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Rob
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3,430 Posts
Discussion Starter · #1 ·
Some recent threads have raised some questions in my fevered little mind.

How do you figure out what any particular car is worth? It's easier when you're buying - I will / won't pay that much for that car.
But if you're selling, or wanting a valuation for insurance purposes, where do you turn for advice?
My 'rare' car is a Fly A72 GT1 98. I'd say vgc rather than mint. The last place I saw advertising that car was Pendle, priced I think at £75, about a year ago. So I'd guess mine would fetch £70 - £90 now, but that's only a guess. Any advice? (and no I'm not looking to sell at the mo', just curious)
Do any of you guys insure your car collections? Or assume, like me, that your house insurance will cover them? Would an insurance company really pay out £300 for a stolen Gaugemaster Series Fly Viper? Not that I've got anything like that, but you can see where I'm going with this. How do you protect your investment (I know a lot of you have invested far more than me!)

Lots of questions, hope someone will be able to make sense of it!

Rob
 

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DT
Joined
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5,195 Posts
Document your collection and take photos.

A small collection would be covered by your household cover, but there always are limits.

The first value is what you paid for the item, the second is the replacement cost and the third is the market value.
 
G

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HI,

Insurance companies, a 1:32nd scale car whats the difference between your porsche and a mini metro to them? not a lot.

Look at the current market, if yours is in the box, then it cant be far off that price.

Baz.
 

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Rob
Joined
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3,430 Posts
Discussion Starter · #4 ·
I suppose part of the question I'm asking is how do you accurately assess the market value and/or replacement cost? E-bay prices seem to value a lot, and I can't see 'I saw one on e-bay for £200' impressing an insurance agent! So what's the best way to reach a valuation?
Sorry if I'm being a bit dim here!

Rob
 

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Registered
Joined
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78 Posts
For my sins I work in Insurance and before you all start sending me virus' etc I work in R&D end, not knocking on doors selling Life cover etc


Typically slot cars would be covered under "Collections" or "Sets", usually mentioned under the Contents High Risks section. Usually the limit on this section is £10,000, but there would be a lower single article limit of £300 or £500, if any slot was worth more than that individually it would have to be specified.

Assuming £10,000 covers your collection and that is the policy limit and no individual car exceeded the single article limit and you did not have any other collections or sets that qualified under this category, your slots would be covered. However there is no substitution for reading your Policy Document, or if really stuck phone the company and ask.

Regarding producing evidence of value for a claim, favoured proof is a receipt of course, however photos are very good and armed with photos and a pro-forma invoice from a reputable slot dealer you would be fine. And yes evidence of eBay sales would help your case ~ the important thing would be some sort of proof that you did actually have this car, back to having receipt or photo again.

Hope that helps, but remember that every policy is different and you should really check your personal documents.

BTW if you collection exceeded the policy limit, you would need to advise the company and if the amount did not exceed by more than say 50% more there would usually be no charge and your policy would be endorsed to note a higher "inner" limit of that policy section. At that stage they may also ask for a list of items and values and details of security measures. Sory if I bored the rest of you


 

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Registered
Joined
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1,889 Posts
Well worth knowing information like that



Mark.

Now where did I put my photos of my complete Gaugemaster edition FLY car collection?
 

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Brian Ferguson
Joined
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3,652 Posts
Rule of thumb here -

Contact your insurance agent. Ensure that you are covered for current amounts, and do it annually if the valuation has changed. Have photos (off site!) and access to documentation backing up your value claims. Be prepared to justify your valuation. Insurance companies will allow for collection growth but only between renewal periods.

Premium difference, even for a relatively large collection, will be quite small, but if you don't declare it, most companies will NOT cover any slot car collection worth more than $1000 (at most!) regardless of the proof you have (why? because they are "toys"!)

If you have a lot of valuable slot cars, insurance cost is not the place to try and recoup your investment. Be honest and open with your insurer and you can sleep better at night.

In the insurance world, they call policy exceptions "riders", such as you might have if your lady has valuable jewellery. Slot cars may also require a "rider" - talk to your agent.

Oh.... and be sure you can prove ownership if they call unexpectedly.
 
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