Model Railway Insurance

[BEANO3005]

Hi People.

Can I just ask for any input from people as I have not seen it mentioned before. 

Is there a particular company that would be willing to Insure our models and/or layouts. 

I currently have it on my contents insurance but with each passing year the collection gets bigger.  I am not sure if there is a cut-off point for contents insurance or will I have to take out a separate policy with someone.  From inquiries I have made with certain companies they only do the house+contents. 

I've not tried gadget insurance but they seem expensive enough even for a mobile phone. 

Any input from fellow members would help.

Cheers everyone.

[Georgeconna]

You might check your policy as some companies do not cover ' Collections' on house policies..

 

[BEANO3005]

2 hours ago, Georgeconna said:

You might check your policy as some companies do not cover ' Collections' on house policies..

 

Cheers. I have it listed separately in contents. When I was calling around for a renewal I found it difficult to find a company that was will to except it on the policy separately. 

 

[jhb171achill]

A man I used to know who was a senior under-writer in a large insurance company told me it’s always better value to have a collection of anything of value listed under a normal household policy - so if you’ve a layout worth, say, €5000, you just increase your “household contents” by that amount.

[WRENNEIRE]

Many years ago in my Wrenn days I approached an insurance company to see about insuring my bits as it was crawling slowly towards 6 figures
They told me I would have to insure it similar to a work of art, a 15% premium on the value
Had to pass on their offer 

[KMCE]

 

23 minutes ago, WRENNEIRE said:

see about insuring my bits as a work of art,

Was Granny Bracken available for comment?

[WRENNEIRE]

Pick a window Ken......

[murphaph]

I enquired about this with my German house insurer and was told (in writing) that a collection is a "normal" part of the contents of a house and did not need to be declared separately. I would strongly recommend everyone to maintain a spreadsheet with everything in their collection, including what it is, when it was bought, from whom and for how much. It's easy to forget stuff. 

[connollystn]

I live in rented accommodation so not sure how I'd go about insuring personal items. Something I've thought about for years but never looked into it.

[David Holman]

Can be very important to know the value of your collection too. Rare rtr items can appreciate in value, while anything kit or scratchbuilt may have a value well in excess of the materials that went into it. 

 For example, a complete kit could be worth at least three times what you initially paid for it, though the caveat is always it is only worth what someone will pay for it! However, in a case of total loss, then you could factor in what it would cost to have someone rebuild it for you.

This is particularly so for a scratchbuilt model, while if you exhibit your layout, then the value can be very high indeed. My Fintonagh layout is pretty much all hand built, so despite being only 3m long is insured for £15000 when it goes to a show - and that is probably only half of what it would cost to get someone to recreate it if the hall burned down overnight...

 My most recent loco, a scratchbuilt MGWR 4-4-0 in 7mm scale cost me about £250 (mostly wheels, motor and gears), but also occupied around 180 hours work. At minimum wage (and I'd like to think I am worth a bit more than that), it is a £2000 loco.

 The moral is therefore not how much your own time is worth, but how much your need to pay someone else to do it as well as you. There is also the thought of what your collection is worth when you eventually shuffle off to the great railway room in the sky, so make sure your nearest and dearest have some idea of your model's value too.

[murphaph]

My nearest and dearest would be my furthest and angriest if she knew what it was all worth 

[jhb171achill]

My home insurance is currently up for renewal. Asked them their opinion in covering stuff worth (figure plucked from the air) €15,000. Answer: depending on excess and company provider, anything from €40 to €100+ extra on top of normal household quote.

(My other half doesn’t read this, so I hope that I’m safe….)

[Sean Hogan]

You have a dog  

[DJ Dangerous]

On 11/3/2022 at 5:58 PM, murphaph said:

My nearest and dearest would be my furthest and angriest if she knew what it was all worth 

Until you pass away and she can fill a swimming pool with money. Your coffin will get a standing ovation.

P.S.: dibs on 171!