Model Kits on Insurance Policy?

[AlanG]

Was just thinking about how 'valuable' our stash kits/aftermarket bits are and do they need to be declared on household insurance policies? Also if you have a man cave/modelling shed, would that be covered on the household insurance or would you require a separate one?

[boatman]

Was just thinking about how 'valuable' our stash kits/aftermarket bits are and do they need to be declared on household insurance policies? Also if you have a man cave/modelling shed, would that be covered on the household insurance or would you require a separate one?

HI Al I think you would have to have a separate one as I dropped my vid cam an treid to claim on house insurance an they dint want to know
chris

[Guest]

Interesting question Al. I'll hang around to see how it's answered.

[spanner570]

Al', I can't answer your specific question but here's an example of the sort of nonsense insurance can be.

A few years ago my garage was broken in to. The two items taken were a chain saw and a 2hp. Outboard engine.
The insurance replaced the chainsaw, but refused to do the same for the outboard. The excuse being the engine should have been on a separate marine insurance.

I argued that they were both in the garage, so why one and not the other? ....."Sorry, but rules is rules!"

There is a common insurance rule which states any outer door must have at least a 5 lever, insurance approved, security mortice lock fitted, so just how one could be fitted to a shed door I don't know.

I would suggest, therefore that if the shed was broken in to and inadequate locks, or worse none at all were fitted, the contents might not be covered.

I too would be interested in the responses to the question.

[boatman]

Al', I can't answer your specific question but here's an example of the sort of nonsense insurance can be.

A few years ago my garage was broken in to. The two items taken were a chain saw and a 2hp. Outboard engine.
The insurance replaced the chainsaw, but refused to do the same for the outboard. The excuse being the engine should have been on a separate marine insurance.

I argued that they were both in the garage, so why one and not the other? ....."Sorry, but rules is rules!"

There is a common insurance rule which states any outer door must have at least a 5 lever, insurance approved, security mortice lock fitted, so just how one could be fitted to a shed door I don't know.

I would suggest, therefore that if the shed was broken in to and inadequate locks, or worse none at all were fitted, the contents might not be covered.

I too would be interested in the responses to the question.

WELL Jon you was lucky to get your chain saw replaced but I dint get no replacement an did you have to prove you had the chainsaw like a receipt ?
chris

[stillp]

A lot depends on your insurance policy. My garage was broken into - actually entered with a key - and a couple of power tools taken, that had cost me about £25 at a boot sale. The insurance (linked to the mortgage with Coventry Building Society) asked for a receipt, so I just told them I didn't have one. Then they asked for a written quotation for a replacement, so I asked a tool shop to write down the list price of replacements, which came to £140. Two days later a cheque arrived for the full £140!

Pete

[boatman]

A lot depends on your insurance policy. My garage was broken into - actually entered with a key - and a couple of power tools taken, that had cost me about £25 at a boot sale. The insurance (linked to the mortgage with Coventry Building Society) asked for a receipt, so I just told them I didn't have one. Then they asked for a written quotation for a replacement, so I asked a tool shop to write down the list price of replacements, which came to £140. Two days later a cheque arrived for the full £140!

Pete

BL**DY NORA BLIMEY Pete you was very lucky then
chris

[stillp]

Thanks Chris, but it wasn't luck - I made sure I asked questions when I took out the policy, since my garage contains a lot of expensive tools & machinery, as well as a classic car.
Pete

[boatman]

Thanks Chris, but it wasn't luck - I made sure I asked questions when I took out the policy, since my garage contains a lot of expensive tools & machinery, as well as a classic car.
Pete

OH I see Pete good for you as normally they give you the run around sayin subject to paragraph 7 sub section 9 as in the policy then in small print something different
chris

[Tim Marlow]

My wife worked briefly for an insurance firm, and they were paid bonuses for turning down claims before they were submitted.....one of the secrets is to claim no matter what the person on the phone says.....even if they say the company won’t pay out, ask for a claim form, complete it, and submit it...

[Mr Bowcat]

Hi Alan,

I've been an insurance broker for almost 30 years now, so can give you a professional answer to your question. Unfortunately insurance is one of those subjects where many feel they know what they are talking about based on personal experience, without actually having much of a clue. No offence intended to any posters on here, but the bane of my life is "well my mate said.....".

Short answer to your question is no. Most policies have a single article limit whereby you would specify any item that is over the limit. Typically the limit is £2500 although this varies between policies & isurers, so check your schedule. It's probably unlikely that any single kit will exceed the limit.

Having said that, it could be argued that your stash represents a collection, and that the total value could exceed the single article limit. In that case it would be worth speaking to your broker/insurer and disclosing the information, they will tell you whether the collection needs to be specified.

rant mode on

The biggest issue with insurance is that the majority of consumers don't read the paperwork that is sent to them and just assume they are covered. Insurers don't avoid claims unnecessarily, with the amount of regulation from the Financial Conduct Authority (in particular the Treating Customers Fairly initiative) this just doesn't happen. What insurers will do when you make a claim is check to see if you are covered. Again, it's down to the policyholder to know themselves what they are covered for by reading their policy.

Unfortunately many people nowdays are buying insurance based purely on price rather than the cover provided. Often people go on comparison websites and pick the cheapest option thinking that insurance is all the same. As with anything in life, you get what you pay for, or as I often say to clients, pay peanuts get monkeys. Although brokers tend to charge more, the extra is paying for a professional with years of experience to give you advice, rather than a bloke in an offshore call centre reading from a script.

rant mode off :smiling2:

[Mr Bowcat]

There is a common insurance rule which states any outer door must have at least a 5 lever, insurance approved, security mortice lock fitted, so just how one could be fitted to a shed door I don't know.

I would suggest, therefore that if the shed was broken in to and inadequate locks, or worse none at all were fitted, the contents might not be covered.

I too would be interested in the responses to the question.

Ron, just to clarify, most insurers require a minimum of a 5 lever mortice deadlock on the final exit door to the property. Sheds/Outbuildings, etc are normally required to have a minimum of a 5 lever closed shackle padlock. These minimum security requirements have been around since before I started in the industry.

[stillp]

Yet the standard up-and-over garage doors can in many cases be 'unlocked' with a screwdriver! After my garage was burgled, a neighbour found a key on the pavement. We walked the length of the street (built in the 1980s) and found the key would open every 5th house that still had the builder's original door lock.
Pete