Insuring a model car collection: is it worth it?
A serious scale model collection can be worth tens of thousands of euros. Yet most collectors only think about insurance when it is too late — after a fire, burglary or water damage. In this article we explain when insurance makes sense and what to look out for.
Does your home contents insurance cover the collection?
Most standard home contents policies cover collectibles not at all or only partially. There are two common assumptions that are wrong:
- "My contents policy covers everything": most policies have a maximum for collectibles of €5,000 to €10,000, and some explicitly exclude scale models
- "It's at home, so it's safe": fire, leakage or burglary can happen at home too, and without cover you lose everything
Read your policy carefully or call your insurer to ask whether and how your collection is covered.
When is a separate collector's insurance worthwhile?
If your collection has a total replacement value of more than €5,000, a separate collector's insurance is worth considering. Specialist insurers offer policies that cover collectibles at current market value, even as that value rises. Conditions typically include a professional appraisal and a detailed inventory list.
Valuation is the first step
Before you can insure your collection, you need to know what it is worth. Many insurers require a professional appraisal report as proof of value. Modelcar.com appraises collections for insurance purposes as well — contact us for the options.
Practical tips for insurers
- Create a detailed inventory list with photos, brand names and model descriptions
- Keep purchase receipts and certificates: these are evidence in the event of a claim
- Have the collection reappraised every 3 to 5 years, as values change
- Store the inventory list and photos outside your home (cloud or with family)
Are you considering selling instead?
Sometimes selling is a better choice than insuring, especially if you are no longer actively using or expanding the collection. Modelcar.com gives you an honest picture of the current value, so you can make a well-considered decision.