A while ago I saw a video outlining insurance on a large collection, thousands of games, and it prompted me to start a list of my collection, whether it was CIB and the value. It got me thinking, if something happened would my collection be covered under contents insurance? Would I get the value paid or the current value?
Bicycles for example generally aren't really covered over €500 and a budget road bike costs €1,000. Adding my bike would almost double the insurance cost to €200 but oddly enough expensive jewellery is anything over €2,000, so a €1,000 watch would be fine but a bike needs to be added!
The average retro game I have probably costs half what a new PS4 game costs but as a whole my Sega collection would be a fair few quid and only growing.
If someone had a ton of PS4 games or a huge movie library it might be a different story due to being unusual?
Any thoughts? Just something to keep in mind for the future
Yeah it's not a bad idea. I did this a few years ago with my old house insurance policy and it didn't bring the price up that much. The best thing to do would be to shop around.
I had a policy for X amount on contents. Then added another 20-30k on that to that to cover itemised things like videogame collection etc.
Never ever considered insuring my pile.
I can picture a pair of scumbag burglars breaking in
"jaysus, yer man still only has a playstation 1 and a megadrive"
"ahh, here, the poor bastard, lets move onto another house"
3 hours later as the family wakes up to find them still there playing Street Fighter II
as they are being lead out "ah guard just one more game!"
'Leh go a me or I'll do onadem hadoooooken yolks!'
I would have imagined that the house insurance would cover all contents but one would have to have declared those contents first, before they would pay out, certainly they are not going to take my word that I have a PSX or a Vectrex.
On the other hand, the modifications to my home, namely the conversion of the attic space with half of it full of Retro Gaming-GoodnessTM and the electrical sockets and other gubbins therein, might not be covered under the original house insurance declaration.
Makes it all the more important to switch things off!
You don't know when a PSU of a thirty year old console might decide to start a fire to relieve the boredom!
My thoughts exactly. “Yes I had 13 arcade cabinets worth €1500 each, a CIB Neo Geo AES collection, and ten copies of the NTSC Stadium Events game. When can I expect my cheque?”
What, you have ten copies of NTSC Stadium Events as well?
Oh, and be sure to let them know that they are VGA graded as well, for that extra premium, minty feeling!
House insurance and contents insurance are two different things.
House insurance will just rebuild your house if it burns down (and is a prerequisite for getting a mortgage here)
Contents insurance is something you need to pay for separately and does need to be itemized.
You don't need to list everything though if it's a collection, you just value your collection and they load an additional amount onto your monthly insurance cost.
Don't forget to list the Picasso hanging in the living room!
That's the part I'm wondering about. Say I have a PS4 and 20 games, does that warrant a specific number? I think my 360 collection peaked at about 30 games. I knew a guy who had over 100 360 games who would buy them whenever he could. I just buy a game I like when it comes out, might get the odd older game out of interest so it ends up being a small collection over the years.
I should try call them when I get a chance. I just wonder if a retro collection would be necessary to add on, as I would assume a PS4 for example would just be covered under the general contents cover.
Would they just accept your word for it, and just load up the policy cost accordingly? Or would they send out an assessor to verify? Obviously asking in the case of a significant collection
So I didn't mention a specific number of games, just a specific number the collection was valued at.
Just to note that I have absolutely no idea of the value of my games collection, it was just a figure I'd be happy with getting if everything was lost in a fire.
That's what they seemed to do with me. I had a couple of big ticket items itemized just to be safe, but my art and games collections I just attached specific values to and they seemed to be happy with that.
I do photograph most of my gear so did have that as a backup in case the worst happened and they asked for proof.
As a side note, it was quite amusing trying to explain what an 'Akira cel collection' was to someone from an insurance company.
'So you know what animation cels are?'
'Okay well..do you know what acetate is...?'
'Do you know what cartoons are?'
...this went on for quite a while.
original Akira cels?