When Is Insurance Economically Worthwhile?

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yechi7 Pillar of the Community United States 717 Posts	Posted 12/05/2007 01:53 am karrlot posted in Graceoutcast's thread "I Got Robbed" re: info on insurance through ANA: quote: I got insurance through ANA. I pay $50 per year for $10,000 worth of insurance. They do not need a list of what you have unless an item is valued at over $1000. You do need to keep your own list so that you can tell them if something happens. $50 is well worth it. ANA membership is $50. The yearly premium is $50. Then they want you to have a safe, preferably bolted to the floor - not sure how much that costs. For a car, for instance, even the insurance companies, who WANT to make money off of you, will tell you that if it's a cheapy car worth a few thousand, it's not economical to get insurance on the car itself (collision, fire, theft). Let's say my collection is worth $1,000-$1,500. How much should your collection be worth (minimum) to make it economically worthwhile to pay for insurance, etc? Report this Post to the Staff

GO Moderator United States 6563 Posts	Posted 12/05/2007 02:02 am I am currently trying to log my collection again for the sole purpose of having a complete list for future insurance purposes. Take my WWII collection for instance. "book value" for the collection is about 3-4 times what I actually paid for it since most of them are Unc or Proof commemoratives that I paid spot for. If it were ever stolen I'd be paid for it's value to replace it....not what I paid for it necessarily. I'm not saying this to say that it's my pathetic plan of insurance fraud. I'm merely pointing out that a collection is "worth" far in books then the actual going price on ebay. I believe insurance is defiantly worth it regardless of the actual worth of the collection...unless you only have a few hundred of course. If anything happens whether it be fire or theft...you are going to be covered for something that you can...for the most part...be able to replace. Report this Post to the Staff
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