When considering insurance policies, you might first think of auto or homeowner’s insurance. Health and life insurance policies are also very common. How about toy insurance? There’s a fair chance that that policy isn’t as familiar, but these insurance plans are becoming quite popular. Let’s take a look at why toy insurance policies are becoming so popular.
Want to explore specific collectible and toy insurance policies in Coppell, TX? Contact The Select Insurance Agency; our agents would gladly help.
Toys are no Longer “Just” Playthings.
Perhaps most importantly, toys are no longer simply playthings. Of course, many kids play with toys day in and day out. That said, these everyday toys often aren’t the toys people are taking insurance policies out on. Instead, folks usually take out toy insurance policies on collectibles.
The details can be rather complex, but some toys become very valuable owing to high demand and extremely limited supply. For example, a mint-condition 1952 Topps Mickey Mantle baseball card sold for over $12 million in 2022. Why? This card popularized the general design of modern trading cards, and Mickey Mantle was a very popular player, resulting in high demand.
Meanwhile, very few 1952 Topps Mickey Mantle cards were ever produced. Of those few that were, many have been destroyed or damaged. This means supply is very limited; ultimately, high demand and low supply usually mean high prices.
Collectibles can make for great investments. The toy you buy now for $50 might be worth $500,000 in forty years. When it comes to valuables, it’s essential to ensure that they are adequately insured. Often, general homeowner’s insurance won’t cover collectibles or may set a low liability limit.
Interested in collectible and toy insurance policies in Coppell, TX? Visit The Select Insurance Agency.