finally - an option to insure your collection in Canada!

[Chillychow]

Like many of you, I have been on the lookout for any way to insure my collection on some sort of insurance policy. Up until now, either coverage for sportscards didn't exist or there needed to be a specific appraisal for any cards that I wanted to have covered under my home insurance. Also, the specific limits for sports memorabilia within a standard home policy were extremely low - usually from $6,000 -$12,000 which would be part of a blanket coverage including other items such as jewelry, bikes etc. not to mention that a claim would be subject to the deductible.

So, now RBC has launched an insurance platform called RBC Private Insurance that is underwritten by Aviva and has much larger specific limits to their coverages combined with the ability to schedule sports cards and memorabilia WITHOUT an appraisal. This is the first and only plan I have come across that offers this coverage and allows coverages without an up to date appraisal (I was an insurance broker in my former life lol). The limit under this plan is $50k for non scheduled cards and it's not shared with other items. You can also add additional coverage to this for approx. $9 per year per thousand of coverage you want. (i.e. $100,000 additional coverage would cost approx. $900 per year). NOTE: you DO have to provide proof of ownership if you ever file a claim such as a video or photo of the collection combined with anything else you can provide to show you owned the cards being claimed.

I have just moved my home and auto insurance over to this plan. The downside is the cost - the much better coverages comes at a higher price (as you would expect) than standard home insurance, so, it's not for everyone. It's Canada wide so please feel free to PM me and I can give you the person to contact for a quote.

DISCLAIMER: I work for RBC (wealth management not insurance) and can refer anyone who might be interested to the agent to get a quote. I do NOT receive compensation for this. Just thought I'd post this for anyone who was worried about the inherent risk of having a valuable collection stored in their home.

 

[joshpackham]

thanks for sharing this information, just to make sure I understand that correctly, the minimum cost would be $450 a year? Which would give me up to 50,000 K

 

[Luongo Collector]

I too would like to know more details. Very interested as I have zero coverage at the moment

Chris

 

[Chillychow]

thanks for sharing this information, just to make sure I understand that correctly, the minimum cost would be $450 a year? Which would give me up to 50,000 K

The standard policy cost to insure your home and contents includes $50k of coverage for sports memorabilia that would be subject to the deductible (no additional cost). If you want more than that coverage, you have to schedule the increase amount at an additional cost (and no deductible is applied). You also get better coverage with the schedule items (ie for cards not at home etc). Personally, I started with the base policy coverage and I'm still deciding if I want to pay the extra funds for more coverage so that a larger portion of my collection is protected

 

[fly4apuckguy]

I appreciate this. My wife used to work for RBC so she can likely help me figure it out. I've been looking for something like this for a long time.

 

[dgarwood]

Thanks for sharing this.