What do you love?
Many people are avid collectors of certain possessions; from watches to rare toys and film ephemera to guitars. How do your Aviva Private Clients protect the purchases they’re passionate about?
Your customers may spend months searching for that one item. Some items or collections are rare and irreplaceable but floods, fires, thefts and accidents do occur so it's important to consider having the right the protection in place.
Examples of recent high-value collections:
- 1970's Star Wars memorabilia collection worth £500,000, including a rare Boba Fett toy valued at £26,040.
- A collection of Dinky toys sold for £150,000 - the collection contained cars manufactured from 1937 right up until the mid1970's and numbered 3,500 cars.
- In October 2016, a rare Glenfiddich whisky sold for £70,000 at auction - it was only expected to fetch £25,000-£35,000.
How do you help your Aviva Private Clients protect their passion purchases?
- Check your insurance policy is suitable to cover your collection - it's best to have the widest possible cover available to have all risks covered.
- Don’t put all your precious items or collection in one place - this way you’re unlikely to lose everything if the worst should happen.
- If your collection isn't something you want to display then keep it in nondescript containers so that thieves are less likely to realise it's something valuable.
- Let your insurance company know what you have - specify rare or valuable items and make sure they’re listed on the policy.
- Take photos or even videos of your items showing as much detail as possible - keep these photos and any documents somewhere safe.
- Consider using a fire safe to protect your precious items.
- Get your collection valued regularly - prices and markets change depending on how popular things are at any given time. By having your collection valued at least every three years, you can make sure everything is adequately insured.
- Through Aviva Private Clients you can access valuations with preferential rates through our preferred supplier Quastels.
Have a look at our Aviva Private Clients Risk Management Bulletin for more information about protecting the things you love.
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