Insuring collection - advice requested

[adamjay]

UPDATE: I cross posted this in General Gun Discussions to see if we could get additional input:

https://www.calguns.net/calgunforum/showthread.php?p=27209903#post27209903

I am moving toward insuring my firearms through collectibles insurance services. They tell me that I must assign value to my firearms - “the collector knows best the values”. I’m not sure of what value to assign. Hoping to get some guidance, any advice or insight will be appreciated.

Modern Firearms:
I suppose I should insure most of these for the price I could find them online. Do you add on the cost of shipping, FFL fees, DROS? How would I value an off roster pistol - available price on Calguns Marketplace?

C&R/collectibles:
Much of my collection is Mosins. Some are run of the mill, but some are fairly rare, and a couple are quite rare or unique. Have seen some crazy sold-for prices at auction. I have no idea how to value these. Are there any appraisal services?

Heirlooms:
Great Grandaddy’s old Iver Johnson .410 is probably “worth” $100, but can I insure it for the sentimental value? Not even sure what value I’d put on it.

Finally, anybody have any anectdotes about making a claim? Did they give you the value you claimed, or beat you up over price?

Thanks, team!

[Spaffo]

Eastern Insurance is much less hassle. $150 for 40k coverage, including $5k ammo. No serials needed.

[Spyder]

I'm going to be doing this soon too, as AAA drops me in less than a month. Eff them. Need to start researching companies and options.

[Jeepergeo]

Bookmark for later.

[mk2dave]

No experience doing this with firearms, just cars/bikes.

Did the term "agreed upon value" come up? That's basically the value you state it would take to replace. In these cases, it really doesn't matter what you factor in, just what you are willing to pay for.

For example, if you had a 1932 Roadster with a custom tube frame chassis you made, you have a couple of choices. The steel at todays prices might be $1000, and you could use that value in your estimation of replacement cost. Or, you could factor in the time it took you to make it...say 200 hours at a standard rate of $100/hr. So now you would use $21000 in your valuation. Either way is appropriate, but of course the cost to insure an extra $20k will be applied to your premium.

Like life insurance, you could insure yourself for $15,000, $150,000, or $1.5M. None of those values are "wrong". But the cost of doing so will vary.

Back to guns, I understand your struggle. I have the Ruger Mk 1 my dad taught me to shoot with. Putting a "correct" value on that isn't possible.

Hopefully this helps. Again, no experience with specific firearm insurance.

[C&Rtrader]

I have been meaning to do this as well. Any recommendations on companies to work with for those that have it. I will check out eastern for sure.

good relevant post.

[Spyder]

I had a good quote from American Collectors Insurance for both guns and old muscle car. I'll try and reach out to them this week and follow up.

[Devilock04]

I ended up recently signing up with Collectibles Insurance Services. $280 for $35000 in coverage. I didn’t have to itemize the guns, just told them the amount of coverage I wanted. They also didn’t request serial numbers. They told me they cover all firearms, accessories, ammunition, and knives.

I had Lockton through the NRA previously, but they were more expensive for less coverage.

I also contacted American Collector’s Insurance but they lost my business when they told me they don’t cover “Assault Rifles”, only cover accessories attached to the gun, and don’t cover ammo.

[M1NM]

Does NRA still offer insurance. If I remember you got X amount with your membership and could opt for more. No serial numbers or list required.
You can't insure sentimental value. Take detailed photos of each gun and keep copies at 2 locations in case 1 burns down. Don't use the cloud those 89,000 new IRS agents will have access to look and enforce the upcoming personal property gun tax.

[Devilock04]

Does NRA still offer insurance. If I remember you got X amount with your membership and could opt for more. No serial numbers or list required.
You can't insure sentimental value. Take detailed photos of each gun and keep copies at 2 locations in case 1 burns down. Don't use the cloud those 89,000 new IRS agents will have access to look and enforce the upcoming personal property gun tax.

[Spyder]

Just finished my Collectibles Insurance policy. Very easy, no serials needed just a total dollar value I determined. Took less than 10 minutes.

American Collectors was a pain in the rear and I couldn't get them to answer my questions or emails. Now I need to find somewhere else to insure my old Challenger through, as I had hoped to use American for car and guns, but they clearly aren't hurting for business so I'll try and go elsewhere.

[metalcruncher]

I use USAA Valuable Personal Property. Need a photo of each firearm, SN, caliber plus more. You assign the value. $91 for $35000. There's a discount because I have my home and auto policies bundled in.