Coin Insurance

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Coin collections may grow into a very appreciable asset. Almost without you noticing it, something that perhaps started out as no more than a hobby might turn into a collection of considerable value.

As with anything of value that you own, your thoughts are likely to turn to the question of insurance. Your coin collection might get lost – if you move house, for example – it might get stolen, or it might suffer some kind of damage.

Contents insurance

You may well have insurance to cover the contents of your home, so why not include your coin collection under this safety umbrella?

There are a number of reasons, all of which may end up with your failing to protect your coin collection in the way that you want.

Depending on the value of your collection your home contents insurer may simply choose not to extend cover for its full value. Even where you have managed to include the collection amongst your insured contents, it might be tempting simply to leave it at that and fail to re-evaluate and update the sum that needs to be insured to reflect its increasing value.

Unless you have an “all risks” policy to cover your home contents – and not all such policies include “all risks” – it is possible that your coin collection may not be adequately covered.

Perhaps the overriding difficulty with including your coin collection in your standard home contents policy, however, is the fact that any claim you may make for loss damage or theft is going to prejudice any no claims discount you have carefully built up. Indeed, the loss of that discount might often mean that it is simply not financially viable to make a claim. This undermines the whole concept of insuring your valuable collection in the first place.

Focussed insurance

If the broad ambit of your home contents insurance appears to have too many drawbacks, there is an answer – arrange coin insurance to do just what it says.

With a specifically focussed policy designed just to look after your coin collection alone, you are likely to be in a position to choose exactly the kind of protection you need – quite independently of any home contents insurance you might also have.

With such an arrangement, you are able to keep any no claims discount on your contents insurance completely intact if ever you need to make a claim for loss or damage to your coin collection. If you also find an insurer for your coins that allows claims without imposing any excess then so much the better.

By focussing your insurance needs on your coin collection alone, you are likely to arrange the exact cover you need, meeting your particular needs and circumstances and the value of your collection.

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