Selecting Insurance for a Collection

You can get insurance through the TCA.

If you are not a TCA member, you can get the insurance  from the same outfit through the NMRA.

 

Here is a link: J A Bash

I understand from this forum your list should include:
Catalog number
Purchase price (msrp)
A picture of each item bring insured (No Group Photos of a bunch of items)
Any traits, conditions, additions to the items (I.e. added led lights to the dummy unit, added mrc ac sounder to same unit) etc.
And keep this list, disk, chip, whatever in a safe deposit box or a fire resistant safe along with you other documents- birth certificate, death certificates, savings bonds, deeds, mortgages, etc.

Doesnt your homeowners ins cover you

My ins co said that everything would be covered  even my new shop and its contents eh

Did your insurance COMPANY say that, or was it your AGENT?  Do you have it in writing?  

 

Did you carefully read your policy, especially wording related to limits on collectible items? 

 

If your homeowners policy fully covers your trains at no additional cost, good for you.  Please tell us what company you are with.  

Now im going to have to dbl check but pretty sure they said everything was covered eh

 

Does anyone have first-hand experience making a claim on this insurance?  Or on their regular homeowners insurance (for their trains, that is)?

Train collection insurance has been discussed many times on this forum. One important factor is whether you have current/recent production trains, or older, collectable trains. It has been a while since I've looked into insurance. When I did, most insurance policies required riders for collectables, so older trains would not be covered. The riders were expensive.
Then there is the issue of replacement value. If your 1938 Lionel 700E is stolen, the insurance company might decide that the 1992 Lionel 700E (18005) is a replacement.

At one point, the information I was told by my insurance agent was contrary to what was written in the policy.

My advice: take anything you read here (including my comments) or are told by your agent, with a grain of salt. Study the policies yourself.

 

As far as the policies sold through the TCA by JA Bash: The relationship has been in place for a long time. If there were problems with legitimate claims, I think we would have heard about it by now. I can tell you they are very good about billing

I have State Farm, and have had the home and cars insured with them for years, and My agent specifically told me that my trains were not covered, and would take a written separate writer.

 

I will have to consider the TCA Policy. I wonder what happens if you get the policy and for some reason end the membership? What happens to the policy?

 

Most of my trains are newer tinplate and modern o-gauge. I do have one original Lionel set. It is a Macy's red/cream set.

 

JoeG

FYI, Commerce ins will write trains under homeowners fine arts if they have your cars and home ins.

 

quote:

FYI, Commerce ins will write trains under homeowners fine arts if they have your cars and home ins.

 

What is the cost per hundred (or thousand)?

The TCA plan is 60 cents per hundred for scheduled items

Their blanket plan is 75 cents per hundred.

The TCA does get a fee. I notice that it has gone up considerably.

 

 

 

Joe,

As long as you pay your premiums the policy stays in force. I've had my policy for many years. The broad scope of coverage is what I find attractive.

chester,

   You are doing as I do and use my good home owners insurance to cover everything in my home, however when these guys travel with their trains to the shows, outside of the house they will need additional insurance to safe guard the trains on display or running at the shows, JoeG might want to talk to Andy, more than likely Andy's Hi Railer Club has some kind insurance on their trains when they set up for the different shows. 

PCRR/Dave

From homeowners insurance endorsement:

SCHED PERS PROP-ACT CASH VALUE FINE ARTS

If my math is correct I'm paying 0.04% of the stated value at the time I gave them a written copy of my list with current values.  (annual payment)

 

 

Make sure you get it written on paper. 

quote:

If my math is correct I'm paying 0.04% of the stated value

 

That would be 40 cents per thousand.

Very inexpensive!

You need to remember that homeowners policies can vary by state. What one state has is not necessarily the same as what a friend may have ten miles away. So don't rely on what you read here about homeowners insurance. A personal articles floater is something different that is often added to a homeowners depending on the company.

 

The J A Bash coverage is good and they have the expertise necessary to handle claims. It is in their interest to have no problems and to have satisfied customers. If I were going to buy separate insurance, that is where I would go.

 

That said, I rely on my homeowners policy. It does not exclude my trains and what I have is not extremely valuable or difficult to replace. 

 

Maybe some insurance agents give bad advice but in my 39 years selling property and casualty coverage, I knew one heck of a lot of excellent agents from all over the U S. If you look, they are there.

 

And read your policy. It is not written in Latin or some other indecipherable language.

Rates vary with what you have covered.  Let me tell you, it is much cheaper than any I have seen.  I have a few cars and a few trains an couln not be happier with my rate.

More important would be the definition of "collectible items". My trains are toys, there is no category limit on toys in my policy(up to the policy limit on contents).

Years ago, all HO would cover trains.  Not many will today.  I started my post with FYI.

I've have also had State Farm for many years for everything. My agent of almost 40 years died a couple of years ago so State Farm transferred me to a new agent. At that time I met with him and we went over everything, cars, house, house contents, liability, etc.

 

Anyway, trains are all covered under my homeowner's policy, but they are subject to the standard 1% deductible, as is everything else covered (the standard deductible could be reduced to 1/2% for an increase in the yearly homeowner's policy cost). The trains are also covered if stolen from one of our vehicles (that could have something to do with having our car insurance being with State Farm as well?). We didn't really get into the details on all that. I did not ask about damage to the trains either, as in falling off the layout or a shelf or something like that.

 

What he told me at the time (last year) about the trains, was that for $75 a year I can get a $10,000 rider for trains only which would have no deductible. It was half that or $37.50 for $5,000 of train only coverage, also no deductible. For older or collectible trains they required an appraisal, for newer ones the receipts would be fine. I only have newer ones, purchased in the last 4-5 years and nothing collectible. All of mine are modern diesels with command control so they will probably all be obsolete before ever being collectible.

 

I just went with my standard policy and did not get any special train insurance. I have less than 20 engines total and probably less than 75 or so pieces of rolling stock. All engines are diesel, I have no expensive steamers, collectibles, tinplate or older trains, so it is not a huge amount of stuff anyway. If something happens I will just be out the 1% deductible as I would be with any other possessions in the house or something being damaged on the house itself.

Rtr21,

You do realize that the 1% deductible is 1% of the home replacement cost, coverage? So if your limit is $250,000 on your house you would have a $2,500 deductible on any loss.  I've recommended American Collector's for most types of collections to my clients on Ohio.  www.americancollectors.com 

I've used American Collectors for years.

 

Never had a train claim.  However, on a different claim involving a classic car, they were excellent.

 

Fully understanding the policy is key PRIOR to a claim...100% what you should be concerned about now.

Thanks for the tip on the American Collectors, and yes, I am aware of the deductible amount for my policy. Discussed it at length with my new agent last year. I consider my trains as ADCX Rob stated above, just toys, nothing of exceptional value.

Sounds like you have a good agent, I can't tell how many times I've heard people say they thought it was 1% of the claim amount.  I'm with you they are my toys I don't insure them.  the only important ones are my Dad's set & mine from my 3rd Christmas & insurance couldn't replace those.

NMRA insurance...

 

http://www.nmra.org/model-insurance

All of my old trains are long gone and I have no idea what happened to them. We moved a lot when I was a kid and things just came up missing sometimes. Can't really remember the last time I saw them.

 

Not sure, but I think my old agent explained that to me years ago. Seems like the deductible was figured differently at one time, but memory isn't what it used to be? Anyway, the new agent went over it all with me again when I got switched to him last year. The new agent is a young man just starting out. Some of his family members have been agents for many years. He seems eager to help, so far so good.

 

I have been happy with State Farm for nearly 45 years. I do miss my old agent that passed away, knew him pretty well and also his staff, which were mostly all relatives. They always took good care of us there. We had been with him since around 1976 when we bought our first home.

quote:

More important would be the definition of "collectible items". My trains are toys, there is no category limit on toys in my policy(up to the policy limit on contents).

 

In case of a claim, would your insurance company agree with your definition?

So am I hearing this correctly that American Collectors does work from the 1% deductible of your homes value?

 

JoeG

Well, everything can be replaced with current or very recent LKQ, the age and rarity does not contribute to the value(at least in my particular situation), and I've rarely even identified as a collector... operator, hobbyist, enthusiast, yes.

Joe,

 

no American Collectors has options of $0, $500, $1000, $2500 or $5000 deductibles.

 

I just quoted a client last night $50,000 in value with a zero deductible, including his layout for $300 a year.  That is an Ohio quote other states may be different.

 

 

 

That sounds very reasonable to me, good pricing especially with $0 deductible.

Gentlemen,

    Check out the new WIFI Security set up I just posted, it might help you get cheaper insurance rates for your Train collection also.

PCRR/Dave