Insurance on Sneaker Collection

[oneand23]

Hello NT,
I have a decent sized sneaker collection and I would like to insure it. I asked my insurance agent and she said that I can only insure them as personal property meaning the value of the sneakers will go down as time progresses. We all know that this is not the case for the sneakers we all have. My agent said they do not offer an appreciating value of insurance for a sneaker collection.

Do any of you have insurance on your sneakers? If so, what type of insurance is it? Where could I find insurance for a sneaker collection that appreciates in value?

Thank you all for taking the time to read my post. Your feedback is greatly appreciated!

 

[10 piece nuggets]

You have the receipts of every pair that you bought?

 

[thunderchunk69]

Insurance companies barely do their homework.

Maybe you can convince them to go by flightcub prices?
I've seen them help buyrs that were scammed on ebay by writing letters as an authority on authenticity, maybe you can convince them to do something similar, but on prices.

 

[northmiamiboi]

oh

 

[jumpman247]

I remember a NTer whose entire collection was stolen, and his mother sent the insurance company a website with fake shoes with jordan for 40 bucks.

 

[milestailsprowe]

Originally Posted by ThunderChunk69

Insurance companies barely do their homework.

Maybe you can convince them to go by flightcub prices?
I've seen them help buyrs that were scammed on ebay by writing letters as an authority on authenticity, maybe you can convince them to do something similar, but on prices.

If you can do this and show how they went from retail to this then your set. 2001 pair retail 120$ 2011 pair 450$ value aftermath.
You collection will double in value 

 

[babymj]

I'm not an expert, don't they charge a percentage of value? If you claim higher, they charge more?

 

[oneand23]

Thank you all for your feedback.

The problem is that my insurance broker does not want to insure my sneaker collection as an APPRECIATING item. She will only insure it as a depreciating item. I went to another guy and what he wants to do is to insure it with the market value I calculated. This sounds fishy to me because it will still be a depreciating value.

The Flight Club idea is a great idea. The problem is that I know the shoes will only appreciate. Having them as personal property is not an option, I guess. Does anybody know of a third party insurer I can go to?

Thanks again, NT! You guys are awesome!

 

[coldcity]

i wk in insurance just keep pics & receipts ...if anything happens youll be reimbursed to replace every pair.... whether you go re-buy every kick is up to you after you have $$$$ in hand

 

[gottabeem21]

sneakers only appreciate if you don't wear them... if that's the case, find a better "investment"

 

[oneand23]

Originally Posted by GottaBeEm21

sneakers only appreciate if you don't wear them... if that's the case, find a better "investment"

I disagree. Some sneakers can sell for relatively high prices even if worn a couple of times. It all depends on the condition of the shoe.
I want insurance because I have put in a lot of cash into this collection. I only want it just in case. I am not planning on reselling unless I need diapers...and that's not going to happen for a loooooong time. By then I hope to have worn all my shoes out

 

[jayjunkie]

I'm sorry if I am jacking OP's thread but I have a relevant question for the insurance experts. I have recently started taking pics of all my shoes for insurance/security purposes. I still have some of the receipts for some of my shoes but a majority of them I do not. Will an insurance company honor the suggested retail price on the box tag if I take pics? Also I'm sure for many shoeheads, many transactions take place privately/through paypal. Will insurance companies honor the paypal invoices with the proper documentation/proof if something were to happen?

 

[zapatohead408]

O.P, send me $50.00 a month and youll be insured.

 

[storm2006]

***Waits for "Having Your Entire Collection Stolen UNappreciation Thread"***

I don't get why you want to insure your collection if you just said you plan on "wearing them out" by the time you have kids, which means they would have lost a majority of the value that you are trying to insure them for. While some shoes hold value over time if they are worn, none increase. Google "the stock market" and invest in that.

 

[OneNightDan]

I know you rather have some type of protection in case if your shoes got stolen, caught on fire, water damage whatever but say you bought the Air Jordan 3's when they were $125 or whatever a couple years back, now they're pushing $160  or so meaning you're actually still losing 

The value of the shoes goes up and down a lot of the times, I really don't think there is a way to insure them 

 

[retrosniipes]

Just dig a hole in the ground and throw em all in there.

 

[oneand23]

Originally Posted by Storm2006

***Waits for "Having Your Entire Collection Stolen UNappreciation Thread"***

I don't get why you want to insure your collection if you just said you plan on "wearing them out" by the time you have kids, which means they would have lost a majority of the value that you are trying to insure them for. While some shoes hold value over time if they are worn, none increase. Google "the stock market" and invest in that.

Hahaha! The stock market is a great idea but you are missing the point. Or maybe I am not being specific enough. Right now, my sneaker collection is worth a some money. I want to insure it NOW. Of course they will lose value once they are worn and over time I probably will decrease the coverage for them.

 

[cmoneymontana]

I have insurance on mine. Only reason though, is because it is required were I live that I have $100,000 liabilty for my personal property. I just added them to the list.

But like someone mentioned earlier, they will ask you for reciepts.

 

[toy collector123]

Originally Posted by jumpman247

I remember a NTer whose entire collection was stolen, and his mother sent the insurance company a website with fake shoes with jordan for 40 bucks.

 

[snkr indstry joshbaskin]

I was able to get coverage for a collection in the $30,000 range for $108 annually through AAA. It's entirely worth it.

You'll have to insure a declared value and at best, update your coverage to what you feel is the current value each year when you go to renew. You won't be able to simply get coverage on your entire collection and expect to receive the appreciated value as the years go on though. I can't see too many agents who would provide coverage under those terms. There's too much wiggle room on value and as I understood it, you have to insure a specific range. I'd still suggest going ahead and doing that.

JayJunkie -- I didn't show a single receipt and was able to receive coverage for my collection based on the declared value. That may or may not vary depending on the provider, but I don't think it's a requirement.

 

[imthekang]

ColdCity wrote:

---

i wk in insurance just keep pics & receipts ...if anything happens youll be reimbursed to replace every pair.... whether you go re-buy every kick is up to you after you have $$$$ in hand


August 6th 2011 and on, receipts go in the shoe box after purchase..

 

[denishot]

Originally Posted by SNKR INDSTRY JOSHBASKIN

I was able to get coverage for a collection in the $30,000 range for $108 annually through AAA. It's entirely worth it.

You'll have to insure a declared value and at best, update your coverage to what you feel is the current value each year when you go to renew. You won't be able to simply get coverage on your entire collection and expect to receive the appreciated value as the years go on though. I can't see too many agents who would provide coverage under those terms. There's too much wiggle room on value and as I understood it, you have to insure a specific range. I'd still suggest going ahead and doing that.

JayJunkie -- I didn't show a single receipt and was able to receive coverage for my collection based on the declared value. That may or may not vary depending on the provider, but I don't think it's a requirement.

you can receive coverage at any amount, but it's going to be up to you to prove that you actually owned the sneakers and they were worth a certain amount should they be stolen.

 

[grizzlyboy]