Hello! I'm Dan Lyles with Lyles insurance. And this video is a buyer's guide for insurance on figurines and action figures. I know that many of you are building up a valuable collection and need collectible insurance coverage. And this video is going to help you with what you need to know. Also, I've included some really cool pictures that I hope you enjoy.
As collecting figurines and action figures continues to gain in popularity, their value of course continues to go up. And finding insurance on figurines and action figures becomes more important, just like it would be for insuring any type of collectible.
And likewise, it's important to insure figurines and action figure collections that have high value, just like it's important to insure any type of property with high value. However, when you insure collectibles, you've got to do so properly/ And that involves making the right choices versus making the wrong choices. If you're not aware of the pitfalls to look out for, it's easy to make the wrong choice.
First, let's go over the wrong way to insure collectible items. Insuring collectibles as attached scheduled items on a homeowners or renters insurance policy has many shortcomings. And this is where most people make the mistake. There are several problems with an attached policy. It has exclusions that are not found on a good collectibles policy. They only pay claims on an actual cash value basis, meaning just its market value. It almost always has a deductible. Very few policies will ever offer a zero deductible policy if it's attached to another policy. And it doesn't offer additional coverages that a good collectibles policy does.
So now let's go over the right way to insure collectibles. A standalone exclusive collectibles policy offers much better coverage than one that's attached to another policy. And like I mentioned before, there is little to no difference in premium between a good policy and a lousy one. So it makes it a no-brainer to go with better coverage for about the same price.
Here are some reasons why an exclusive collectibles policy beats an attached policy. It pays claims on an agreed value coverage basis, which means you know up front exactly what your items are being insured for. It offers zero deductible option, which of course is your out-of-pocket expense. It does not have those crazy exclusions that you'll see on an attached homeowners or renters policy for collectibles items. They offer extra types of coverage that you won't get on an attached policy. And you don't have those maximum coverage limits like many attached policies do.
Now there are several very good companies out there who will offer standalone collectibles insurance with the right coverages for the right price. My personal favorite happens to be
American Collectors Insurance. Now I'm a little biased because my agency has carried them for several years. But I'm very happy with them. They're the leading company in collectibles insurance. And they offer all the top coverages for very little premium. And as you see here, the yearly premium is usually less than 1% of the total insured value.
Here are some other major benefits of insuring with American Collectors Insurance. First, they have excellent claims handling service by people who specialize in collectibles. They don't require appraisals where most collectors companies do. They offer inflation guard protection in which your actual agreed value coverage increases yearly. This is a big one because it helps offset inflation. And it will also help if you have an item that appreciates in value. And they cover things that a lot of attached lousy policies won't cover. Examples include accidental breakage, fire, flood, theft, hurricane, earthquake and other things. You've got to look on the policy to see what's covered and what's not to really tell the difference between a good policy and a lousy one. And also, American collectors insurance provides coverage while your items are being shipped, stored outside of your residence, or used for special occasions.
If you'd like to learn more about figurines and action figures insurance, I've included a link to my web page for collectibles. And also if you live in the states of Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, and would like to get a quote. I will be more than happy to help you. I've also included a link to get a quote that I will handle personally and privately. And I've also included my phone number here.
Before we finish, I'd like to give a big shout out and thank you to my good friend Ryan Bussey. Who was nice enough to let me use some pictures from his store. I've tried to include them on different slides just to give you a little bit of eye candy. But I really suggest you check out his website hyveofvillainy.com. Especially if you're into evil action figures or anything related to counterculture. Ryan has a huge inventory. And if you visit his site I'm sure you're going to find something you'd like to pick up for yourself. So I hope you've learned something from this video. And thanks for watching. Have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..