is still driving well,
my Station wagon and utility similar.

Not sure I'll be around when EV's become mandatory
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Posted 10/21/2021   08:56 am  Show Profile Bookmark this reply Add BobInRye to your friends list  Get a Link to this Reply
Has anyone ever filed a claim for stamp loss w their insurance provider?
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Posted 10/21/2021   09:22 am  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
I did about a decade ago for loss of an incoming parcel (seller had not insured it). After I provided proof of purchase and the relevant tracking data, and sufficient time for an investigation, Hugh Wood cut a check for the entire purchase amount. It's my only personal point of reference, but it went as I hoped it would; no difficulties.
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Posted 10/21/2021   09:39 am  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
I have no experience with claims on philatelic materials.

My wife has been an insurance underwriter for nearly 35+ years and during that time she can only recall claims being paid out without push back 2-3 times. Note that she does home/property title insurance; she also oversees a staff which spend their days writing 'exceptions' which allows the insurer to avoid many claims. Given the stories I have heard from her over the years and the few times I have experienced making claims; I remain a bit dubious of all types of insurance. I still buy it and hope for the best...but expect the worst.
Don
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Posted 10/21/2021   10:02 am  Show Profile Bookmark this reply Add jconey to your friends list  Get a Link to this Reply
Rod222: I applaud your stance, unfortunately in the states (at least my state) auto insurance is mandatory. Now a days I generally buy new vehicles but we tend to drive'em into the ground. My current 2003 Ranger has 340K miles on it and still looks and drives great. My previous ranger only made it to 430K miles before I had to retire it. It still ran but everything between the front bumper and the rear bumper was worn out.

Although we had a minor fire in the attached garage due to a chipmunk chewing on wires, I've never had a claim for household contents or stamps. I keep the insurance up as it's not all that expensive and gives me the peace of mind. So far, I have only heard good stories about Hugh Wood's insurance claims.
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Posted 10/21/2021   11:43 am  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply

Quote:
My current 2003 Ranger has 340K miles on it


Similar to mine, Ford Falcon 2003, 278,000 Kilometers

2nd hand Ford Rangers here (before 2013 I think, prior to extensive electronics) have risen $5,000 over the past year due to covid.
2nd hand cars have risen across the board.


Quote:
I still buy it and hope for the best...but expect the worst.

That's basically how I feel about mine.
It's underwritten by QBE, but from Dept of Veteran's affairs, so I do feel more or less, looked after well, if anything should happen.

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Edited by rod222 - 10/21/2021 11:46 am
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Posted 10/21/2021   12:07 pm  Show Profile Bookmark this reply Add rod222 to your friends list  Get a Link to this Reply
Jconey
We have CTP compulsory Insurance in Australia, it is part of the "Vehicle Licence" an annual fee (for me circa $700)

Compulsory third party (CTP) insurance is a minimum and compulsory level of cover in Australia. You automatically get CTP insurance in WA when you pay your car registration. CTP covers you against personal injury you might cause to another person in a car accident or incident.

CTP does not cover damage to cars, vehicles or property.

In the event of an accident, I would be covered for damage to others,
and write my vehicle off.
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Posted 10/21/2021   4:49 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
You have to choose wisely when considering whether to make a claim because the first one might go well but if they see a second claim, well......

Also, in heavy/commercial construction you really do your utmost to avoid making a claim because your experiential rates will shoot up like an Exocet missile if you do and that affects your competitiveness when bidding.
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Posted 10/22/2021   06:17 am  Show Profile Bookmark this reply Add angore to your friends list  Get a Link to this Reply
I have seen a couple of posts over the years that people have been satisfied with Hugh Wood's handling of claims but no negative comments. Of course, this is not a good sample size but would expect if someone felt slighted they would make noise.
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Al
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Posted 10/26/2021   11:58 am  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
I use three firms that keep my collection right where it is . They are Glock, Ruger and Smith & Wesson .

First you would need a truck with a dually or double rear axel ,since my neighbors know I am not moving anytime soon ,they will stop over to see what is going on ,also one would stop by with heat .

Another safe guard are the binders or albums ,those that look the biggest and most expensive binders also have the cheapest stamps ,like U.N.,recent issues and other worthless stuff that I keep . Another safe guard is that there are 20 or 30 binders that are full with blank Steiner pages . You would really need to know stamps to pick the right binders .
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Posted 10/26/2021   12:53 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply

Quote:
They are Glock, Ruger and Smith & Wesson .


Not very effective at extinguishing fires or preventing water and accidental damage.
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Posted 10/26/2021   3:05 pm  Show Profile Bookmark this reply Add jleb1979 to your friends list  Get a Link to this Reply

Quote:
Not very effective at extinguishing fires or preventing water and accidental damage.


But they're leaders in the reperforation industry.

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Posted 10/26/2021   3:19 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
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Posted 10/26/2021   3:31 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
Yeah, there's more to insurance than just theft protection.
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