What is collector's insurance?
Key takeaways
Collector’s insurance protects valuable collections from events like burglary, natural disasters, and accidental damage
Collector’s insurance may include agreed value cover, depreciation cover, defective title cover, and legal expenses
You need an accurate valuation of your collection to ensure proper cover
What is collector's insurance?
Collector's insurance offers financial protection for expensive collections, from fine art to memorabilia to classic cars. It will pay for your items to be repaired or replaced if something happens to them.
Collector's insurance includes:
Theft cover
Damage cover
Loss cover
When do collectors need specialist cover?
Your standard home insurance policy will almost certainly cap both the total amount you can claim for and the amount you can claim for per item (known as the single-item limit). If your collection is worth a lot of money, these limits may prevent you from recouping its full costs in the event of a claim.
You can take out high-value home insurance to protect valuable items. However, collector's insurance often includes extra protections such as:
accidental damage included as standard
temporary location cover for exhibitions
emergency evacuation of your collection in an emergency
Collector’s insurance policies usually cover the total value of your collection rather than listing items individually, except for very valuable items. They are generally more costly than other types of home insurance.
What are the different types of collectibles insurance?
Collector's insurance policies vary and can often be customised. Types of cover than can be included are:
Agreed value cover
Ensures the entire collection is covered up to a set amount, with specific limits per item.
Depreciation cover
Offers compensation for items that cannot be repaired or have lost value after repair.
Defective title cover
Protects you if someone else claims ownership of an item in your collection.
Temporary location cover
Provides insurance for your collection when it's displayed or stored outside your home.
Emergency evacuation cover
Covers the costs of moving your collection in an emergency situation.
Legal expenses
Assists with legal costs arising from disputes related to your collection.
How do I value my collection?
There are a few ways to get a valuation:
Get a valuation from experts
Specialist dealers and auction houses can usually offer valuations for collectable items such as art and antiques. You should obtain at least two separate valuations to improve accuracy.
Use an online valuation service
Can be a more convenient way to seek valuations.
For example, the Royal Mint offers an online valuation service for coin enthusiasts, providing expert advice on the worth of your coins.
Research item's sale history
Specialist dealers or even websites like eBay can give you data on how much people are paying for items like yours.
Accurate valuation is key to obtaining the right level of insurance cover. If you over-evaluate your collection, you may end up paying too much while if it’s under valued you may be underinsured.
It's advisable to revalue your collection every year or two to ensure your insurance cover keeps pace with any changes in value.
How do I find cheap collector’s insurance quotes?
MoneySuperMarket does not directly partner with collector's insurance brokers or providers, but we do offer home contents insurance that includes some cover for collectables.
It's straightforward to compare home contents insurance cover on MoneySuperMarket. Simply include the value of your collection in your home contents policy's total estimated value and list any individual high-value items separately.
Author
David McDermottroe
Head of Commercial
Reviewer
Rebecca Goodman
Personal Finance & Insurance Expert
Rebecca is an award-winning financial journalist with over a decade of experience writing for print and online media. Her mission is to take the jargon out of personal finance and to help everyone...
