Insurance for your machines?

[MartyJ]

A quick question for the rest of you out there.  Do you have specific contents insurance for your machines (arcade+pinball)?  I only recently thought of adding them as listed items, since the collection has grown from one. 

I guess the next questions is how do you value them?

I mean I paid over $3000 for my D.E Simpsons (keep in mind this was about 3yrs ago when prices were up), but honestly the boards and the rest of the machine are like new...To find another one in this condition would be very hard, or you would be paying big $$.

Should they be listed at what you pay, what you think there worth, what you paid+parts+time spent restoring???  I mean I don't think there is a redbook for pinballs so this stumps me a little.

How do the rest of you guys go with larger / rarer collections with 50's & 60's pins???

[Retropin]

With insurance, then its always what it would cost to replace.

A couple of my early machines are not replaceable, so i estimate these at how much i would want so i could go get another rare title without having to think too much about it.

If you paid $3K for a machine that you reckon is worth $5K then value it at $5K.

One thing is for sure - the insurance companies always want to down pay you, so always estimate upwards

[Strangeways]

This is something I keep putting off. I guess because most of my pins are "projects", I can't estimate their worth, but I know to replace my collection would be a very hard task indeed without wondering about the $$$..

When my games are restored and are in the games room, I'll look at insuring them..

[wonder]

Most people don't insure things until it to late.Had a experience with them not long ago and thank god we got insurance cover when we did(not pinball related).All my machine are covered buy my contents insurance as with me working on them i need to be.

[ktm450]

I had to list them seperately on my contents insurance, they just need make and title and serial numbers and how much you want to insure them for.  Too easy, hopefully you never need it but it you feel better knowing if something happens you can replace them.

[markc]

thought this might be worth looking at

we have had to take out more cover on the pins we have at home , had to list each one ,details and replacement value , It alright to say you can paid X amount for it  but if you had to replace it and have it to the same standard , how much will it cost ?  what if you cant get one. My advise  check what you need and make sure you are covered, list each one and take pictures , we now have a list of the serial numbers and even taken pictures of the boards

[v8racefan]

My pins are listed separately on our contents insurance policy with serial number's etc, my advice is to determine what it would cost to replace a title plus shipping then add a further 15 -20% to the total, thus ensuring you have enough cover.

[Caveoftreasures]

I tried insuring my 30 machines with 3 x large companies and was basically told "sorry, not interested".

They say I have a commercial quantity and cannot insure them in a home environment. More hassles to do with fire, not theft. If u have 5 or 6 or 7 pinballs, u have a chance. Start talking 100 plus grand replacement and a home location, and u have a major problem.

For me to be covered at home, i needed to find a broker to design a policy specifically and the cost was going to be over 2500 a year. Wood and electronics, plus the average age equals high risk to the insurance company.

A concrete commercial premise, and the costs drop to less than a grand per annum with full replacement costs.

Small numbers is easy. Large numbers and u are on ya own.