Insuring firearm collection - advice requested

[adamjay]

I originally posted this in the C&R section here:

https://www.calguns.net/calgunforum/showthread.php?t=1814577

Not getting much input, so I am cross posting it here to see if we can get more traction. Mods, if dupe is a problem, please remove the old one.

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!

[robledor]

Collectiable insurance

[Spyder]

I've gotten quotes from both Collectibles and American towards the end of last week. I'm leaning towards American, because they'll insure my old Challenger and my firearms collection, for a reasonable rate.

Collectibles will do guns, and Hagerty will do the car, but both policies with the same company seems reasonable to me. Prices were nearly the same for both.

[L84CABO]

They are asking you for an itemized list of the value of each gun? Or are they simply asking you for the value of the entire collection?

I've been with Collect Insure for years and they've never asked for the value of each individual gun (unless it was over $5K)...but maybe this is something new they are doing for new policies.

At any rate, for the modern firearms, I would either assign the price I paid for the gun (if it was purchased recently), or what it would cost if I had to replace the gun today...whichever is higher. I would also add that you want to make sure the policy covers the actual replacement cost of the gun. And it would be nice if it included DROS, shipping, etc...because that stuff adds up. If the policy is going to factor in depreciation over the number of years that you have owned the gun...well I would look for a different policy.

For the collectibles I would try to figure out what the current cost of the gun is on the open market, if I had to try and replace it today.

I'm not sure on the heirlooms. I doubt you can insure them for sentimental value. I would ask the company on that one. But I suspect the answer is going to be "actual replacement cost."

I also doubt that they will cover the, "California off roster up-charge." But they might...ask them! Send them an email (don't call) and be as clear and detailed as you can be. Ideally you want a response in writing. Make sure you save the email if you go with the policy.

[Sig so sour of ca]

I went with collectable. I chose the max coverage which I think is something stupid like 100k. I only had to itemize anything over $5k. They also cover ammo, optics and accessories.

I asked about the California off roster premium and was told that if I can shoot mshow the replacement cost of something I own is greater than msrp, they would cover it. I got that in an email. They mentioned california fun boards to gauge cost.

They cover guns lost outside the home and at the range.

My total premium is around $600/ year. They do a thing that you can increase the amount over coverage every year for x amount%increase in premium.

I went with them based off the calguns.net brain trust.

[adamjay]

Thanks guys, this is some good input.

They aren’t asking for itemized, just total value. Trying to gauge how to put a value on, especially the oddball C&Rs with no real comparative.

I suppose over insuring a little to make sure it’s all covered if and when it’s time to make a claim could be approach, but no sense in overspending.

Good advice to dig into these questions with the agent, and to get it in writing.

And yes, they do cover accessories, ammo, etc.

[ysr_racer]

I went with collectable. I chose the max coverage which I think is something stupid like 100k...

Oh yeah, something stupid like 100k

[k1dude]

I chose the max coverage which I think is something stupid like 100k.

[12pewpew]

I only did 35k coverage. That's not even rookie numbers. That's like Single A ball numbers around here.

[L84CABO]

Make sure you have a full list of ALL guns and accessories, including serial numbers, copies of receipts, photos, videos, etc. It's a lot easier to pull this information together now than it is after a theft or fire.

Also, if you've never sat down and itemized out all the accessories, optics, holsters, bags, cases, pouches, tools, hearing protection, lock boxes, etc, you should. That stuff is especially hard to document after the fact. Not to mention how quickly the value adds up is surprising. Also remember to review all this once a year as you buy/sell things, and to update your coverage as needed.

[Spaffo]

If you have an Android phone Gun Safe is great for recording everything you have. Not available on iphone

[12pewpew]

If you have an Android phone Gun Safe is great for recording everything you have. Not available on iphone

Iphone has the same app but it's called firearm safe.

[67Cuda]

Iphone has the same app but it's called firearm safe.

Thanks for that. Got it.

[Spyder]

Call me paranoid, but downloading an app which tracks all of your guns and ammo and their locations and your location and your home and your schedule and patterns, all at the same time and on the same device, connected to the internet, doesn't seem like a sharpest light bulb in the closet idea to me.

[Phalanx20mm]

Ditto on the app, no way.

I use an excel spreadsheet.

100k max coverage, oh well...