Diecast Model Cars - Protecting Your Collection

Just how much do you adore your collection of diecast model cars? What would you feel if your cherished set of models, which you’ve undoubtedly, spent many thousands amassing, were to be stolen or destroyed?

We all know the answer to that; you would be devastated. Now ask yourself how much it is going to cost to restore your collection and where the money is going to come from to replace those rare Franklin Mint diecast Corvettes and Mustangs.

The perceptive among you will undoubtedly recognise that your insurance will pay - but will it?

Many household policies don’t cover you for the total worth of your diecast model car collection. There is normally a restraint on the amount of valuables that you can launch a claim for. And that is assuming that you are able to convince the insurance company that your diecast models should be classed as ‘Valuables’.

OK. Stop reading here and go and get that box from under the stairs. You know the one I mean, the one where all your essential papers are kept.

Got it? Good.

Now examine the schedule of insurance. This will tell you precisely what you have covered and for how much.

Ok, so you’ve just realised that your diecast model car collection, which you believe is worth a few thousand is only insured for a miserable few hundred. What should you do?

Well there are lots of options. Talk with your insurer and ask if you can add a rider to your household insurance. This is an addition to your policy, which will provide for the full cost of restoring your complete diecast model car collection to its former glory.

You can also buy a stand-alone policy. There are insurance companies offering specialist collectors insurance. Again, these will cover the entire cost of replacing your diecast models, but will also protect any new acquisitions for up to ninety days. Which is more than enough time to let your insurer know to add them to your policy.

The next question you need an answer to is roughly how much to insure your diecast model cars for? And it is vital that you are aware of this figure because you can bet that your insurance company won’t be.

There are many of ways to get the true worth of your diecast model cars, and collectors can squander many hours pondering the best. But perhaps the easiest is to pay a visit to eBay and use the advanced search option. Type in details of the model you want to value, ensuring that you mark the completed listings box. Click search and the resulting page will be a list of similar items and the amount that they were sold for.

Equipped with this information you can make contact with your favoured insurers and get yourself a handful of estimates.

But prior to you making you final choice who to insure with, there are still a few more things to mull over.

Confirm that the policy offers ‘Replacement value’ cover. That is to say, the real cost to replace your collection. If it doesn’t then you could end up with just the retail price of your models minus a sum for depreciation.

If the cost to insure your entire collection seems too expensive then it might be worth getting a quote just for the most important cars.

So keep in mind that you need to be aware of the value of your collection and reassess it regularly. The values of diecast model cars can alter quickly. Also you need to make certain that your policy covers the total replacement cost of all your diecast cars.