Insuring your railway

Malc · November 23, 2018, 02:49:27 PM

Just as a matter of interest, while changing my household insurance this year, the company I eventually settled on, which gave the best quote, also noticed I had my motor policy with them and as a result gave me an extra discount.

Portpatrick · November 23, 2018, 03:46:04 PM

For a long time I trusted my regular contents insurance. I have listed all my stock though and estimated replacement cost - difficult for kits, modified stuff and the layouts themselves - and hoped for the best. My stock goes out to shows with both club and my own layouts and of course the exhibition host should (?) have adequate cover. However I began to be a bit nervous not least as there was no cover while in transit. So I now cover the railways and stock with Magnet - c £95. Not cheap perhaps but saves arguments with Swintons my domestic insurers at present.

Mr Sprue · November 23, 2018, 06:25:03 PM

As already mentioned home contents covers a model railway collection kept in the home. However on renewal I always get the company I am taking out cover with to confirm this by email.

John Lewis were really good but due to their increases this year through burst water pipe claims I couldn't warrant paying an extra 70 quid!

njee20 · November 23, 2018, 07:57:54 PM

Limits on out building cover is definitely one to check. Lots of insurers have a limit on how much they'll pay for shed/garage contents, for those who house their railways in out buildings. I recall it's £3000 with the AA for example, which would be easily surpassed by a modest collection.

jamespetts · November 30, 2018, 10:53:22 AM

My household insurance has limitations on "collections" (which will include model railway equipment) and on items kept in outbuildings (and my model railway is going to be built in a large shed, albeit an insulated one with double glazing and British Standard compliant locks).

I took out an insurance policy with Magnet, which covers my model railway equipment in the shed fully.

njee20 · November 30, 2018, 11:18:40 AM

As said above, check with your insurer, I've never been with one who deemed a model railway a collection in the policy definition sense, but there's every chance that's not universal. The big risk with sheds as discussed and as you have identified is a limit on out building cover.

NGS-PO · November 30, 2018, 11:23:55 AM

Quote from: njee20 on November 30, 2018, 11:18:40 AM
As said above, check with your insurer, I've never been with one who deemed a model railway a collection in the policy definition sense, but there's every chance that's not universal. The big risk with sheds as discussed and as you have identified is a limit on out building cover.

Agreed. When I approached my contents insurers with my model railway collection, they didn't view it as a collection and juist advised to include the replacement value in the total contents insured figure. I did get that in writing for piece of mind.

daveg · November 30, 2018, 11:25:08 AM

A telephone conversation with our insurers advised that as the model railway is made up of many components, it is not considered a Collection.

The explanation was that should one or several items be 'lost', that loss, unlike an item from a specified set of anything, does not affect the value of the remainder.

Removing the railway valuation from the Collections listing (but ensuring the total value is added to the general contents) reduced the premium by a few pounds.

I should mention that my railway is in the house rather than a dedicated external building.

I pass this info on without any specialist knowledge but hope it's useful.

Dave G

Trainfish · November 30, 2018, 03:16:34 PM

I just got an online quote from Magnet and they want £161.28 to insure my layout and stock! I really must check my home insurance, something I've been meaning to do for ages.

austinbob · November 30, 2018, 03:49:34 PM

You must have a load of stuff then. I got an online quote of £67.20 for a value of £12k. No public liability though.

njee20 · November 30, 2018, 03:51:53 PM

I'm not even sure how I'd value it. I've got a tally of stock replacement cost, but obviously you've got the layout itself, although most of the cost is a time investment you can't value.

cornish yorkie · November 30, 2018, 10:56:54 PM

Quote from: The Q on 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.

Just to clear this up the very large company who I drive for do have their own insurance.
regards Derek.

njee20 · December 01, 2018, 07:38:19 AM

Well yes, obviously companies have motor fleet insurance, which means you don't need to name drivers, you still have to have cover for all vehicles though, it's just under a fleet policy. That still doesn't mean that if you're a millionaire (or anyone) you can somehow just have liability insurance though which makes you compliant. Again, it's the vehicles which need insurance not the person.

But we digress! Although... if a millionaire destroyed your garage in his car thinking he was somehow insured then you may be a bit annoyed!

Bealman · December 01, 2018, 07:40:31 AM

I would.... me layout is the garage!

njee20 · December 01, 2018, 07:43:46 AM

That was my point, and a tenuous attempt at getting us back on topic.