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#1
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Collectibles Insurance Agency
Posted By: John S
Just a quick question for any members that currently hold a policy through CIA. My current policy expires on 1 March and I have yet to receive a renewal offer. I spoke to a representative from CIA this past Tuesday and she said that renewals were late this month and I should be receiving it shortly. Have any of you experienced similar delays with renewals? I would have to assume that if my policy lapses and something happens to my collection I would be out of luck regardless of CIA's inability to deliver my renewal on time. |
#2
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Collectibles Insurance Agency
Posted By: Mark Holt
I'm in exactly the same position. No renewal notice and March 1st policy date. Doesn't exactly give you confidence that they will pay claims if they can't even collect revenue for themselves. |
#3
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Collectibles Insurance Agency
Posted By: robert a
I use them as well and my policy also expires on March 1. |
#4
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Collectibles Insurance Agency
Posted By: David Vargha
Aren't most policies like this in force for 30 days after the "lapse" date? Regardless, send in a certified letter with return receipt renewing the policy and include a check for the amount you paid in 2005. It's not officially a "binder", but would probably hold legal standing in light of the fact that you have not received any notice of cancellation. Then they can bill you for any difference. |
#5
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Collectibles Insurance Agency
Posted By: Frank Wakefield
I think David's idea above is not a wise plan of action. |
#6
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Collectibles Insurance Agency
Posted By: JimB
I have only been insured by CIA for about three months, but I believe it is just an automatic credit card deduction that will keep renewing itself monthly until I indicate otherwise. I have to check my records which are not handy at the moment, but that is my memory. |
#7
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Collectibles Insurance Agency
Posted By: Frank Wakefield
Besides, why would a company be late in asking for money??? |
#8
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Collectibles Insurance Agency
Posted By: Colt McClelland
I work in the insurance industry and practiced law for 7 years. I have been meaning to get this insurance, and this is a good reminder for me. Anyway, I just researched Collectible Insurance Agency a bit on-line. The bottom line is that they say they use an AM Best A+ XV company (they don't name it on their web site), so there should be no worries about the ability to pay claims. |
#9
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Collectibles Insurance Agency
Posted By: robert a
CIA is Hartford. |
#10
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Collectibles Insurance Agency
Posted By: J Levine
I just paid them and they were very fast in getting my policy started and sent to me. It was fairly cheap (much cheaper than a Rider with my Homeowners), there is nothing in the policy talking about renewals other than the amount due will be calculated by CIA. It is underwritten by The Hartford, one of the most respected insurance agencies in the country. I would certainly call them and make a credit card payment if possible. I hope it all works out. |
#11
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Collectibles Insurance Agency
Posted By: jay behrens
I realize that my collection isn't worth anywhere near the value of many people on here, but insurance agent claims that my modest collection is covered under my renters insurance. At what point do you need to get seperate policy? |
#12
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Collectibles Insurance Agency
Posted By: Colt McClelland
I looked into this several times on my homeowners with several different carriers. My guess is the answer is the same with renters insurance. The bottom line is that you probably have a small amount of coverage under the "collectibles" category, but it is probably limited to like $2,500 at most and subject to your deductible. That would mean if your place burned to the ground or was ripped off, you would have $2,500 total coverage for all of your cards. I asked about adding my collection as a scheduled item, and the rates were way high, plus it was something like a $50 decuctible per card, with a limit on coverage of $250 per card. I think the Collectible Insurance Agency product through Hartford is probably the best deal out there. |
#13
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Collectibles Insurance Agency
Posted By: jay behrens
I had to list what the value was for my cards and I didn't esxceed the limit. I think the limit on my policy is $25k. |
#14
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Collectibles Insurance Agency
Posted By: John S
Just as a followup to my original post: I did not receive a renewal notice in the mail today and could not get in touch with anyone via the telephone today (busy every time). I am hoping that all is well but my policy expires tomorrow at midnight |
#15
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Collectibles Insurance Agency
Posted By: Frank Wakefield
Reckon a fellow who lists a small fortune in collectables in an insurance schedule might be leaving a trail of information about his assets, so that when he dies the tax man would be wondering why the collectables aren't listed in an inventory... if they were sold during his lifetime a tax should have been paid on the gain as income... |
#16
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Collectibles Insurance Agency
Posted By: Frank Wakefield
Well it seems my 2-27-06 comment brought this thread to a screaching halt.... |
#17
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Collectibles Insurance Agency
Posted By: David Vargha
Well Frank, as a person who has NEVER made a dime on my card transactions, I'm sure you are aware that Uncle Sam won't let me declare my hobby losses on my 1040. And that is why they only showed up on my insurance schedule. Making money buying and selling baseball cards . . . is that even possible? |
#18
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Collectibles Insurance Agency
Posted By: sam
i tried to get an online quote from cia, |
#19
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Collectibles Insurance Agency
Posted By: John S
I did receive my renewal notice last week with the explanation that the entire system was being overhauled. My current policy (which expired 1 March) was extended to March 31st to account for CIA's tardiness. I renewed my policy with little reservation based on references from fellow collectors. Premiums have increased by about 40% but rates are very reasonable compared to a rider. My assumption based on my premium is that a 25,000 policy would cost around $130 - $140 annually to insure. |
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