1. Guest,
    If you need help getting to know Xenforo, please see our guide here. If you have feedback or questions, please post those here.
    Dismiss Notice

DVD Collectors Beware The Insurance Industry!!! Please Read!!

Discussion in 'DVD' started by Chuck Watwood, Sep 29, 2003.

  1. Chuck Watwood

    Chuck Watwood Well-Known Member

    Joined:
    Dec 9, 2002
    Messages:
    122
    Likes Received:
    0
    As many of you know, my entire DVD collection was stolen a few weeks ago.
    Here is the link for those which may care for the history: http://www.hometheaterforum.com/htfo...=&pagenumber=1

    Today, I received a settlement from my insurance company which refunded approximately 85% of my replacement costs for my collection. For those not interested in reading the stolen dvd thread, I had nearly 700 DVD's stole, including over 600 individual titles, 31 Television season box sets, as well as a dozen DVD audio and a few SACD discs. It was quite an ordeal listing them all individually and I waited on pins and needles for the insurance settlement, expecting the worse. I only had receipts for 13.5% of them, however, affidavits from many people helped. Much to my relief, the insurance company was fair. I was somewhat satisfied with the settlement, which refunded $10,406 of $12,500 claimed, less a $250 deductible.
    What bothers me is that they depreciated my DVD's based on a 10 year life. They lump them into the same category as magnetic recordings (audio and video) and phono records; media which degrade rather quickly. I know that digital media last much longer than that. Much of our membership have laserdiscs that remain in pristine condition many years later. I personally have Cd's purchased in the mid 80's which are perfect. My DVD collection didn't have a fingerprint. I watched them once, maybe twice, and put them carefully back into the case, in perfect condition.
    I think that we, as a membership, should find some way to lobby the insurance industry to rethink digital media depreciation rates. It bothers me to think that if I have a fire or another theft in 10 years, my collection will have zero value. I hope it bothers the rest of you. Ideas and actions are welcome.
     
  2. Dan Rudolph

    Dan Rudolph Well-Known Member

    Joined:
    Dec 30, 2002
    Messages:
    4,042
    Likes Received:
    0
    I agree this is ridiculous. I have some CDs which are upwards of 15 years old and are as good as the day I bought them. The only way I can see this policy changing though is if one company did to get an edge over the others.
     
  3. Jeff Ulmer

    Jeff Ulmer Well-Known Member

    Joined:
    Aug 23, 1998
    Messages:
    5,593
    Likes Received:
    0
    This is the difference between replacement cost insurance (which costs more) and depreciated value insurance. The first replaces what you had with new product, the second depreciates it, so if you have a five year old product, they pay to replace it with a five year old product. of course, there is no provision for collectables which would cost many times their original price now.

    It does pay to keep both records and receipts of your collection, along with any photo/video evidence you can as well.
     
  4. Chuck Watwood

    Chuck Watwood Well-Known Member

    Joined:
    Dec 9, 2002
    Messages:
    122
    Likes Received:
    0
    Jeff,

    My home owners insurance is a replacement cost policy, however, not recorded media. I doubt that most replacement cost home owners policies include the replacement cost of many items. The replacement cost basically just means the home itself.
     
  5. Jeff Ulmer

    Jeff Ulmer Well-Known Member

    Joined:
    Aug 23, 1998
    Messages:
    5,593
    Likes Received:
    0
    Chuck, you can have replacement value on items as well, I have run into this with business policies. Of course, the cost of insurance is nearly double.
     
  6. Todd_Brown

    Todd_Brown Well-Known Member

    Joined:
    Oct 7, 2000
    Messages:
    396
    Likes Received:
    0
    I posted this in the other thread, but I'll add it here also. You guys might want to look at this company http://www.collectinsure.com/ they
    only insure collectibles, and yes DVD's can be considered a collection. I have friends in the movie poster world who have used this company and been very satisfied. Frankly, most insurance companies aren't equiped or knowledgable enough to understand these type of claims. The rates are reasonable and you can opt for an automatic 1% a month value increase for new items added.

    Todd
     
  7. Thomas Newton

    Thomas Newton Well-Known Member

    Joined:
    Jun 16, 1999
    Messages:
    1,484
    Likes Received:
    13
     
  8. Josh Steinberg

    Josh Steinberg Premium
    Supporter

    Joined:
    Jun 10, 2003
    Messages:
    4,187
    Likes Received:
    1,900
    Real Name:
    Josh Steinberg
    Honestly, I'm surprised they gave you that much, but I'm glad you were able to get a good portion from them. Good luck rebuilding!
     
  9. Glenn Overholt

    Glenn Overholt Well-Known Member

    Joined:
    Mar 24, 1999
    Messages:
    4,207
    Likes Received:
    0
    On first thought, they should be classified the same as PC software, but it has a much shorter shelf life because no one is going to want software more than 2 years old.

    Glenn
     
  10. Thomas Newton

    Thomas Newton Well-Known Member

    Joined:
    Jun 16, 1999
    Messages:
    1,484
    Likes Received:
    13
     
  11. CharlieC

    CharlieC Well-Known Member

    Joined:
    Jun 5, 2003
    Messages:
    61
    Likes Received:
    0
    Best of luck in replacing your DVDs Chuck!!!
    Hope you do not oppose CH too much and $10,406 should be plenty to replace the DVDs.
     
  12. Glenn Overholt

    Glenn Overholt Well-Known Member

    Joined:
    Mar 24, 1999
    Messages:
    4,207
    Likes Received:
    0
    The question is if one can get full value if they are 10 years old and stolen, or if insurance degrades them just becaue they aren't wanted by mot PC users.

    And Chuck, When you're done buying everything that is in print. let us know what is 'hard to get', so we can make it a little easier for you.

    Glenn
     
  13. Gordon McMurphy

    Gordon McMurphy Well-Known Member

    Joined:
    Aug 3, 2002
    Messages:
    3,530
    Likes Received:
    0
    Congratulations, Chuck! [​IMG] What DVDs are you gonna replace first?


    Gordy
     
  14. Chad A Wright

    Chad A Wright Well-Known Member

    Joined:
    Jul 22, 2002
    Messages:
    740
    Likes Received:
    0
    When I first read the thread title, I was afraid the insurance company had screwed you out of a lot more money. Congratulations on getting what you did, and good luck with replacing those dvds. Wow, a $10,000 Best Buy shopping spree. At least that part will be fun [​IMG]
     
  15. Mark Zimmer

    Mark Zimmer Well-Known Member

    Joined:
    Jun 30, 1997
    Messages:
    4,285
    Likes Received:
    24
    Don't forget to apply for a Reward Zone card if you do spend the $10K at Best Buy....that would get you an additional $400 in gift cards![​IMG]
     
  16. Stephen_Ri

    Stephen_Ri Well-Known Member

    Joined:
    Sep 10, 2002
    Messages:
    96
    Likes Received:
    0
    It looks like you came out OK anyway. I would consider making the best of it by updating to HD-DVD. Many people are a little worried that their collections will become obsolete; you don't have that problem now.
     
  17. Qui-Gon John

    Qui-Gon John Well-Known Member

    Joined:
    Oct 2, 2000
    Messages:
    3,527
    Likes Received:
    0
    I'd use Columbia House for the bulk of them, as many as you can. Tkae your list you now have, and start opening accounts and marking them off. You can get 6 when you sign up. Buy 2 more to fulfill, then cancel and repeat. Plus you can have 2 open accts at the same time, so you can work through your list faster.
     
  18. Terry H

    Terry H Well-Known Member

    Joined:
    Mar 17, 2001
    Messages:
    319
    Likes Received:
    0


    You may want to check into changing you carrier or getting additional coverage. I called my insurance company and they assured me that replacement means exactly that - no depreciation. Exception: antiques and collectibles. In that instance they pay actual cash value. I suppose if I owned a pile of oop criterions I might have a problem, but I don't. The good news for me is that my dvds won't be worthless (for insurance purposes) in 10 years.
     
  19. Jonathan Perregaux

    Jonathan Perregaux Well-Known Member

    Joined:
    Oct 10, 1999
    Messages:
    1,037
    Likes Received:
    402
    Real Name:
    Jonathan Perregaux
    Idiots. I bet you had DVDs that would be worth a mint on E-bay due, such as those from the Criterion Collection. Some are worth many times more their original value.
     
  20. Jeff D Han

    Jeff D Han Well-Known Member

    Joined:
    Mar 2, 2003
    Messages:
    566
    Likes Received:
    0
    I'm glad to read that you have received a settlement
    check that should rebuild most of your collection. If
    you open accounts through Columbia House, you will be
    able to get some of your replacements at a cheaper cost
    than you originally paid for them. I had three active
    accounts with them at one point.

    Your insurance company didn't offer to buy replacements
    for you? When I had some of my laserdisc collection ruined
    by water, they bought replacements for me and gave me a
    check for OOP titles.

    Happy shopping!

    You will rebuild your collection, right?
     

Share This Page