Pinball Insurance

[Paul]

Do you have insurance on your pins ? I asked my insurance company about having extra insurance to cover my pins, especially now the way the prices are climbing. Anyway she said I would have to have a expert appraise them. Any one have this done or have any suggestions ? Thanks

 

[Smokezz]

My broker said the exact opposite. It's just contents, covered by regular contents insurance.

 

[pinballjah]

I can appraise them for you

 

[tom_454]

My broker said that I didn’t need any extra riders and they were covered by my content insurance.

 

[Saltimbanco]

I keep the usual info, e.g. serial, make, detailed pics for condition.

 

[Hammerhead]

The rules are different by province. In Ontario they’re covered under your contents insurance.

 

[Paul]

I'm going to enquire again.

 

[roar]

I asked the same question recently as well, was told not to worry about it, covered under content insurance... there is a ceiling to the content insurance however, so for those of you with large multi-pin collections you may want to make sure your total content insurance coverage aligns with what what you have in the house if the whole house were to ever burn down.

 

[Smokezz]

I asked the same question recently as well, was told not to worry about it, covered under content insurance... there is a ceiling to the content insurance however, so for those of you with large multi-pin collections you may want to make sure your total content insurance coverage aligns with what what you have in the house if the whole house were to ever burn down.

Especially with the cost of building going up... a lot of policies are just house + contents now. So if the cost to build is far higher than what they have, and your contents aren't covered anymore you could be in for a shock.

 

[Smokezz]

So... I decided to bug my broker about this again. He went back and forth with the insurance company for the last two days, and it's very likely that I would NOT get replacement value for machines like Twilight Zone or Getaway. Possibly not even what I paid for them. He said it would be likely I'd get what I paid for it... then emailed a few minutes after covering his ass by saying he's not the adjuster/insurance company if something happens. They talked multiple times about appraisals which who the hell would you ask to do an appraisal on a pinball machine? It needs to be a certified appraiser...

I've emailed a specialty collectible insurance company, hopefully hear back from them early next week.

Bottom line is, the insurance agent/broker you talked to likely doesn't know what they're talking about when you asked them before and your machines are under insured.

 

[ZoomZoomBoomBoom]

I have been dealing with 11 different insurance polices with multiple brokers/ companies over the past 2 months and have a number of friends that currently work in the insurance industry. (I worked in the industry for 5+ years as well). All I can say is, at this point, the insurance industry right now is an absolute sh*tshow. Brokers are clueless. Underwriters are clueless and re-insurers are broke. Assume you will get completely screwed by every broker/ company you have a policy with, so I would just either go with bare-bones policies or make sure ABSOLUTLEY EVERYTHING is in writing and photographed and SUBMITTED to your broker/ agent AND MOST IMPORTANTALY, you get confirmation in writing that they received all your documents/ values in regards to what you sent them.

The industry is in the worst state it has been in 30+ years.

 

[Fifty]

Yeah, I inquired just recently and was told they were covered under contents, but literally the next sentence out of the brokers mouth was that they wouldn't be covered unless they had "additonal coverage", so essentially an insurance policy on top of our insurance policy. I only have 2 pins. I don't know how you guys managed that have like a dozen or more.

Insurance has always seemed like a scam, but it seems more scammish now than ever before. I mean, the insurance on my 2010 Corolla keeps going up and it's nearly 12 years old. Pretty soon I'll be paying a 'classic' premium on it. We used to pay additional insurance on my wifes wedding ring. I think it was like $10/mth. That always seems stupid to me. We cancelled it.

 

[Smokezz]

Yeah, I inquired just recently and was told they were covered under contents, but literally the next sentence out of the brokers mouth was that they wouldn't be covered unless they had "additonal coverage", so essentially an insurance policy on top of our insurance policy. I only have 2 pins. I don't know how you guys managed that have like a dozen or more.

Insurance has always seemed like a scam, but it seems more scammish now than ever before. I mean, the insurance on my 2010 Corolla keeps going up and it's nearly 12 years old. Pretty soon I'll be paying a 'classic' premium on it. We used to pay additional insurance on my wifes wedding ring. I think it was like $10/mth. That always seems stupid to me. We cancelled it.

"Classic" car premiums are cheaper LOL. Pray they do that for you.

I told them I was looking around for other insurance, since I can't have uncertainty with something so valuable and he replied "I don't blame you". Pretty useless of an answer from the dude that sold me the insurance and said "Yes, it's covered" just 6 months ago.

 

[dnaman]

Their job... charge premiums
their goal... to not pay out.

 

[Saltimbanco]

Reminder: be sure to double-check your insurance policy for coverage on pinball machines, arcade games, and various game room equipment and toys. Some terms may have changed during the last pandemic, so it's important not to assume you're automatically covered for pinball machines.

We were recently in the market for new insurance and were informed by Industrial Alliance that they now categorize pinball machines as 'video games', similar to a PlayStation or Xbox, with a maximum coverage of $6,000. This amount doesn't even cover the cost of one game. Still shopping, I'll report my findings here!

 

[Corrie]

Doesn't the real issue come down to proving what they're worth? For more niche items that can be hard but with pinball it's easy unless you have some special, rare machine.

 

[Saltimbanco]

Doesn't the real issue come down to proving what they're worth? For more niche items that can be hard but with pinball it's easy unless you have some special, rare machine.

Insurers rely on experts to assess the value of items, including pinball machines. When determining the worth of your pinball collection, they consider factors like the game type, rarity, condition, and functionality. If you receive an offer, don’t hesitate to provide additional information to challenge it. Keep records, including pictures, serial numbers, and proof of purchase. Also, consider mentioning any modifications or enhancements (like alternate translites or colorDMD) to justify a higher value. Remember, this practice applies to other belongings too—keeping detailed information elsewhere is always a smart move!

 

[Saltimbanco]

So, we’ve reached out to multiple insurers and insurance brokers recently, and it turns out that pinball machines are handled VERY differently across various policies. Here are some key points to consider:

Replacement Value: Some insurers treat pinballs similarly to regular furniture, covering them at their actual replacement value. However, others impose a cap on coverage.

Coverage Limits: Be aware that there might be a cap on the coverage amount for pinball machines. For instance, we discovered that one policy had a $6,000 limit TOTAL, specifically for video games or pinballs. Which wouldn't even cover one game.

Specific Circumstances: Different incidents (like water damage in the basement versus a fire) may result in varying coverage. It’s essential to understand the specifics and even the nuances. For example, our current insurance provides coverage for damages to a pinball resulting from a leak inside the house. The coverage amount is way less if the damage if caused by water from the sewer system, blocked drain or if water seepage occured via the foundation or simply through a window.

My advice is, call your insurance provider directly. Ask them about your pinball coverage and any limitations. Some of you will be shocked. And don’t assume—get it in writing!

 

[IVPinball]

So, we’ve reached out to multiple insurers and insurance brokers recently, and it turns out that pinball machines are handled VERY differently across various policies. Here are some key points to consider:

Replacement Value: Some insurers treat pinballs similarly to regular furniture, covering them at their actual replacement value. However, others impose a cap on coverage.

Coverage Limits: Be aware that there might be a cap on the coverage amount for pinball machines. For instance, we discovered that one policy had a $6,000 limit TOTAL, specifically for video games or pinballs. Which wouldn't even cover one game.

Specific Circumstances: Different incidents (like water damage in the basement versus a fire) may result in varying coverage. It’s essential to understand the specifics and even the nuances. For example, our current insurance provides coverage for damages to a pinball resulting from a leak inside the house. The coverage amount is way less if the damage if caused by water from the sewer system, blocked drain or if water seepage occured via the foundation or simply through a window.

My advice is, call your insurance provider directly. Ask them about your pinball coverage and any limitations. Some of you will be shocked. And don’t assume—get it in writing!

Which insurance companies gave the best coverage?

 

[Saltimbanco]

Which insurance companies gave the best coverage?

We wanted general insurance coverage that would also include pinball machines and arcade games, so we checked out a few providers and chose Beneva. Here’s why:

Beneva: They include pinball machines and arcade games in their regular coverage, which suited our needs perfectly. We increased coverage for protection due to water damage in the basement through window, foundation crack, sewer backup, etc. most insurers will only pay a maximum of $10,000 if damages occur because of such events .

TD Insurance: They were unsure about covering pinball machines and never got back to us with a clear answer.

IA Financial Group (Industrial Alliance): They said they would cover our machines, but they classify them as "video games" with a maximum coverage of $6,000, no matter how many we own. This limit was too low for us (would only cover one game).

Intact Insurance: They offered coverage but required us to pay a premium. They also wanted to send someone to evaluate the machines before telling us how much the monthly increase would be.

So, check with your insurer. You may end up being able to replace that sofa and big screen TV, but will be out of luck with your game room.