INSURING A FIREARMS COLLECTION

[ed308]

Fact or opinion? Honest question...is it really fair to compare a gun policy to a home policy? If it is then I can see possibly changing my opinion.

Opinion? Wasn't considering opinion. Just expressing information about a subject that I know something about. But, to answer you question, I would say no. There's many more perils that can affect a home compared to firearms. But that's just my opinion.

 

[ed308]

I wonder if those policies require a safe to offer those prices.

From my research some do. Or, the cost may be lower depending on the quality of your safe. I don't think my ArmsCare policy requires a safe. Don't recall that they asked when I took out the policy. Did everything online. Just provided the amount of coverage I was seeking and since none of my firearms exceeded $2500, didn't need to schedule anything.

In a nutshell, quick, easy and painless peace of mind.

 

[40Arpent]

Opinion? Wasn't considering opinion. Just expressing information about a subject that I know something about. But, to answer you question, I would say no. There's many more perils that can affect a home compared to firearms. But that's just my opinion.

It's obvious that you know a lot about the subject, and I sincerely appreciate the info you are so graciously sharing. I'm benefitting from it, so thank you.

You stated "the fact that the cost is low," so if it is fact, then what comparison are you making to arrive at the determination that $500/$100,000 is low? I'm not arguing; I'm asking so that I can make an educated decision on insuring my guns.

 

[40Arpent]

I wonder if those policies require a safe to offer those prices.

With Collectibles, the premiums go up if you indicate your items are not kept in by safe. Not sure how they would verify....until it comes time to make a claim, and they find out that you lied.

 

[oldag]

With Collectibles, the premiums go up if you indicate your items are not kept in by safe. Not sure how they would verify....until it comes time to make a claim, and they find out that you lied.

Wonder how they handle most items in the safe, but a few left out? Common sense, I hope.

 

[ZX9RCAM]

Of course presumably the most valuable would be kept in the safe or safes.

 

[ed308]

It's obvious that you know a lot about the subject, and I sincerely appreciate the info you are so graciously sharing. I'm benefitting from it, so thank you.

You stated "the fact that the cost is low," so if it is fact, then what comparison are you making to arrive at the determination that $500/$100,000 is low? I'm not arguing; I'm asking so that I can make an educated decision on insuring my guns.

No offense taken in your questions. I'm glad you are being proactive and looking at a separate policy for insuring your firearms. You obviously look more closely the policies compared to the average consumer. Most people never read their policy and just assume they are covered for the full amount of their policy for any situation.

From my perspective, $100,000 coverage for $500/year is a bargain. I can only compare it to my car or home insurance. Both of which I pay a higher amount for the coverage purchased. Look at it if the insurance company paid out the full $100,000 on a claim. It would take 200 years for the insurance company to break even on that policy. But you may not see it that way based on your perspective and experience as a consumer purchasing insurance. How do they do it? Investments and reinsurance. Fortunately for us as the consumers, they're very good at it which keeps the cost of the insurance lower than what it would've cost without the investment or sharing of the risk.

 

[40Arpent]

Thanks ed308, very much appreciated!

 

[Tejano Scott]

Tag

 

[ZX9RCAM]

I looked into adding a firearms rider (a few years back) with my homeowners insurance & I am pretty sure they wanted more $$ for much less coverage.

 

[karlac]

tag. I have USAA. IIRC 20k in coverage

Might want check and to see if it pays replacement value.
When I got a quote on their VPP rider for my guns an musical instruments, it did not.
Be nice to the hear that's changed ...

 

[Mike_from_Texas]

I did a lot of research on this a couple of years ago. I have a very sizable collection of firearms and these folks my four head the best coverage and where the least intrusive into your information regarding your collection.

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms-insurance

 

[ZX9RCAM]

I did a lot of research on this a couple of years ago. I have a very sizable collection of firearms and these folks my four head the best coverage and where the least intrusive into your information regarding your collection.

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms-insurance

lol wut??

 

[Mike_from_Texas]

lol wut??

LOL! I am driving and was using Siri to post and didn't proofread first.

 

[OLDVET]

I do not think I have ever started a thread that got this much attention. You guys have provided me with some good information. My house is currently insured with USAA, so I will give them a call today. I will also check out a few of the other companies mentioned. One problem I have is this. My collection is always in transition. I have acquired five new 1911s since July 15th. I will soon be selling off some of my other handguns to make room for the new 1911s. Keeping the insurance company updated is a real chore. I did a rough estimate on my collection awhile back. Replacement cost for everything would be between $25 to $30K.
This need to add additional insurance arouse because my wife's car was broken into a few weeks ago while it sat in my driveway.

 

[Das Jared]

Might want check and to see if it pays replacement value.
When I got a quote on their VPP rider for my guns an musical instruments, it did not.
Be nice to the hear that's changed ...

Called and asked. It does

Sent from Jennifer Lawrence's bedroom

 

[karlac]

Called and asked. It does

Thanks for the update.

Also noticed USAA now has an online VPP quote system.
I'll give it a try and see what it comes up with.

 

[OLDVET]

I contacted USSA for a quote. For $30K coverage it was $523.00 per year. USAA requires a list of items, serial numbers, and model numbers prior to finalizing the coverage. This allows them to verify the value.
I also contacted Collectibles Insurance Services. The same 30K coverage with them was only $264 per year. I spoke with a guy named Dan. He was a little sketchy to talk with, but the company gets an A+ rating with the BBB. They have been in business for about 50 years which is reassuring.
I still find the fact that they do not require a list of items, serial numbers, etc. a little confusing. Dan told me if anything is stolen, they will require that information at the time of the theft, but not before.
This is like the old saying "if it sounds too good to be true, it probably isn't". And yes he said, once a claim has been filed, they go out and canvas the market for an average market value of the item stolen.

 

[ZX9RCAM]

About the same per year as "Collectables", but 70k less in coverage.

 

[40Arpent]

I contacted USSA for a quote. For $30K coverage it was $523.00 per year. USAA requires a list of items, serial numbers, and model numbers prior to finalizing the coverage. This allows them to verify the value.
I also contacted Collectibles Insurance Services. The same 30K coverage with them was only $264 per year. I spoke with a guy named Dan. He was a little sketchy to talk with, but the company gets an A+ rating with the BBB. They have been in business for about 50 years which is reassuring.
I still find the fact that they do not require a list of items, serial numbers, etc. a little confusing. Dan told me if anything is stolen, they will require that information at the time of the theft, but not before.
This is like the old saying "if it sounds too good to be true, it probably isn't". And yes he said, once a claim has been filed, they go out and canvas the market for an average market value of the item stolen.

If you want to call back and speak to someone less "sketchy," send me a PM and I will give you the direct number to the person I spoke to there this afternoon. She was very helpful with my long list of questions.

And the saying actually goes "if it sounds too good to be true, it probabaly IS (...too good to be true).