Sneaker lovers, here's why you need insurance right now
What's the story
In the past few years, sneaker collecting has become a huge thing among fashion-conscious Indians.
Some pairs are so expensive (think ₹50,000+) that people are now considering insuring their precious collection.
Our today's article is all about that - how you (if you are a sneakerhead in India) can get your beloved collection insured against theft, damage, and whatever else life might throw at it.
Valuation
Understanding the value of your collection
Before insuring your sneakers, you need to know their market value.
Limited edition drops and vintage pairs can increase in value over time.
Keep track of what you paid, when you bought them, and any increases in value.
Knowing the value of your collection is crucial when choosing an insurance policy that provides sufficient coverage.
Policy selection
Choosing the right insurance policy
In India, sneakerheads have a few insurance options to protect their precious collections. Personal valuable insurance policies are designed for expensive items like art, jewelry, and of course, sneakers.
Make sure to read the fine print! You want a policy that covers theft and damage, even when you're shipping your kicks to a buyer.
Insurers may require appraisals or receipts to prove the value of your collectibles.
Coverage details
Additional coverage considerations
Apart from the standard theft or damage protection, you should opt for policies offering worldwide coverage if you regularly travel with your sneakers or intend to purchase/sell from international locations.
Another aspect to check is if the policy covers the cost of restoration for damaged pieces. This is especially useful for rare or vintage sneakers that may need expert restoration services.
Maintenance
Tips for maintaining your sneaker collection
To maintain eligibility for most insurance policies, you should store sneakers in a cool, dry place away from sunlight to avoid degradation.
Clean them regularly and use protective sprays to preserve their condition.
By knowing your collection's worth and choosing the right insurance with comprehensive coverage, you can effectively protect your investment against various risks.