Value Question

[FASTBACK340]

Hi guys.... I'm cataloging some stuff and have been thinking of adding some new additions to my home owners insurance. I was wondering if I can get a ball-park estimate on 2 kits in particular: The original AMT Hurst Hemi under Glass and the Polar Lights clear red Mazmania Barracuda. Both kits are mint & complete.

Thanks in advance!

[sjordan2]

The only way to know is to see what someone is willing to pay. That means you need to follow what things actually sell for on eBay, for more than one example. Online seller prices are not reliable.

[trogdor]

According to The Directory of Model Car Kits by Coulter (third edition), the AMT Hurst Hemi Under Glass issued in 66 is worth $175.00.

I can't find a listing for the Polar lights kit you have

[Railfreak78]

The problem with Ebay is it changes day to day, week to week. Its is about what someone will pay. Perfect example I have a thing for a certain car that I want every aspect of it and would pay way more than others here. Another one... I have a near mint open Hot Wheel Custom Corvette that one day is worth $25 on there and the next it might go for over a grand like cars not worth what the vette is. I'm curious about models too so if there are more guides I'd like to know but I do believe in build them!

[Harry P.]

The problem is, any model car price guide is obsolete the minute it's published, because prices constantly change.

The best way to get an idea of what a particular kit is going for is to watch ebay. That's the most current indicator of "value"... and remember, any kit is worth as much as a buyer is willing to pay for it.

[CAL]

You just need to get a rider for REPLACEMENT VALUE so you don't get screwed.

Otherwise they consider them used toys and give you $5 a pop.

The other think my insurance told me the best record is a video tape of the collection that is kept in a safety deposit box, and updated yearly or when significant changes are made.

Edited February 27, 2010 by CAL

[bad0210]

your homeowners insurance isnt going to give you what you would want or what it is worth unless you can show proof of its value. my moms been working for insurance for a long time and thats how its usually done. kind of like a 1:1 collector car that has to get a written appraisal to be worth what it is insured for.

[Railfreak78]

My wife found this company before and I want to try them. Basic home owners don't normally cover stuff like I collect ( Models,HW,Nascar,Trains) Its http://www.americancollectors.com/ I heard they are reasonable.

[VW Dave]

I agree that values change with the tides - I've sold multiples of toys on Ebay, and the final value can be high or low.....you never know.

my moms been working for insurance for a long time and thats how its usually done. kind of like a 1:1 collector car that has to get a written appraisal to be worth what it is insured for.

Your mom obviously works in the mainstream insurance field, like my wife; the world of collector car insurance is a whole different game. I have an agreed value policy with Hagerty for my original Meyers Manx, for an amount I calculated as my replacement cost, and all they asked for was a series of photos...no written appraisal necessary.

[FASTBACK340]

I agree that values change with the tides - I've sold multiples of toys on Ebay, and the final value can be high or low.....you never know.

Your mom obviously works in the mainstream insurance field, like my wife; the world of collector car insurance is a whole different game. I have an agreed value policy with Hagerty for my original Meyers Manx, for an amount I calculated as my replacement cost, and all they asked for was a series of photos...no written appraisal necessary.

I have my `68 Barracuda 340-S insured through Hagerty and that's all they required from me too. It was so simple, I really should double-check to make sure I didn't miss anything....

As for the models, I've been monitoring auction sites and I haven't seen a HUG in years, and I NEVER see the clear red Polalr Lights Ghost Cuda (sorry, thought it was the Mazmanian car).I know I paid more than what was listed for the Hemi under Glass, the Ghost Cuda I scored for $7.00

[bad0210]

they may not ask questions now but wait until you make a claim. she sells all kinds of insurance through different companies. so i would double check the policies before you have to make a claim, because they are not going to pay for what you think its worth, they are going to go by what their appraisers say when you make the claim. the insurance companies big or small change policies all the time and she has dealt with collectors insurance and people that cry when they dont get what they thought would be covered. im not saying they wont cover the value, but i would double check all the time just so you dont get screwed.

[jbwelda]

thats exactly what i was going to say: they wont have a problem taking your premium based on your stated "value" for something, but just try to collect that if and when you suffer a loss. insurance companies dont build those big skyscrapers by paying out claims, believe me.

[CAL]

they may not ask questions now but wait until you make a claim. she sells all kinds of insurance through different companies. so i would double check the policies before you have to make a claim, because they are not going to pay for what you think its worth, they are going to go by what their appraisers say when you make the claim. the insurance companies big or small change policies all the time and she has dealt with collectors insurance and people that cry when they dont get what they thought would be covered. im not saying they wont cover the value, but i would double check all the time just so you dont get screwed.

That is why you got to do it for current market value or replacement cost at time of loss. It's not a cheap policy or easy to get. A lot of insurance can't or won't do it.

The other way is more labor intensive is to say it is X amount of dollars and you have an agreement that insurance will pay X amount of dollars. Then you have to update it and needed.

Just to assume that just becuase you have a record of the item you will get paid accordingly on it, well you will get screwed. You have tell your insurance what you have and what you want it covered for, which will always require and addendum or a rider to you existing policy.

Trust me, I know someone who has gone through this. Lost his entire collect in a fire. They gave $5 per unbuilt kit. 0 for built kits and 0 for and supplies and materials.

He ended up with about $500 on a estimated $20,000 collection of built and unbuilt, and including quite a bit of diecast, tools and supplies. He said he couldn't even replace his tools for $500.

Originally they only wanted to pay $250 but he got a bump after a lot of bitching moaning and crying.

After it was all said and done he figures he was shorted about $60K on everthing lost.

He was cracked for a long time, the settlement was just about covered enough to rebuild the house and nothing else.

Edited February 28, 2010 by CAL