Friday, October 24, 2008

Insurance?

I currently insure my collection through Collectibles Insurance Agency (CIA). I have had them insuring my collection since I moved to California. Originally, you could only get insurance through them if you were an APS member, but that changed about 10 years ago when Hugh Wood took over as the APS insurer. At the time of that change, the rates were comparable, but to go with Hugh Wood, I would have to spend an extra $40 or so a year to stay an APS member. I choose to drop my APS membership and keep my insurance with CIA.

I have never had to use my stamp insurance (knock on wood), but still think it is prudent to maintain coverage. I had no issues with CIA. Until now. I received my renewal notice in the mail yesterday, and they have tacked on a $25 Policy Fee to my renewal amount. This is about 24% of the total policy. I think this is ridiculous. So I called Hugh Wood. They can give me a policy, with no fees, for $40 less than the total renewal price with CIA. The only catch is I have to be an APS member. Membership is $45 for a year.

So, I have a choice. It will cost $5 more out of my pocket to use Hugh Wood, but I would get all the added APS benefits. Are these benefits worth $5 a year?

1 comment:

Collectibles Insurance Services said...

We wanted to clarify the issue of the policy fee mentioned in the posting below. Collectibles Insurance Agency (now Collectibles Insurance Services)began charging a policy fee in mid-2006. It has been on all policies issued in CA since then. In June 2008 the policy fee was added for the first time in PA and NJ as well. Policy fees are very common for this type of specialty insurance. The fee covers the additional cost required to be licensed and file all appropriate taxes and fees associated with this type of specialty insurance.

We do not require any association affiliation to attain coverage through Collectibles Insurance Services.

We welcome you to contact us with any further questions - (888)837-9537