Skyrocketing Collectibles Insurance Rates

[underthebigw]

 

* There is a new ownership. The new ownership has instituted the "Policy Fees" which are basically the broker's administrative fee. The prior owners had the option to charge the Policy Fee, but they choose not to.

 

This is such a freakin' scam.

 

In a nutshell, they created a new fee to cover their costs which were already factored in to the policyholders' rates.

 

I'm frankly sick of both gov't agencies and companies that think they can get away with adding fees as if consumers are stupid and don't realize that they're really hiking prices.

 

Lately, my outrage has been inspired by hotels who can't really stand to charge the rates they quote you. How's this for petty--at the Sheraton Ctr. in Towson, MD, the keyholder (which everyone chucks in the gargabe as soon as they get in the room) had a "disclaimer" stating that unless the guest notified them in advance that they did not want USA Today delivered to their door, they would be charged .75 a day. Unreal. And, in NJ, there's both a hotel tax and an equal "occupancy tax". So, if you don't stay in the room you pay for, do you have to cough up both taxes?

 

As for CIA, I've already decided they are either not getting my business next year or I'm only insuring items worth over $100 or $200. The real value in my collection is really sentimental and irreplaceable anyway. Let's see how they like losing a customer or at least half a premium.

[comicdonna]

$40k books....hmm, where do you live?

 

Hey, I'm a small fry around here compared to most. Go pick on them!

 

40K From now on, I have first dibs on the available Actions.

[Mr. Zipper]

$40k books....hmm, where do you live?

 

Hey, I'm a small fry around here compared to most. Go pick on them!

 

40K From now on, I have first dibs on the available Actions.

 

The funny thing is that I don't have the slightest idea what my collection is worth. I wish there was some way to have ComicBase include the value of the books that are really worth anything and either ignore moderns or count them as 10 cents each.

 

BTW, I have a decent historical autograph and signed baseball memorabilia collection, so it all goes under the policy.

 

I'm sure the "book value" of both collections is probably much more than the real FMV.

 

[Scrooge]

I just spoke with a representative at the C.I.A.

 

* There is a new ownership. The new ownership has instituted the "Policy Fees" which are basically the broker's administrative fee. The prior owners had the option to charge the Policy Fee, but they choose not to.

 

So I called also today to renew and up my coverage. The agent volunteered to waive the Policy Fee before I had time to ask. Have we determined if the Policy Fee vary by state? Mine was only $15; I am based in WI.

[marvelcollector]

I just spoke with a representative at the C.I.A.

 

* There is a new ownership. The new ownership has instituted the "Policy Fees" which are basically the broker's administrative fee. The prior owners had the option to charge the Policy Fee, but they choose not to.

 

So I called also today to renew and up my coverage. The agent volunteered to waive the Policy Fee before I had time to ask. Have we determined if the Policy Fee vary by state? Mine was only $15; I am based in WI.

 

I believe it does vary by state. $55 here.

 

They really volunteered to waive the fee? I must call again I guess....

[marvelcollector]

I just spoke with a representative at the C.I.A.

 

 

* According to the rep, claims are not high and the price increase was not due to increased claims experience.

 

 

So, they essentially admit this has nothing to do with reality and is purely motivated by greed...

 

Arrogant b*st*rds.

[Scrooge]

I just spoke with a representative at the C.I.A.

 

* There is a new ownership. The new ownership has instituted the "Policy Fees" which are basically the broker's administrative fee. The prior owners had the option to charge the Policy Fee, but they choose not to.

 

So I called also today to renew and up my coverage. The agent volunteered to waive the Policy Fee before I had time to ask. Have we determined if the Policy Fee vary by state? Mine was only $15; I am based in WI.

 

I believe it does vary by state. $55 here.

 

They really volunteered to waive the fee? I must call again I guess....

 

Let me put it this way. I said: "Oh and could you please tell me about this new policy fee? ..." and she said: "Oh yes, that's new but as a courtesy I can waive it for the first renewal year." I didn't have to request and see if it could be waived.

[Mr. Zipper]

I just spoke with a representative at the C.I.A.

 

 

* According to the rep, claims are not high and the price increase was not due to increased claims experience.

 

 

So, they essentially admit this has nothing to do with reality and is purely motivated by greed...

 

Well, it was due to increased claims, just not claims from collectibles policy holders.

 

When there are floods, disasters, hurricanes, etc, does anyone really think the insurance carrier is going to lose money?

 

I've worked for the biggest carrier in the world. Believe me, the carriers continue to return shareholder value because the policyholders ALWAYS eventually absorb increased claims payouts.

[sterlingcomics]

So, who else is around other than CIA for comic collectable insurance? It's a good practice rule of thumb to change insurance companies pediodically anyway.

[fastballspecial]

I wonder about this sometimes. How many high grade collections and stores were lost in the flooding anyone ever hear about it? Just curious.

[sterlingcomics]

I wonder about this sometimes. How many high grade collections and stores were lost in the flooding anyone ever hear about it? Just curious.

 

That sends more of a chill up my spine than a terrifying yarn in my favorite horror comic!

[esquirecomics]

I haven't received my invoice yet, as far as I know, but I have two policies - one as a collector and one as a dealer. I pay something like $3500 for the two (dealer's policies are a lot more).

 

I am not at all happy with what I have read and I am sure I will be even less happy when I see my invoices. Has anyone checked out comparable policies with St. Paul's, which advertises collectible policies, or any other company?

 

I would be happy to consider sending in a letter to CIA complaining about these costs and threatening to leave for a competitor if they do not stop the accelerated rate of these increases.

 

If you would like to be considered as a signatory, please e-mail me at EsquireComics@aol.com.

[FFB]

I haven't received my invoice yet, as far as I know, but I have two policies - one as a collector and one as a dealer. I pay something like $3500 for the two (dealer's policies are a lot more).

 

I am not at all happy with what I have read and I am sure I will be even less happy when I see my invoices. Has anyone checked out comparable policies with St. Paul's, which advertises collectible policies, or any other company?

 

I would be happy to consider sending in a letter to CIA complaining about these costs and threatening to leave for a competitor if they do not stop the accelerated rate of these increases.

 

If you would like to be considered as a signatory, please e-mail me at EsquireComics@aol.com.

 

Chubb also writes collectibles insurance.

[HouseofComics.Com]

We had a thread about this over the summer too. I'd seen a big increase last year and quite noticeable from three years ago (for the same level of coverage). No mention of a fee when I renewed today though so maybe that's for consumer policies only. Btw, I renewed before seeing this thread.

 

I have heard good things from dealers about CIA being excellent when you actually have a claim.

 

Marc