Also in the case of damages it helps that discogs also has a graph feature which shows the low, medium, and high "sold" values of the records in their database, which might be able to help with evaluation of the collection. This is assuming the insurance company will pay you. You can take policies out as much as you want, but unless you have hardcopy, digital lists, photographs, and thorough documentation and evidence of your collection, they might just laugh at your attempt to claim.
EXACTLY! That is what the challenge would be. Physically and emotionally lol. I mean sure, the record was only worth 8 buck, but took me 3 years to find kind of thing lol.
I don't know if anyone has said this, but if you get on discogs, you can catalog most of your stuff easily. sometimes the record isn't there and you have to fill in all the data... but most of the time it's just a matter of giving it your cat number, and if the same record comes up as yours, just go "ok" and that's filed. you can also download a copy of your collection too. you can often see how much people are selling identical records for on discogs, but also there's a place called popsike which gives you an idea of how much things are too, then there's eil.com which may give you an idea. you could almost reference ebay, but they tend to inflate prices a lot.
Sometimes you have a record which is an Australian pressing which isn't there, but all the data for other pressings is, so you just make a copy of those, and fill in your local data, add it, done.
i have to say thankyou. even though i dont have a huge vinyl collection i respect how much work you went through to do this and put it on youtube :) top job mate all the best for the future.
Learned this lesson the hard way in November 2005 following a total-loss house fire (incorrectly installed stove). Insurers were fantastically good, paying out £2,000 for my hifi, despite NOT having any 'dedicated' cover, but they didn't (couldn't !!) pay a penny towards my music collection. Broke my heart, as I had been in the Air Force, and most of the music consisted of obscure albums bought from abroad. Thank god for the Internet!
Yo, that was DOPE!! I never thought of that. Just basically getting started and I am also with State Farm. Thanks for the advice!! ... I gave this a thumbs UP and subscribed, keep the video's coming.
This is cool that you bring this topic up. My Dad, the other day, just brought this up saying 'you are going to need to get special collectors insurance' thank you!!
You still have to do some typing but if you save the files as a .flac or .wav you will maintain the quaility if your vinyl is in good shape. It took me over 2 years to do mine but the advantage for me was that all my vinyl got cleaned with my Nitty Gritty cleaning machine and inserted into new poly bags to keep them clean and safe. I also go to listen to alll the older stuff I hadn't heard in years, including the first vinyl I bought back on September 22, 1964.
Thank you for the response Mr. Moore. I have seen many videos in reference to vinyl creation / manufacturing but wasn't aware of the information you have so graciously provided. It's true you learn something new everyday ^_^ again many Thanks.
Lost almost all my vinyl collection in the mid-80s,not to a fire but instead to the CD revolution.Rebuilding it again and kicking myself for buying into that nonsense.
Ha ha! I did just the opposite. I had a ton of cds, starting buying vinyl, sold off 100s of cds, and then worked on getting my cds back to go with my vinyl collection lol.
mrhoffame Yeah, I did just the same...kick out those CDs !!! My local record dealer traded some(20-25) of my CDs 1:1 with same vinyls...but just because it was nearly X-mas, I've been a good known customer for decades & my CDs were almost like brandnew, but awesome in any ways...can't believe it myself until today !^^
This is really good info! What I've done (just like you - "what if my house burned down?") is put all of my music that is in mp3 format onto a portable hard drive and deposited that in a safe deposit box in the bank. You can also include your list of vinyl on that hard drive.
Thank You for the prompt response. I have gone back as you indicated and viewed the video where you have your excel spreadsheet breakdown. I have now started creating my own template. Thanks a Million!, and please keep the very useful and educational videos coming.
Thanks for sharing this! I'll bet this is something a lot of serious LP collectors have not thought of, and knowing what it costs and how to get the coverage is really helpful. Thanks for sharing your experience! I don't have much vinyl, but I DO have a lot of out-of-print CDs with booklets that really enhance the value of the collection for me. You have got me thinking that I need to see if there is an insurance policy that would cover my CD collection in a way similar to your coverage.
Creating that database must have been a lot of work, but as you pointed out, it has a lot of cool uses to you besides providing a basis for the insurance coverage. If I'm able to locate coverage for my CD collection, I'm grateful for the fact that CDs came after UPC bar-coding technology, so almost all of my CDs have UPC codes I can use to pull the album data from online databases.
The list reminds me of LP's that I have bought at yard sales etc. That normally I would have just thrown on my shelf. Now that they are listed I remember and instead of my personal playlist I throw in a "sleeper" just to make sure I listen to it. I so have a printed list, and I will find out there value for insurance purpose. Good thinking.
I'm so glad I came across this video, thanks for posting. I just inherited my late father's vinyl collection and insuring it is one of the many issues I've recently had to consider.
I haven't gone to this video in years lol. The huge task is actually taking place right now. With my collection growing even more over the past 10 years, January of this year I decided to put my entire collection accurately into Discogs. That my friends has been something lol. Not doing bad though. In June now and only have about 350 more to input.
i just talked to my agent and the minimum rate is $30.00 per year.the value i put up was $10,000.00.it increases as the value goes above that.your also right about one other thing,it's great to have your collection cataloged.PS.mine is up for sale.mostly rock i bought since Apr 1961.i need to liquidate since i'm snowbirding nowdays.
This is great stuff! There is a software package that will also catalog your vinyl for you called Collectorz. It is very easy to enter your existing collection. Just a few key strokes and mouse clicks. Then you can export it into excel. It took me about 3 days to do about 1500 albums. I'm going to call my insurance company now to get my collection insured. I had no idea there was anything like that.
Easy. I have a diary on one of my social sites (privacy settings are adjustable), and I list the artist, the album name, and the medium it was recorded on. I have CDs, cassettes, reel-to-reel, and the best of all - vinyl! Although I must confess I listen to cassettes more than anything else, because I love to go to sleep listening to music. And I have to sleep a lot. Kudos to you, sir!
Thanks for checking out the vid. I do have an database for it. That is where the print out comes from actually lol. I just like having the hard copy. Making little scribble notes off to the side, etc. I keep an updated data base and keep a backup at my office. Even at work. I write my outlook calendar to a hard copy calendar lol. Don't know what it is. I guess I'm very old fashion :)
Thanks so much for this information. I'm just starting (I only have like 40 records) but I was thinking about starting a database and you just made it clear, thank you once again.
Wow. I knew about this but its a very daunting task to document my collection. I've had dreams where I see my whole collection as a big melted vinyl blob! LOL!! This is very awesome of you to share this. I wonder if you should document the pressing you have since that can make a difference with collectors.
I like your database idea. I've been putting my collection into excel using a visual-basic data entry window I wrote. It just sits on my desktop so I can add records quickly by just clicking the icon. Then, when I click the exit button, it sorts all the records in the file by artist name, album name, and closes the program. Call me a record collector. Call me a geek. I answer to both. :-)
Good share. I had a problem about 15 years ago. I had a flood in the basement and lost a lot if lp's. The insurance company said they would only give me a dollar a disc.They come to my house and looked at the spoiled albums. The vinyl was still in fab shape but the jacket was screwed.
@Telstar62a The pricing is based off the total amount you asked to be covered. They don't evaluate each piece. So the premiums are based of the amount you cover. It's just like the personal articles policy in a home owner policy. The don't add up the value of your couch, tv, and so on. You pick a number like 30k, 50k, etc.. to cover your personal stuff and you pay that premium. I have increased my coverage over the past couple of years so my prms a big higher now.
Thank You for doing the work and sharing the results with us vinyl freaks. I have State Farm too, and I would never have thought to ask them about insuring my collection. Hooray for State Farm, I guess, for recognizing the lasting value of the vinyl LP.
@newwavepopman Yes. All vinyl. They won't do cassettes or cds though. When you really get into the details of it, the policy language states 78s and all other lps are covered along with those. Take care my friend and thanks for watching.
It's the ID of the master plate used to make stampers in the outter lead-out of a record. It's usually a very cryptic series of letters and numbers; sometimes hand written, sometimes stamped. You can use these to trace the pedigree of an album. It's like a unique identifier that tells you the source.
You can get a specific rider on your insurance covering certain catagories of items, but as my insurance agent explained to me, loss of anything inside the house would be covered under personal property. I used to inventory my 45's on 3x5 cards and had them in file boxes. Talking about a lot of work! Guess what? Paper burns. I currently have my invertory of records, CD's and DVD's on computer programs. I can burn copies of the invertories and put them in my safe deposit box.
I know what you mean. Matter of fact, at first I was just going to select the Lps I wanted to cover the most and not worry about some of my dollar bin records and things like that but decided to do them all. You can always just pick the ones you want to cover and add on as you go. They really don't care about pressing. The just want the value of the record.....which In term automatically covers the value of an early pressing. Great to hear from you!!
Yes. 45 and 78s are included. For some reason the policy was listed in the "list of policies" as for 78lps only. He checked though and said it was all vinyl. Just not cds or cassettes.
This is why when I started collecting almost 10 years ago, I started cataloging my collection in the discogs database. So anytime I grab a few records I add them to my database.
I have a fair amount of experience in appraising collections for insurance, divorce etc and I would point out that just because a company will write a policy for your collection, that doesn't mean that they'll pay out if something happens to your records. Don't be surprised if they start disputing your figures, asking for additional documentation etc.
I found this video pretty cool and informative. I'm starting to collect vinyl records for the first time in my life and keeping track of that sort of thing is a good habit. I keep a log of my vinyl collection online though the website discogs. I feel it's a decent way to know what you have in your collection and to know what your vinyl might be worth. The site will tell you A LOT about your vinyl (assuming you don't have something super odd or ridiculously obscure like a unlabeled bootleg).
Great video man. Some time ago, I was thinking about the same thing about my vinyl collection, but then I just thought : even if I insure it for the value, it would take another lifetime to recollect all of my vinyls, if I would EVER even find them again....the cash I would have would be of "no value" to me, so I just don't insure them...
I think the best measure for values is what the ablum actually sells for. To me looking at something like ebay and seeing how much 3 or 4 copies of the same pressing has sold for is the truest of values. Not overflated "BUY IT NOW" listing but actual sales. Also, when you spend 1000s of hours digging around the country and online, amazon, ebay, etc...you get a feel for what certain albums go for and don't go for. I like the current sale method the best.
Although it might be impossible to re-create an exhaustive collection, especially rarities- having a check to cover at least some of the loss would buy a few beers to cry into! Thanks for this intelligent and helpful post- And I do hope you never have to use that policy! :D
Great video! Be very careful if you ever make a claim on that policy, they can drastically increase your annual fee or drop the coverage all to together once they make one payout on say a handful of records. If you file a claim make it worth while.!!! Good Luck!
Here's what I did. Created a list of my collection on Discogs.com ,then downloaded the Cratedigger app for my iphone. Now I have all that info + playlists right at my fingertips. Plus, you can print a database from your discogs account at anytime AND since it's on Discogs you have a backup there as well.
Great vid. I found the coverage price quoted interesting. Just $30?? My collection is over 3000 LPs & 2000 7". About 15 years (yep, 15, I remember where I was living & the computer used the old 3" disc!) I started a spreadsheet with CAT#, Label, Year, Country of Issue, Artist, Title, Notes, Price I paid & Cost To Replace. I only just finished it last month. OK, I took a break but when I really knuckled down to get it done, the file was originally called (my name) LP-45 List Oct 2003 - 8 years!
@TheGreenSeaDotNet I think storing them vertical as oppose to stacking is always better. If you are reffering to the slight 'lean"... I make sure the left side of the stack is always flush with the side so no record is pressured on a bend. Also, with the smaller cuby holes ...I only keep about 60-70 lps in each so overall they are pretty well kept. Thanks for asking and thanks for watching my friend!
@RnDnproductions I use a goldmine book I have as well as looking at what things sell for on the net. I have been to a lot of record stores and shows and have looked at things on the net for hours on end. I think the best marker for the value of an album is what 5 or 6 of them have sold for on the net. After all they are really only worth what someone would pay. Take Care
@malawri67 Thank you. I really do enjoy the room but I am outgrowing it quick and we just bought this house a year or so ago so I don't see us moving anytime soon lol. My wife has even offered up her office to make it a second music room...but I couldn't do that lol. Her support for my collection is why it is growing so dam fast! A good woman huh lo. Anyway, thanks for watching!
Yes it is. I use the goldmine book (as a last resort and usually take about 35% off what they say). Mostly I use ebay and my knowledge from digging for years. If I constantly see an lp in a dollar bin, it is worth a dollar no matter what ebay or goldmine says lol. I think the prices that a record has sold for on ebay in the past is my favorite way to price them. Most new lps out of the store are already accurate
@squierplayer LOL good question. That was just a copy I printed out. I have the list on my computer and I keep a copy on a zip drive. I also give a copy to the insurance company about every six months ....so there are some safe guards lol. Thanks for watching!
Thanks so much for that video reminder! You are absolutely right! I've started to inventory in Excel several times but then dropped the ball. And I have thousands of records, a huge task but so important. BTW, don't forget to backup your database files (:->
I'm sure they would, but I like to use the actual value I put on the lp itself. I like my data base to be as authentic as possilbe. I mean Goldmine has 1000s of lps I see in dollar bin everywhere where GM will list values at 8-10 dollars lol. I guess I have always seen the true value of a record as what it would actually sell for so that's the price I like to use. Makes my collection seem more "real" in a way. Thanks for checking out the vid my friend!
If the collection is worth it, i.e. worth a LOT, you may be able to specify how it is to be valued, using whatever guide as a basis, and basically writing the terms of the coverage. The insurance co. underwriter (not the agent) will determine how to price your premium for it. It probably won't be $30 a year, but you want to cover it adequately. I'm sure that if you want, you could insure specific valuable albums aside from the rest of the collection. Talk to your agent, they can help you.
Thanks man. I'll be looking into getting my vinyl covered soon. It's a shame they don't cover CD's as well; some of my CD's are worth more than the cars in the parking lot below me.
love the vinyl have a collection my self not as big as yrs,i have about 700 but i guess you got start some where.how long u been a collector.would love to come over and rock out.nice collection
I respect your preference. To me each format has something that the others don't. If you are only concerned with the play back of a song. Not concerned with artwork, digital vs analog, collectability, and physical interaction with the music...then digital is certainly the way to go. I guess for us that collect vinyl, we need a bit more from our music than just the sound waves from a speaker. As long as you are rockn' and rollin'...to each his own lol.
A number of them. I like ebay a lot. Seeing what people are actually willing to pay on a REGULA basis is a true value to me. Not just one fluke high/low price sale. Also, I have spent MANY hours in MANY record stores all of the country lol. Goldmine might say an album is worth 10 but if I have seen in multiple dollar bins..it is worth $1. I basiclly search many places to see what people have actually paid for an album more than once. That to me is the purtest value.
Nice, I have made a compilation of what vinyl I have too. Not for insurance policy but to let others see what I have and request to hear certain LP's. Also I mark every time I play an LP. Just trying to see what I listen to and also, if I do sell one I may think I have listened to it 150 times but when I look I can see hey I have spun this record 5 times only. Also to spin Lp's that I may be not playing or over looking.
nice video! it's quite interesting that the insurance doesn't cover cd's! anyway, I did such a list myself but without the value of the vinyl. so it's basically a list for myself - i also added the size of the records, number of records (you know, double-lp, triple, etc.) and the label on which it was released.
Wow that's a great idea! I've never even thought about having my vinyl insured. I've got a couple questions. Did statefarm take your word on the value of the vinyl or did they actually look it up as well, also, what did you use to set the value of your vinyl? I've also made an excel spreadsheet Listing the Artist, Title of album, Year (also if it was original or Reissue), CAT #, country issue, and value. I took the mean price of 20 copies of the same record...
@BoycottStabb Oh yes! I am very aware lol! I even make myself stop purchasing for periods of time to allow myself to remember the "music". It is very east to get lost in the search and "find" itself. I also have a little rule I put in place for myself. My wife will let me spend as much time as I want in music room but I only allow myself to be in here if I get home before she does and after she goes to bed. I never spend more than15 min in here if she is at home with me.
im doing a simlar thing with my cd collection using excel but its just as a catalogue for them not for insurance but am going to be digging out my lp collection shortly to transfer to cd so will be doing a similar listing with it
what also helps is what i do is puting the serial no of the label and the label it will help when ulook to se what its worth in record price guide.just a helpful tip.also do u have any more videos comming up soon.
A Database is good (as long as you keep it on line!). I use a Database too, but I also take a Photograph of all my Vinyl (when I buy it and before it is filed) and keep these on-line. This proves to the Insurance Company that I own the Vinyl (anybody can create a Database!) and it also helps me when I'm out and about and need to know something about a record I own, ie, at a Record Fair. Cheers! Ade/UK.
Discogs is your best bet for keeping a database of your music collection no matter what the format. You can create an online "collection" and you don't have to keep a copy on your computer or any other device because they keep that info for you. And the best part is, it's free.
Thanks for this information. I've got a fairly decent LP collection myself, and I'm insured with State Farm. I'll have to check it out. I have been enjoying several of your videos tonight. You've got wonderfully eclectic taste and a great music room! I've been doing a few videos of some of my records during the past few months. If you have any interest in checking those out, please do! Meanwhile, I look forward to catching more of yours.
Hi there! Great advice...where did you get the racks to store your vinyl? Were they custom made or can they be purchased? Any advice would be greatly appreciated! Thanks!
Of course I keep the master list on my PC on a microsoft Wordsheet. And then just enter each time I listen to an LP in it's own column. Like you I have Artist, title, label, special info (colored vinyl etc.) year and then played. But one thing for sure it keeps me searching out lp's that usually would just sit there. So Far top LP's listened to are, Bob Dylan Street Legal, The Black Keys The Big Come up, Counting Crows August .. and Recovering the Satelites Talking Heads Stop Making Sense
@TheRocketSilo Yeah, you really have to use a number of different elements in conjunction with each other to really price a record. Goldmine, Ebay, and Record Stores are my three. Honestly my favorite way to value a record is too look at 3 auctions on ebay and kind of take the middle price. After all a record is really only worth what people will pay for them in my opinion.
Thanks so much for this video !!!! I have about 2000 pieces that I am trying to get on a spreadsheet I am up to 700 hopefully in the next day or two I will have them done ..Thanks for the info on the insurance that will be my next thing on my to do list...As always Great Video...
Yeah. I Priced them according to the value I already had on them. They really just take your word for it. Great to hear from you. Got any new stuff to post?
Great collection! And thanks for the heads up about the insurance thing. Two questions : Can I get my LPs insured if I have a small collection? Is it like, one needs to have atleast 'X' number of records before being eligible for claiming insurance? Secondly, how do you value your LPs? The price at which you bought them? Or its current value? And if its the current value then its going to an approximation right? Cheers.
ahhhh man....that is a task lol!! You know the only time I hated being in my music room was the last three days of input lol!! I was so sick of it!! I guess every loving couple has a spat thought right lol.
Thanks for the video! I'm relocating my vinyl collection soon to an office/studio space and am thinking about finally insuring my collection. Question: You said "for as little as $30 a year for insurance." What does that pay out if the collection is destroyed by fire or something? Example, if you collection in the video is worth... say $20,000, is that what the insurance company will pay you? Also, What if your collection keeps growing, or say 5% of your LPs increase in value each year?
@TechnoWhamBar Thing is I need this for the insurance plan, but I collect lps, 45s, cassettes, cds, and 8 tracks. I like the excel spread sheet because it is easier to keep track of all those. Not to mention when you have multiple different releases of the same album. For example, Between cassette, cd, and vinyl I have 7 different issues of Metallica's Master Of Puppets lol. Thanks for watching
I've been toying with the idea of compiling a list of my music, too, but my eyes are so bad that they'd be burnt out long before I finished. I keep a diary of what I've played, though.
@OldSonRecords Yes, there's a difference between replacement value and actual cash value, so you would want to make sure and tell them. You can pretty much insure it however you want to, if you want to pay the differences. Most peoples (i.e. not collectors) collections, it isn't worth the hassle or money, as the most they'll be out at once is fairly low, a few hundred or a thousand. A valuable collection (of anything) is worth breaking out of the standard homeowner policy.
![Eminem - Fuel (feat. JID) [Official Lyric Video]](http://i.ytimg.com/vi/t5H_CewqpKA/mqdefault.jpg)
This is why I use discogs, in case of an insurance claim I can go there and easily get the current value of each record.
I know I am pretty randomly asking but do anybody know of a good website to stream newly released movies online ?
@Donovan Avi Try FlixZone. You can find it by googling :)
@Myles Marlon Yea, have been using flixzone for years myself :D
@Myles Marlon thank you, I went there and it seems to work =) Appreciate it!
@Donovan Avi you are welcome :D
Also in the case of damages it helps that discogs also has a graph feature which shows the low, medium, and high "sold" values of the records in their database, which might be able to help with evaluation of the collection.
This is assuming the insurance company will pay you. You can take policies out as much as you want, but unless you have hardcopy, digital lists, photographs, and thorough documentation and evidence of your collection, they might just laugh at your attempt to claim.
having them insured is one thing, but finding them all over again (especially rare stuff) is another!
EXACTLY! That is what the challenge would be. Physically and emotionally lol. I mean sure, the record was only worth 8 buck, but took me 3 years to find kind of thing lol.
I don't know if anyone has said this, but if you get on discogs, you can catalog most of your stuff easily. sometimes the record isn't there and you have to fill in all the data... but most of the time it's just a matter of giving it your cat number, and if the same record comes up as yours, just go "ok" and that's filed. you can also download a copy of your collection too. you can often see how much people are selling identical records for on discogs, but also there's a place called popsike which gives you an idea of how much things are too, then there's eil.com which may give you an idea. you could almost reference ebay, but they tend to inflate prices a lot.
Discogs is quite incomplete, for me anyways. But it's still awesome.
+Tenebrius1963 If the record isn't in Discogs, then you add it.
Sometimes you have a record which is an Australian pressing which isn't there, but all the data for other pressings is, so you just make a copy of those, and fill in your local data, add it, done.
i have to say thankyou. even though i dont have a huge vinyl collection i respect how much work you went through to do this and put it on youtube :) top job mate all the best for the future.
Learned this lesson the hard way in November 2005 following a total-loss house fire (incorrectly installed stove).
Insurers were fantastically good, paying out £2,000 for my hifi, despite NOT having any 'dedicated' cover, but they didn't (couldn't !!) pay a penny towards my music collection.
Broke my heart, as I had been in the Air Force, and most of the music consisted of obscure albums bought from abroad. Thank god for the Internet!
Yo, that was DOPE!! I never thought of that. Just basically getting started and I am also with State Farm. Thanks for the advice!! ... I gave this a thumbs UP and subscribed, keep the video's coming.
Thanks my friend!! :)
This is cool that you bring this topic up. My Dad, the other day, just brought this up saying 'you are going to need to get special collectors insurance' thank you!!
GREAT INFORMATION! We have an extensive vinyl collection and never knew about the insurance option. Thanks!
You still have to do some typing but if you save the files as a .flac or .wav you will maintain the quaility if your vinyl is in good shape. It took me over 2 years to do mine but the advantage for me was that all my vinyl got cleaned with my Nitty Gritty cleaning machine and inserted into new poly bags to keep them clean and safe. I also go to listen to alll the older stuff I hadn't heard in years, including the first vinyl I bought back on September 22, 1964.
Thank you for the response Mr. Moore. I have seen many videos in reference to vinyl creation / manufacturing but wasn't aware of the information you have so graciously provided. It's true you learn something new everyday ^_^ again many Thanks.
Lost almost all my vinyl collection in the mid-80s,not to a fire but instead to the CD revolution.Rebuilding it again and kicking myself for buying into that nonsense.
Ha ha! I did just the opposite. I had a ton of cds, starting buying vinyl, sold off 100s of cds, and then worked on getting my cds back to go with my vinyl collection lol.
mrhoffame
Good for you! So jealous of your collection and love your videos. Keep on spinning. :)
mrhoffame
Yeah, I did just the same...kick out those CDs !!! My local record dealer traded some(20-25) of my CDs 1:1 with same vinyls...but just because it was nearly X-mas, I've been a good known customer for decades & my CDs were almost like brandnew, but awesome in any ways...can't believe it myself until today !^^
I’m doing the same, I was bought off by CD’s but have returned to vinyl big time
This is really good info!
What I've done (just like you - "what if my house burned down?") is put all of my music that is in mp3 format onto a portable hard drive and deposited that in a safe deposit box in the bank.
You can also include your list of vinyl on that hard drive.
Thank You for the prompt response. I have gone back as you indicated and viewed the video where you have your excel spreadsheet breakdown. I have now started creating my own template. Thanks a Million!, and please keep the very useful and educational videos coming.
Yeah lol. I had that folder for every bit of 4 days lol. I keep the list on a hard drive at home and a zip drive I take to my office.
Thanks for sharing this! I'll bet this is something a lot of serious LP collectors have not thought of, and knowing what it costs and how to get the coverage is really helpful. Thanks for sharing your experience! I don't have much vinyl, but I DO have a lot of out-of-print CDs with booklets that really enhance the value of the collection for me. You have got me thinking that I need to see if there is an insurance policy that would cover my CD collection in a way similar to your coverage.
Very cool way keeping track of your collection! Thanks
Creating that database must have been a lot of work, but as you pointed out, it has a lot of cool uses to you besides providing a basis for the insurance coverage. If I'm able to locate coverage for my CD collection, I'm grateful for the fact that CDs came after UPC bar-coding technology, so almost all of my CDs have UPC codes I can use to pull the album data from online databases.
The list reminds me of LP's that I have bought at yard sales etc. That normally I would have just thrown on my shelf. Now that they are listed I remember and instead of my personal playlist I throw in a "sleeper" just to make sure I listen to it. I so have a printed list, and I will find out there value for insurance purpose. Good thinking.
I'm so glad I came across this video, thanks for posting. I just inherited my late father's vinyl collection and insuring it is one of the many issues I've recently had to consider.
I enjoy my collection. There is soooo much more to music than just sound waves. I'm sorry you seem to missing out on the rest.
Wow... That sounds like an incredible task!! Good job...amazing to have such a comprehensive catalogue. Good price for the policy 😎😍
I haven't gone to this video in years lol. The huge task is actually taking place right now. With my collection growing even more over the past 10 years, January of this year I decided to put my entire collection accurately into Discogs. That my friends has been something lol. Not doing bad though. In June now and only have about 350 more to input.
@@mrhoffame Way to go - well done man!!! :)
i just talked to my agent and the minimum rate is $30.00 per year.the value i put up was $10,000.00.it increases as the value goes above that.your also right about one other thing,it's great to have your collection cataloged.PS.mine is up for sale.mostly rock i bought since Apr 1961.i need to liquidate since i'm snowbirding nowdays.
This is great stuff! There is a software package that will also catalog your vinyl for you called Collectorz. It is very easy to enter your existing collection. Just a few key strokes and mouse clicks. Then you can export it into excel. It took me about 3 days to do about 1500 albums. I'm going to call my insurance company now to get my collection insured. I had no idea there was anything like that.
Easy. I have a diary on one of my social sites (privacy settings are adjustable), and I list the artist, the album name, and the medium it was recorded on. I have CDs, cassettes, reel-to-reel, and the best of all - vinyl! Although I must confess I listen to cassettes more than anything else, because I love to go to sleep listening to music. And I have to sleep a lot. Kudos to you, sir!
Thanks for checking out the vid. I do have an database for it. That is where the print out comes from actually lol. I just like having the hard copy. Making little scribble notes off to the side, etc. I keep an updated data base and keep a backup at my office. Even at work. I write my outlook calendar to a hard copy calendar lol. Don't know what it is. I guess I'm very old fashion :)
Thanks so much for this information. I'm just starting (I only have like 40 records) but I was thinking about starting a database and you just made it clear, thank you once again.
Wow. I knew about this but its a very daunting task to document my collection. I've had dreams where I see my whole collection as a big melted vinyl blob! LOL!! This is very awesome of you to share this. I wonder if you should document the pressing you have since that can make a difference with collectors.
I like your database idea. I've been putting my collection into excel using a visual-basic data entry window I wrote. It just sits on my desktop so I can add records quickly by just clicking the icon. Then, when I click the exit button, it sorts all the records in the file by artist name, album name, and closes the program. Call me a record collector. Call me a geek. I answer to both. :-)
Good share. I had a problem about 15 years ago. I had a flood in the basement and lost a lot if lp's. The insurance company said they would only give me a dollar a disc.They come to my house and looked at the spoiled albums. The vinyl was still in fab shape but the jacket was screwed.
@Telstar62a The pricing is based off the total amount you asked to be covered. They don't evaluate each piece. So the premiums are based of the amount you cover. It's just like the personal articles policy in a home owner policy. The don't add up the value of your couch, tv, and so on. You pick a number like 30k, 50k, etc.. to cover your personal stuff and you pay that premium. I have increased my coverage over the past couple of years so my prms a big higher now.
Great video. Never even thought about the business side of things. I’m going to call my insurance company and see what their offer. Thanks👍
Thank You for doing the work and sharing the results with us vinyl freaks. I have State Farm too, and I would never have thought to ask them about insuring my collection. Hooray for State Farm, I guess, for recognizing the lasting value of the vinyl LP.
@newwavepopman Yes. All vinyl. They won't do cassettes or cds though. When you really get into the details of it, the policy language states 78s and all other lps are covered along with those. Take care my friend and thanks for watching.
I have every cd or tap or vinyl on Discogs so its easy to keep up to date what I have
very nice information, thanks for sharing... All I need to do now is to start buying vinyls.
Nice vid man! My collection is growing and things like this are awesome to know.
It's the ID of the master plate used to make stampers in the outter lead-out of a record. It's usually a very cryptic series of letters and numbers; sometimes hand written, sometimes stamped. You can use these to trace the pedigree of an album. It's like a unique identifier that tells you the source.
You can get a specific rider on your insurance covering certain catagories of items, but as my insurance agent explained to me, loss of anything inside the house would be covered under personal property. I used to inventory my 45's on 3x5 cards and had them in file boxes. Talking about a lot of work! Guess what? Paper burns. I currently have my invertory of records, CD's and DVD's on computer programs. I can burn copies of the invertories and put them in my safe deposit box.
I know what you mean. Matter of fact, at first I was just going to select the Lps I wanted to cover the most and not worry about some of my dollar bin records and things like that but decided to do them all. You can always just pick the ones you want to cover and add on as you go. They really don't care about pressing. The just want the value of the record.....which In term automatically covers the value of an early pressing. Great to hear from you!!
Yes. 45 and 78s are included. For some reason the policy was listed in the "list of policies" as for 78lps only. He checked though and said it was all vinyl. Just not cds or cassettes.
I never thought i would have my records insured, but after watching this video I might actually consider it lol.. Thanks for lookin out man.
This is why when I started collecting almost 10 years ago, I started cataloging my collection in the discogs database. So anytime I grab a few records I add them to my database.
That is why you keep a copy on a zip drive at your office lol. And I send a updated copy to the insurance company every few months.
I have a fair amount of experience in appraising collections for insurance, divorce etc and I would point out that just because a company will write a policy for your collection, that doesn't mean that they'll pay out if something happens to your records. Don't be surprised if they start disputing your figures, asking for additional documentation etc.
you have a cool music room!
take care of this treasure vault!;)
I found this video pretty cool and informative. I'm starting to collect vinyl records for the first time in my life and keeping track of that sort of thing is a good habit. I keep a log of my vinyl collection online though the website discogs. I feel it's a decent way to know what you have in your collection and to know what your vinyl might be worth. The site will tell you A LOT about your vinyl (assuming you don't have something super odd or ridiculously obscure like a unlabeled bootleg).
Great video man. Some time ago, I was thinking about the same thing about my vinyl collection, but then I just thought : even if I insure it for the value, it would take another lifetime to recollect all of my vinyls, if I would EVER even find them again....the cash I would have would be of "no value" to me, so I just don't insure them...
I think the best measure for values is what the ablum actually sells for. To me looking at something like ebay and seeing how much 3 or 4 copies of the same pressing has sold for is the truest of values. Not overflated "BUY IT NOW" listing but actual sales.
Also, when you spend 1000s of hours digging around the country and online, amazon, ebay, etc...you get a feel for what certain albums go for and don't go for. I like the current sale method the best.
Although it might be impossible to re-create an exhaustive collection, especially rarities-
having a check to cover at least some of the loss would buy a few beers to cry into! Thanks for this intelligent and helpful post- And I do hope you never have to use that policy! :D
Great video! Be very careful if you ever make a claim on that policy, they can drastically increase your annual fee or drop the coverage all to together once they make one payout on say a handful of records. If you file a claim make it worth while.!!!
Good Luck!
Here's what I did. Created a list of my collection on Discogs.com ,then downloaded the Cratedigger app for my iphone. Now I have all that info + playlists right at my fingertips. Plus, you can print a database from your discogs account at anytime AND since it's on Discogs you have a backup there as well.
Great vid. I found the coverage price quoted interesting. Just $30?? My collection is over 3000 LPs & 2000 7". About 15 years (yep, 15, I remember where I was living & the computer used the old 3" disc!) I started a spreadsheet with CAT#, Label, Year, Country of Issue, Artist, Title, Notes, Price I paid & Cost To Replace. I only just finished it last month. OK, I took a break but when I really knuckled down to get it done, the file was originally called (my name) LP-45 List Oct 2003 - 8 years!
@TheGreenSeaDotNet I think storing them vertical as oppose to stacking is always better. If you are reffering to the slight 'lean"... I make sure the left side of the stack is always flush with the side so no record is pressured on a bend. Also, with the smaller cuby holes ...I only keep about 60-70 lps in each so overall they are pretty well kept.
Thanks for asking and thanks for watching my friend!
Yeah Tink!! You have massive collection and I would hate to ever hear about anything happening to it lol!!
@RnDnproductions I use a goldmine book I have as well as looking at what things sell for on the net. I have been to a lot of record stores and shows and have looked at things on the net for hours on end. I think the best marker for the value of an album is what 5 or 6 of them have sold for on the net. After all they are really only worth what someone would pay.
Take Care
Regarding prices, I would simply use Goldmine values. I'm sure the insurance company would be good with that.
@malawri67 Thank you. I really do enjoy the room but I am outgrowing it quick and we just bought this house a year or so ago so I don't see us moving anytime soon lol. My wife has even offered up her office to make it a second music room...but I couldn't do that lol. Her support for my collection is why it is growing so dam fast! A good woman huh lo. Anyway, thanks for watching!
@simxslashsimon LOL yeah. Thats why I keep a back up at work as well as with the insurance company. They get an updated copy as well.
Yes it is. I use the goldmine book (as a last resort and usually take about 35% off what they say). Mostly I use ebay and my knowledge from digging for years. If I constantly see an lp in a dollar bin, it is worth a dollar no matter what ebay or goldmine says lol. I think the prices that a record has sold for on ebay in the past is my favorite way to price them. Most new lps out of the store are already accurate
@squierplayer LOL good question. That was just a copy I printed out. I have the list on my computer and I keep a copy on a zip drive. I also give a copy to the insurance company about every six months ....so there are some safe guards lol. Thanks for watching!
What your collection up to now.
Thanks so much for that video reminder! You are absolutely right! I've started to inventory in Excel several times but then dropped the ball. And I have thousands of records, a huge task but so important. BTW, don't forget to backup your database files (:->
This is a pretty awesome collection man!
I'm sure they would, but I like to use the actual value I put on the lp itself. I like my data base to be as authentic as possilbe. I mean Goldmine has 1000s of lps I see in dollar bin everywhere where GM will list values at 8-10 dollars lol. I guess I have always seen the true value of a record as what it would actually sell for so that's the price I like to use. Makes my collection seem more "real" in a way.
Thanks for checking out the vid my friend!
If the collection is worth it, i.e. worth a LOT, you may be able to specify how it is to be valued, using whatever guide as a basis, and basically writing the terms of the coverage. The insurance co. underwriter (not the agent) will determine how to price your premium for it. It probably won't be $30 a year, but you want to cover it adequately. I'm sure that if you want, you could insure specific valuable albums aside from the rest of the collection. Talk to your agent, they can help you.
HA HA HA! I KNEW VINYL WAS THE BEST FORMAT TO COLLECT FOR! This backs what I have been saying for years! Thanks for the vid bud!
@jazzbase412 According to the ins company lol. They said those are covered with the rest of your property under home owners or renters ins.
Thanks man. I'll be looking into getting my vinyl covered soon. It's a shame they don't cover CD's as well; some of my CD's are worth more than the cars in the parking lot below me.
love the vinyl have a collection my self not as big as yrs,i have about 700 but i guess you got start some where.how long u been a collector.would love to come over and rock out.nice collection
I respect your preference. To me each format has something that the others don't. If you are only concerned with the play back of a song. Not concerned with artwork, digital vs analog, collectability, and physical interaction with the music...then digital is certainly the way to go. I guess for us that collect vinyl, we need a bit more from our music than just the sound waves from a speaker. As long as you are rockn' and rollin'...to each his own lol.
Amazing collection, sir!!
A number of them. I like ebay a lot. Seeing what people are actually willing to pay on a REGULA basis is a true value to me. Not just one fluke high/low price sale. Also, I have spent MANY hours in MANY record stores all of the country lol. Goldmine might say an album is worth 10 but if I have seen in multiple dollar bins..it is worth $1. I basiclly search many places to see what people have actually paid for an album more than once. That to me is the purtest value.
insurance for LP's...never thought of it. Thankz for the info.
Nice, I have made a compilation of what vinyl I have too. Not for insurance policy but to let others see what I have and request to hear certain LP's. Also I mark every time I play an LP. Just trying to see what I listen to and also, if I do sell one I may think I have listened to it 150 times but when I look I can see hey I have spun this record 5 times only. Also to spin Lp's that I may be not playing or over looking.
nice video! it's quite interesting that the insurance doesn't cover cd's! anyway, I did such a list myself but without the value of the vinyl. so it's basically a list for myself - i also added the size of the records, number of records (you know, double-lp, triple, etc.) and the label on which it was released.
Wow that's a great idea! I've never even thought about having my vinyl insured. I've got a couple questions. Did statefarm take your word on the value of the vinyl or did they actually look it up as well, also, what did you use to set the value of your vinyl? I've also made an excel spreadsheet Listing the Artist, Title of album, Year (also if it was original or Reissue), CAT #, country issue, and value. I took the mean price of 20 copies of the same record...
@BoycottStabb Oh yes! I am very aware lol! I even make myself stop purchasing for periods of time to allow myself to remember the "music". It is very east to get lost in the search and "find" itself. I also have a little rule I put in place for myself. My wife will let me spend as much time as I want in music room but I only allow myself to be in here if I get home before she does and after she goes to bed. I never spend more than15 min in here if she is at home with me.
im doing a simlar thing with my cd collection using excel but its just as a catalogue for them not for insurance but am going to be digging out my lp collection shortly to transfer to cd so will be doing a similar listing with it
what also helps is what i do is puting the serial no of the label and the label it will help when ulook to se what its worth in record price guide.just a helpful tip.also do u have any more videos comming up soon.
A Database is good (as long as you keep it on line!). I use a Database too, but I also take a Photograph of all my Vinyl (when I buy it and before it is filed) and keep these on-line. This proves to the Insurance Company that I own the Vinyl (anybody can create a Database!) and it also helps me when I'm out and about and need to know something about a record I own, ie, at a Record Fair. Cheers! Ade/UK.
Discogs is your best bet for keeping a database of your music collection no matter what the format. You can create an online "collection" and you don't have to keep a copy on your computer or any other device because they keep that info for you. And the best part is, it's free.
"what if my house caught on fire and all that type of good stuff" lol
The insurance company has a copy :) This video was also done before discogs was around. Today I keep both an excell spreadsheet and discogs.
Thanks for this information. I've got a fairly decent LP collection myself, and I'm insured with State Farm. I'll have to check it out.
I have been enjoying several of your videos tonight. You've got wonderfully eclectic taste and a great music room! I've been doing a few videos of some of my records during the past few months. If you have any interest in checking those out, please do! Meanwhile, I look forward to catching more of yours.
Hi there!
Great advice...where did you get the racks to store your vinyl? Were they custom made or can they be purchased? Any advice would be greatly appreciated! Thanks!
Discogs offers a user account with an option of cataloging your records on their site digitally.
Of course I keep the master list on my PC on a microsoft Wordsheet. And then just enter each time I listen to an LP in it's own column. Like you I have Artist, title, label, special info (colored vinyl etc.) year and then played. But one thing for sure it keeps me searching out lp's that usually would just sit there. So Far top LP's listened to are, Bob Dylan Street Legal, The Black Keys The Big Come up, Counting Crows August .. and Recovering the Satelites Talking Heads Stop Making Sense
Thanks for the info and appreciate it! Great collection! What would you say is the predominate genre?
@TheRocketSilo Yeah, you really have to use a number of different elements in conjunction with each other to really price a record. Goldmine, Ebay, and Record Stores are my three. Honestly my favorite way to value a record is too look at 3 auctions on ebay and kind of take the middle price. After all a record is really only worth what people will pay for them in my opinion.
Thanks so much for this video !!!! I have about 2000 pieces that I am trying to get on a spreadsheet I am up to 700 hopefully in the next day or two I will have them done ..Thanks for the info on the insurance that will be my next thing on my to do list...As always Great Video...
Yeah. I Priced them according to the value I already had on them. They really just take your word for it.
Great to hear from you. Got any new stuff to post?
Great collection! And thanks for the heads up about the insurance thing. Two questions : Can I get my LPs insured if I have a small collection? Is it like, one needs to have atleast 'X' number of records before being eligible for claiming insurance? Secondly, how do you value your LPs? The price at which you bought them? Or its current value? And if its the current value then its going to an approximation right?
Cheers.
ahhhh man....that is a task lol!! You know the only time I hated being in my music room was the last three days of input lol!! I was so sick of it!! I guess every loving couple has a spat thought right lol.
Thanks for the video! I'm relocating my vinyl collection soon to an office/studio space and am thinking about finally insuring my collection.
Question: You said "for as little as $30 a year for insurance." What does that pay out if the collection is destroyed by fire or something? Example, if you collection in the video is worth... say $20,000, is that what the insurance company will pay you?
Also, What if your collection keeps growing, or say 5% of your LPs increase in value each year?
Great idea!. I've only been collecting a short while. Up to about 100 at the moment. Mostly 70s & 80s :) I thought i had a lot!..wow
@TechnoWhamBar Thing is I need this for the insurance plan, but I collect lps, 45s, cassettes, cds, and 8 tracks. I like the excel spread sheet because it is easier to keep track of all those. Not to mention when you have multiple different releases of the same album. For example, Between cassette, cd, and vinyl I have 7 different issues of Metallica's Master Of Puppets lol. Thanks for watching
I've been toying with the idea of compiling a list of my music, too, but my eyes are so bad that they'd be burnt out long before I finished. I keep a diary of what I've played, though.
Question: what do they give you if your collection burns down? Money, or a gift certificate at HMV? Makes a hell of a difference!
most informitive,i was just wondering how you estimated the value of a given record? thanks
@OldSonRecords Yes, there's a difference between replacement value and actual cash value, so you would want to make sure and tell them. You can pretty much insure it however you want to, if you want to pay the differences. Most peoples (i.e. not collectors) collections, it isn't worth the hassle or money, as the most they'll be out at once is fairly low, a few hundred or a thousand. A valuable collection (of anything) is worth breaking out of the standard homeowner policy.