Important Insurance Information

[TomGoodheart]

Rather late in the day I decided to insure my coin collection. I decided that before I went to a broker to get a specialist quote I'd find out how much my household insurers would charge me.

During the discussion I happened to mention the idea of specialist cover and was told that my company (Direct Line) has an all-or-nothing policy. This means that they insist on insuring ALL the contents of the home. In other words, if my collection was insured by another company Direct Line would consider me to be underinsured by the value of the coins and would adjust any claim accordingly!

I don't know if anyone else is aware or affected by this but I suggest that those with collections that may be worth over the 'unspecified' valuables limit on their policies check it out. Similarly anyone with specialist cover.

Having had to make a claim a number of years ago I can't recommend it to anyone - the last thing you need after a loss is for the insurers to start quibbling! (Actually no - the last thing you need is for the insurers to accidentally post the loss-adjuster's bill to you and to find that the amount by which your payout has been reduced has been given to someone else!)

As a post-script - the price I was quoted was not far off what I also pay a bank for a box in their vault. Those with really valuble collections may wish to consider this although the number of branches that offer this service (or have space available) has reduced considerably in the last few years.

[Gary D]

I recently added my collection to my existing household insurance and the additional premium wasn't much. One thing that was specified was that I get a proper valuation carried out.

[burpalot]

is insurance only important if you have large rare collections

BURPALOT

[Gary D]

A coin collection can become valuable quite quickly. I only collect 1900-1967 1/4 - 5/- which is about 800 coins. There's a few thousand pounds worth even if they are only a few pounds each. Then the £500 mahogany coin cabinet. Insurance suddenly looks more appealing.

[Rob]

A coin collection can become valuable quite quickly. I only collect 1900-1967 1/4 - 5/- which is about 800 coins. There's a few thousand pounds worth even if they are only a few pounds each. Then the £500 mahogany coin cabinet. Insurance suddenly looks more appealing.

Expand into gold and you will really need the insurance, even for the 20th century only. There's more than a couple rare sovereigns to break the bank.

[Jamesred]

i have checked with my insurers (direct line) i gave them my "book" value of the coins (all undergraded) they advised me to look at a sfatey deposit box!

I collect mainly 1/4d from as early as possible, gold, pennies, and silver 3d

Alone on the farthings side of things i have just under £2000 worth, this is because i have managed topick up a few of the rare ones in excellent condition, namely 1863 & 1869

James

[TomGoodheart]

61 Charles I shillings - £15 grand (do I laugh or cry?)

Thing about safety boxes - you can't play with your coins (doncha just love to let them drip through your fingers, listen to them clink together NOT!)

[Gary D]

What's the point of having a coin collection it you are going to keep it in the bank. Its nice to tuck them up warm with a mug of cocoa every evening.

[Rob]

i have checked with my insurers (direct line) i gave them my "book" value of the coins (all undergraded) they advised me to look at a sfatey deposit box!

Colin Cooke mentioned in passing a couple years ago that he used to keep some coins in the bank. Conditions were not ideal in this particular branch and he returned to them later to find that some base metal had degraded. Any collectors thinking of using a safe deposit facility should consider this. Silver and gold should be OK.

[Jamesred]

ws thinking of just putting the gold in box to be honest as i like palying wiv em