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 Replies: 23 / Views: 7,673 |
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Valued Member
Australia
318 Posts |
Thinking of insuring my coin collection, who does everyone else use for this?
(Called NRMA for contents insurance, but cost blew out ridiculously as was told they insure $2500 worth as part of contents only).
Thanks
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Valued Member
Australia
278 Posts |
good to know who people go with, as I want to look into it too.
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Pillar of the Community
Australia
762 Posts |
This years Anda show in Melbourne had a lecture on just this topic.
Basically it said that getting insurance for a coin collection is prohibitively expensive. First of all you need to get the collection professionally valued and even then the premiums are very high.
The suggestion was that the most cost effective way to protect your coin collection is to buy a large safe.
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Valued Member
Australia
465 Posts |
what coins? I have none here. None that you can see...
The best insurance is to keep the knowledge that you collect coins to a minimum. Coins are small enough to be kept in loads of places. I have read a few articles about this. Keep them in several places to reduce the risk (i.e. don't have all your eggs in the same basket), and if you have a safe do not tell anybody.
Take a look at your house. Think about what a robber would be looking for and in and work out places that you can store your coins. Most robbers are not that smart, that is why they have to steal in the first place. By the way, if you are a robber reading this, I have hidden a big pile of gold coins in my overgrown tomato garden...
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Pillar of the Community
United States
4212 Posts |
Anything of mine worth decent $$ is at the bank. Nearly like having them at home, it's only 1/2 block away.
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Valued Member
United States
326 Posts |
By the way, if you are a robber reading this, I have hidden a big pile of gold coins in my overgrown tomato garden...  |
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Pillar of the Community
United States
7840 Posts |
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Valued Member
 Australia
318 Posts |
Thanks all for responses;
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Valued Member
Australia
363 Posts |
I looked into this about ten years ago, GIO said that the collection had to be professionally graded each year which would naturally increase the premiums annually. I was also told that my home needed to be adequately alarmed and secured (which was a given really), then they told me the premium was going to be about $8000.
Cheers Simon
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Pillar of the Community
Australia
1005 Posts |
Edit: my advice about not giving too much away about your collection and security measures has been received
Fixed
-GO
Edited by ozcoins
10/28/2011 05:57 am
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Valued Member
Canada
272 Posts |
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Valued Member
Australia
278 Posts |
hahaha it is funny how all the US and Canada people recommend the guns.
If only the gun laws were not so harsh here in Australia that would be the go!
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Valued Member
Australia
490 Posts |
I have debated with myself to respond to this thread or not for the very reasons mentioned by ozcoins, however I have decided to share in the hope it helps other protect their collections.
I have one simple rule - don't tell anyone, don't show anyone, my collection is for me alone.
if I just have to tell / show someone (what good is a collection if you can't show it off sometimes?) firstly it has to be a close friend who I trust implicitly, and even then I take the following precautions:
1) tell them that no one else knows about the collection, so if anything untoward happens, they will be first on my hit list
2) never tell where you store / keep your collection - make stuff up, tell them it is usually kept in an undisclosed vault and will be going back there seconds after they leave
3) keep the collection locked away, out of sight and secured by multiple alarm and security systems
4) And absolutely never talk about your collection on the internet... d'oh! well, ok, never give specific details about value or storage or protection systems (cannot agree with ozcoins more on this point)
5) implement good security practices and procedures that you never ever break
hope this helps somewhat
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Pillar of the Community
Australia
652 Posts |
Unfortunately, the vast majority of my coins ar 40km, all securely locked away and under guard in 24 hour secure storage. Its a pain to get to, but it is secure.
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Valued Member
Australia
363 Posts |
Thanks for your advice ozcoins. :)
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Valued Member
Australia
363 Posts |
How do I modify the post?
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Replies: 23 / Views: 7,673 |
Posted 10/26/2011 05:01 am
