Insurance for micro varieties

[Accumulator]

The recent topic about collecting micro varieties, has prompted me to ask how other collectors handle the insurance of these coins? Typically policies will limit cover to, perhaps, 75% of the Spink catalogue price. For the bulk of collections this is fine, but in the case of varieties the insurance cover would automatically be linked to the most common version of the coin and make no allowance for the additional rarity.

[Gary1000]

The recent topic about collecting micro varieties, has prompted me to ask how other collectors handle the insurance of these coins? Typically policies will limit cover to, perhaps, 75% of the Spink catalogue price. For the bulk of collections this is fine, but in the case of varieties the insurance cover would automatically be linked to the most common version of the coin and make no allowance for the additional rarity.

Yes that is a big problem. If the micro variety is rare enough so that its value goes above the threshold where you have to give an individual valuation its no longer a problem. We need Spinks to take more notice of micro varieties otherwise we're screwed.

[Colin G.]

The recent topic about collecting micro varieties, has prompted me to ask how other collectors handle the insurance of these coins? Typically policies will limit cover to, perhaps, 75% of the Spink catalogue price. For the bulk of collections this is fine, but in the case of varieties the insurance cover would automatically be linked to the most common version of the coin and make no allowance for the additional rarity.

Yes that is a big problem. If the micro variety is rare enough so that its value goes above the threshold where you have to give an individual valuation its no longer a problem. We need Spinks to take more notice of micro varieties otherwise we're screwed.

This is one area where CGS may offer some real benefit, it would be interesting to know how their valuations have held up in the case of a claim, but certainly the item is catalogued, photographed and valued....which must offer some benefit

[Coinery]

Has anybody ever had to make a claim against coin loss? What was the outcome in financial terms? I often wonder how they'd pay because, if it's anything like motoring claims, it's been my experience that you never get close to the value you're insured for!

[Gary1000]

Has anybody ever had to make a claim against coin loss? What was the outcome in financial terms? I often wonder how they'd pay because, if it's anything like motoring claims, it's been my experience that you never get close to the value you're insured for!

Some companies offer 75% Spinks so I guesss it comes down to you to prove the grade of the lost coins. I think I need to think seriously about photographing my collection. I think the company I'm with offer 100% Spinks. If they use Spinks as their benchmark where does CGS come into it.

[Coinery]

Has anybody ever had to make a claim against coin loss? What was the outcome in financial terms? I often wonder how they'd pay because, if it's anything like motoring claims, it's been my experience that you never get close to the value you're insured for!

Some companies offer 75% Spinks so I guesss it comes down to you to prove the grade of the lost coins. I think I need to think seriously about photographing my collection. I think the company I'm with offer 100% Spinks. If they use Spinks as their benchmark where does CGS come into it.

Yes, that's the bit that would worry me! How many people could really prove that? Even in-hand there are indifferences but, with photography, how many can take a picture of a coin that captures tone/lustre/grade/perfection all in one snap?

I'm fearful that a coin payout might meet with the same disappointment I've experienced in the past.

[Peckris]

got this beaut today in my change

im kind of new to grading things but im on the fence as to whether it is an EF or aUNC

If it's in Spinks then you should be ok, but Spink don't always feature micro-varieties - my guess is that if it's not in Spink, you might be out of luck as far as insurance goes.

[argentumandcoins]

Most dealers (decent ones that is) offer valuations for insurance purposes, although I must admit that nobody has ever taken me up on this. I have had hundreds of people wanting free valuations of course!!!!

I would value your entire collection, giving individual coin valuations for any item over £1000 and bulking the remainder together. The valuation covers replacement cost, at current market value, on like for like coins. Most micro varieties have been sold before so a comparable price ius obtainable if you put the spade work in.

You should ideally have this done every year and the insurance company should honour the valuation if the worst happens.

[Peter]

With Spink they do little right for variety collectors. IE 3 examples of known copper farthings which are 1840 2 prong,1842 open 2 and even small date 1858.It took a bit of time to get these(I now have loads)some bought at cat values for the common type.I now have a safe drilled into my screeded floor and had Jake the dogs teeth sharpened.If some skank ripped my coins he wouldn't know what he had.

My wife's purse was recently stolen from our home but returned less £400 cash by an honest council worker and found in a bin in the village.

We are down to 2 suspects. I have opened my house to the kids,fed them and let them use the study to meet up.NEVER AGAIN.

[TomGoodheart]

Most dealers (decent ones that is) offer valuations for insurance purposes, although I must admit that nobody has ever taken me up on this. I have had hundreds of people wanting free valuations of course!!!!

I would value your entire collection, giving individual coin valuations for any item over £1000 and bulking the remainder together. The valuation covers replacement cost, at current market value, on like for like coins. Most micro varieties have been sold before so a comparable price ius obtainable if you put the spade work in.

You should ideally have this done every year and the insurance company should honour the valuation if the worst happens.

Yeah. I know I should. Trouble is ... last quote I had from a dealer was £200-£300 + fuel. Which I'm sure is quite reasonable for the work ... but that's probably my entire coin buying budget for this year. Do I buy coins or do I get my valuation updated? You can probably guess my inclination is to spend the money on the coins!

[Rob]

Make sure you keep all your receipts. As a collector of the eclectic, many things I own don't even feature in Spink - 50 odd G3 pattern halfpennies excluding 1799, 1806 & 1807 for example. Left to the insurance loss adjuster, these wouldn't even exist in his eyes.

[Peckris]

Most dealers (decent ones that is) offer valuations for insurance purposes, although I must admit that nobody has ever taken me up on this. I have had hundreds of people wanting free valuations of course!!!!

I would value your entire collection, giving individual coin valuations for any item over £1000 and bulking the remainder together. The valuation covers replacement cost, at current market value, on like for like coins. Most micro varieties have been sold before so a comparable price ius obtainable if you put the spade work in.

You should ideally have this done every year and the insurance company should honour the valuation if the worst happens.

I was just once asked to do one. £1200 at 2000 values, including a few pieces of gold, and a few nice silver pieces (1903 florin GEF e.g.). An awful lot of scrap silver, Vicky crowns and halfcrowns mostly. It took me two hours and I asked for and got, an 1834 halfcrown F+ as payment. The few nice pieces made it worth doing, as bulking up the scrap was a bit soul-destroying.