Have you insured your Vinyl Collection?

[peace_sells]

Vinyl Collectors Should Know - YouTube

I never knew records could be insured until i saw this video! Has anyone in this forum insured their collection?

Regards,
Saket.

 

[Santy]

I think money is not the only thing lost when your Vinyl collection is lost. Its more of passion of vinyls and love of music which I guess are priceless.

 

[docd]

Vinyl Collectors Should Know - YouTube

I never knew records could be insured until i saw this video! Has anyone in this forum insured their collection?

Regards,
Saket.

I wonder if insurance companies in India would do Vinyl insurance? How would they assess the value?

 

[tek]

I'm not sure if insurance companies in India would do it, but if someone has any luck please let me know as this is something I want to do. A good way to assess the value is by cataloging the titles in Discogs. They have a system that gives you a handy valuation of all your records that many people internationally use for insurance purposes when it comes to determining their records' value.

 

[navinsinha]

I am from the insurance industry, therefore I can put my two cents here. In principle these records are insurable, the problem is their valuation since there are no standard prices to compare in case of a claim. Having said that, there is an acceptable method of insuring them - they have to be valued in advance by a valuer and the insurers would insure it on "Agreed Value Basis" and would not dispute the value in case of a claim. But is it not too much of hassle? Finally though, even if you get the compensation, in some cases, though, the records may be rare and no money can get you those again.

 

[oglio]

Awkward idea, especially that IMO what Santy wrote is true. Money is almost the least important thing if we're talking about vinyls. And I think that their real fans (yea, I actually hate the phrase real fan) understand this very well. It happened to me long ago that a newly met guy stole one of my vinyl records.... :/ This hurt.

 

[ranjeetrain]

I can tell you why it won't happen in India.

If a company insures it, the insured collection will be 'lost' or 'stolen' soon. However, it will magically come back once the claim has been reimbursed by the insurer.

Such incidents will become too common for Vinyl insurance to be practical for insrance companies.

 

[reubensm]

I checked with a guy who works for Oriental Insurance, came back saying that records can be insured as "house-hold goods"

 

[navinsinha]

Insuring is never a problem, the problem comes when you have a claim! At that time the surveyor would ask you to justify your loss. For normal household goods, it is not difficult to get a fair market value, how to do it for records? That's why it is better to get it valued if you really want to insure it.