A Guide to Medal Insurance

One of the questions asked by collectors and others is should I insure my collection of medals (coins, stamps etc) ? Well, all we can do is put the information in front of you and let you draw your own conclusions. To begin, some household policies will have a section about collections, which you inform them of when taking out the house insurance. Usually they cover a collection up to a specific value, say for example 1500.00 and any item with a value above 500.00 for example must be listed separately within this policy. So if you are a not a collector of medals per se, but have inherited the family collection and will not be adding to them, it's worth getting a valuation from a dealer (most normally charge a small fee for this service) and then talking to an insurance company if need be, as most will be covered under that heading, (unless your relative was a Victoria Cross holder etc). With regards to a collector, or for that matter just the family custodian, if you acquire a group of medals, if you intend to split them up, with one medal going to Aunt Florence, and another to Uncle Jim you must be aware this will not only lose history but the monetary value also goes down Any information on a medal is worth keeping with it after purchase, photographs, papers and the like all build up a picture of who, how and when.

Waterloo and New Zealand War medals
A Waterloo medal. These can sell for thousands of pounds whereas the New Zealand medal can sell for hundreds

As a collector, good record keeping is a must, for example knowing how much you paid, when purchased, the name, rank and number on any medal you have. This will help not only keep a value on your collection, but also help if your items are ever stolen. This record keeping will also help you to decide if the value has or is approaching a point where you need to insure the collection under its own policy. Pictures of items are also a good idea giving you a visual record of your items, as well as, should the worst happen, proof of ownership, and identification of items if they are recovered by the police. Keeping your receipt of purchase is also a must, and keeping any catalogue listings of the items you purchased is also a good idea, as this all adds to the picture or history of the items.

A first world war pair of medals from 1914-18
A Pair of First World War Medals. These can have a value of between thirty pounds to several hundred depending on the name and regiment and if the man or woman was Killed in action (KIA)

Also remember that most items will go up in value over the years and you may wish to increase the value of your collection with inflation, (as your policy will certainly go up)! Other factors to consider are :- Will my policy cover me for moving, showing my collection to people, accidental loss, or damage, as well as theft. These are just a few of the points worth considering when thinking about insurance. If you consider insuring you collection, it's worth getting some quotes and below are a couple of insurance companies that insure medals.

A German Knights Cross and German Iron Cross 2nd Class from 1939-45
A German Knights Cross and German Iron Cross 2nd Class from 1939-45, the difference between the two can be several thousand pounds


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