Insuring your railway

daveg · November 23, 2018, 10:00:28 AM

We are in the throes of getting contents insurance renewal quotes and of course that must cover our various collections including the railway.

Slightly odd perhaps but we have made a point of listing our main collection purchases so we have a pretty good idea of their total value. Hard to calculate a true replacement cost as some things are limited runs or discontinued items.

I know there are 'specialists' who can insure almost anything for a fee but excluding them, has anyone got suggestions or recommendations?

Dave G

The Q · November 23, 2018, 10:05:52 AM

Most months in the back half of Railway modeller magazine there is an advertisment from a Model railway insurer. I have no experience of them myself though.

austinbob · November 23, 2018, 10:22:57 AM

Quote from: The Q on November 23, 2018, 10:05:52 AM
Most months in the back half of Railway modeller magazine there is an advertisment from a Model railway insurer. I have no experience of them myself though.

This insurance company comes up many times in Google search. Link below to Railway Magazine with info on Magnate model railway insurance.
https://www.railwaymagazinemodelling.co.uk/model-railway-insurance/
Not used them myself but I am considering getting insurance.

daffy · November 23, 2018, 10:40:50 AM

Like Dave G I have kept an account of all my N Gauge items - makes for frightening reading and needs to be kept away from the eyes of Mrs Chief Accountant - so can make a reasonably good estimate of a new-fit-old replacement value. Obviously some things can never be replaced like for like.
So when it comes to household insurance renewal I simply make my insurer aware of that 'collection' value, and get cover under my standard household policy.
I also keep photographs of all (well, most) of the items. Not manufacturers shots or anything, but of the item actually in my possession.

Hopefully I will never have to test the policy!

The Q · November 23, 2018, 11:10:10 AM

Yes Magnet is the one,

I do however work on the principle of can I afford to loose the collection or come to that anything else.

So my house is insured,
The car is, not because I couldn't afford to loose it, but if you ran into a bus, think of the compensation you'd need to pay with all those passengers (plus it's almost a legal requirement).

Similarly when we used to breed Rough Collies, we didn't go for fully comprehensive including medical insurance. That would have cost us £600 a year at the time, instead we went for third party only, which for up to 20 dogs only cost £20. We saved the difference and that paid for anything we had to pay to the vet, and it was not long before we had a huge surplus.

So is my layout insured, No, it would be a huge loss to take, but financially I could afford it.

ColinH · November 23, 2018, 11:18:14 AM

Like many Clubs, I suspect, we use Magnet Insurance for the MRC insurance and exhibition insurance. As members of the Chiltern Model Railway Association the club is entitled to 10% discount on premiums. Our members can also claim a discount on any personal layout and stock that they insure themselves through the company.

Why not check if your contents insurance covers your models before buying separate cover?

njee20 · November 23, 2018, 11:22:20 AM

Third party car insurance is a legal requirement...

I'd generally make sure it's covered on your contents insurance, which probably requires a conversation with them. There are often limits on what a "collection" entails, although I've generally been told that they mean things like a stamp or coin collection in a book which is effectively one item, rather than a 'collection' of models.

Where Magnet (or other specialist insurers) are particularly useful is if you're exhibiting or taking items to a club or other place away from home where you may have reason to make a claim.

Newportnobby · November 23, 2018, 11:23:14 AM

I've used Magnet to cover any forum Meet Ups but my own collection is insured with my household insurance as exactly that - a collection. My music (vinyl, CDs etc) is also insured as a collection.

ntpntpntp · November 23, 2018, 12:19:47 PM

Quote from: njee20 on November 23, 2018, 11:22:20 AM
There are often limits on what a "collection" entails, although I've generally been told that they mean things like a stamp or coin collection in a book which is effectively one item, rather than a 'collection' of models.

Yes, my household insurer said the same, model railway stuff doesn't need to be declared as a "collection" as it's not something which would be markedly diminished in value if one item was lost/stolen. We just need to make sure there is enough cover for the total.

RailGooner · November 23, 2018, 12:23:36 PM

My collection is covered by our house contents insurance. At the time of taking out the policy and at every renewal point, we declare that I have a model railway collection with a total value of several thousand £ and can supply an itemised inventory. The response is always the same: "If this is a collection of individual and separate items, we don't need any special info. Should you make a claim, then at that time let us know the details of those items you're claiming for.". Our policy is with Legal & General.

daffy · November 23, 2018, 12:35:12 PM

Just to be clear, I don't insure my n Gauge items as a 'collection' in the sense of the insurers policy wording definition, i just made them aware of my collection of related items and their probable value. This was following a suggestion from an underwriter I know from when I worked in the insurance business back in the day. As she said, better they know what they are covering than not - to save problems in case of a claim.

The Q · November 23, 2018, 12:45:10 PM

Quote from: njee20 on November 23, 2018, 11:22:20 AM
Third party car insurance is a legal requirement...

Actually it's not, there is one legal loop hole, Someone I knew many years ago used it, you do have to be a multimillionaire though. You have to tie up a VERY large amount of money in a bank acount specifically to pay for any 3rd party damages . So effectively you are insuring yourself. Of course you are still earning interest on the money in the bank, so long term providing you don't hit anything, you come out of it very well. Some very big companies used to do this, whether or not they still do I don't know.

njee20 · November 23, 2018, 01:38:52 PM

There's no way that's permissible now. Your car (rather than you) must have valid insurance. Hence the motor insurance database. You can have millions of third party insurance cover (nearly all home insurance policies include it), but it won't help you if you're in a car.

Quote from: daffy on November 23, 2018, 12:35:12 PM
Just to be clear, I don't insure my n Gauge items as a 'collection' in the sense of the insurers policy wording definition, i just made them aware of my collection of related items and their probable value. This was following a suggestion from an underwriter I know from when I worked in the insurance business back in the day. As she said, better they know what they are covering than not - to save problems in case of a claim.

Clarifying things is never a bad idea if you're unsure!

daffy · November 23, 2018, 01:46:12 PM

Quote from: njee20 on November 23, 2018, 01:38:52 PM
Clarifying things is never a bad idea if you're unsure!

I'm not unsure. I'm fully sured.

njee20 · November 23, 2018, 02:05:33 PM

I'd also advise asking for anything in writing too if you're speaking to your insurer, particularly on slightly odd risks. Not necessarily meaning model railways, but if you feel the need to clarify anything, just ask the person to send you an email confirmation. Never hurts if you have reason to claim.

Home insurance is a volume business, I used to work for a major insurer and "underwriting" is nothing more than a call centre, your policy isn't actually being looked at by anyone in the main. Obviously product knowledge is generally very good, but plenty of examples of a company reneging on something down the line without written confirmation.