Recommendations Wanted

[DaveG38 385]

I've just had a renewal quote from my classic car insurers, and they have, yet again, jumped the cost by a significant margin, so much so that I looked elsewhere. The result was that I managed to halve the premium for better cover. Now, I have just received my quote for the cover for my coin collection, and the total is astronomic. In short for a collection housed in secure storage in a bank, I'm being charged over double the cost of my house and contents insurance. Clearly, the risks of a claim on the property must be much higher than that of a bank heist involving my coins, yet I'm being charged through the nose this year. I get that the insurance company is providing specialised insurance and this is likely to be higher than normal, but twice the cost of something with much higher risks?

So, does anybody have any recommendations as to who to approach for a new quote for coin collection insurance? For information the existing policy is arranged through the brokers at Exeter.  

[Peckris 2 2,042]

There is one other possibility which you may or may not have already considered:

Your contents insurer will have a valuables component which usually has a 100% replacement value attached to it. Coin collections may (or not) be included, but the valuables cover they provide will be inadequate for your needs. However, they may be open to extending the maximum covered considerably at a higher premium cost which you would have to agree with them. Whether or not 'contents' insurance covers valuables which are stored in a bank, is an additional question and I'm not competent to answer it!

[Rob 2,996]

I use Hiscox. Premiums for most insurers are about 0.5% of value insured and have been consistently so for quite a while. 10 years ago the premium was normally halved for being in a bank vault.

[DaveG38 385]

4 hours ago, Peckris 2 said:

There is one other possibility which you may or may not have already considered:

Your contents insurer will have a valuables component which usually has a 100% replacement value attached to it. Coin collections may (or not) be included, but the valuables cover they provide will be inadequate for your needs. However, they may be open to extending the maximum covered considerably at a higher premium cost which you would have to agree with them. Whether or not 'contents' insurance covers valuables which are stored in a bank, is an additional question and I'm not competent to answer it!

I went down this route some years ago, and because my house insurer is a bog-standard one, they weren't willing to go beyond the 'script' they normally use. It's a good idea, but probably would involve having to investigate other insurers, and then change mine out, which is a bit more of a faff than I can be bothered with.

[DaveG38 385]

3 hours ago, Rob said:

I use Hiscox. Premiums for most insurers are about 0.5% of value insured and have been consistently so for quite a while. 10 years ago the premium was normally halved for being in a bank vault.

Ouch! That would result in a doubling of my already highly quoted premium! It looks like I'll have to shell out to the present insurer again.

[1887jubilee 36]

You could try

H.W. Wood Limited

The Baltic Exchange, 38 St Mary Axe, London EC3A 8BH

Phone: +44 (0)20 7398 9000 ext 2105
Direct Dial: +44 (0)20 3697 2105

Good as you don't have to identify "valuables" or say what is gold silver or other. No photos needed but obviously if you need any claim it is good to have all details.

If you use them I could do with a commission.

[DaveG38 385]

39 minutes ago, 1887jubilee said:

You could try

H.W. Wood Limited

The Baltic Exchange, 38 St Mary Axe, London EC3A 8BH

Phone: +44 (0)20 7398 9000 ext 2105
Direct Dial: +44 (0)20 3697 2105

Good as you don't have to identify "valuables" or say what is gold silver or other. No photos needed but obviously if you need any claim it is good to have all details.

If you use them I could do with a commission.

How do their rates compare to Rob's 0.5% of total value?