In this article, we tackle all collections in one hit, including:

  • Stamp collections
  • Coin collections
  • Book collections
  • Memorabilia collections
  • Train collections
  • Artwork and Fine Painting collections
  • Musical instruments
  • Wine collections
  • Antique furniture collections
  • Items kept in a safety deposit box

The rating formula is identical, the product is identical and the only difference is the base rate, so it makes sense to address all collections together.

Rating factors influencing the cost of collection insurance

During the process of underwriting, insurers will want to know the following:

  • The basis of the value of the item(s). IE, how do you know it’s worth what you’re saying? Have you had an approved valuation carried out for your artwork? Are you using the Stanley Gibbons guide for your stamp collection?
  • The location of the item(s)
  • If cover is required outside the home
  • If you have an itinerary of the items
  • When you started collecting the item(s)
  • The value of the lowest and highest value item(s) in the collection
  • The total amount of items in the collection
  • If there is any damage to the item(s)

Base rating of collections on a stand-alone product

  • The postcode of the risk address. The lowest rated postcode areas offer a 10% discount to the base rate whereas the highest rated postcodes (usually inner city) carry a 10% loading
  • The age of the prospect
  • The claims history. If you have had a claim in the last 5 years, a 10% loading usually applies
  • The value of the item to be insured
  • Insurance premium tax [IPT]. This is currently 12% of the insurance premium but does not include the broker fee
  • The broker administration fee. For us, this is £25 for policies up to £250 and £50 for policies greater than £250
  • Individual base rates as per table below

The minimum premium is £109 including our £25 new business fee and 12% insurance premium tax. If your estimate cost is below £109 then you’ll be charged the minimum premium.

Collection TypeBase RatingCalculator
(multiply value of item by this to get the base rate)
Memorabilia 0.5%0.005
Musical Instrument(s) In the Home0.5%0.005
Musical Instrument(s) Out of the Home2.0%0.02
Antique Furniture0.3%0.003
Items in a Safety Deposit Box0.3%0.003

Value of collection x [insert base rate above] x 1.12 (IPT at 12%) + 25 = estimate cost for 12 months cover.

IE. £50,000 Wine Collection x 0.3% x 1.12 + £25 = £193 estimate cost for 12 months cover

Costing Examples

Example 1

You want to insure a £50,000 harp, in the home cover only, you live in the lowest rated area, you are 29 years old and you have had no claims in the past 5 years. The rate for this would be: £314.60 including a £50 fee and IPT.

Example 2

You want to insure a £150,000 artwork collection, you live in a middle area, you are 56 years old and you have had no claims in the last 5 years. The rate for this would be: £453.20 including a £50 fee and IPT.

To get an exact quote give us a call on 01730 777600 or fill out an online form by clicking here.

Written by Matthew Ashton

I started working in the insurance industry in 2004. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington. I joined his firm as a sales advisor when it had around ten staff members. Within three years, I was Head of Ops with a staff team of over 30 people. After a chance encounter in 2019 with Rachel Living and Will Cooper, I decided to co-start Stanhope and build a high-value home, luxury watch, and jewellery broker synonymous with trust. I love being with Donna, my wife, and four kids when not working, cramming in the odd row, or running when I can. I am fortunate to love what I do and consider it a blessing to grow the Stanhope brand.

Matthew Ashton

Date: Thursday 22nd September, 10:22pm

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