Best insurance that covers theft anywhere?

[Nik H]

I use a rider with State Farm as well. I would have to look up how much it is. They did require serial numbers, value, and I think date of purchase and where. I'm not a fan of the serial number and a complete list, but I see how they would want a legitimate listing and specification.

You have to be careful. Most things I own were purchased long ago from private sales or small dealer. The people are probably long dead and the dealers out of business so the where can't be ascertained too well. Exact date of purchase for some of my collection is unknown. I know the year but that is it.

Value was a pain because your cost is based on your assigned value but that isn't necessarily what you get if stolen. If they ask for a bill of sale, make sure that those aren't the numbers used. I have a bill of sale for 2 Colt Pythons I purchased in the early 80s. Total cost $750. Not what they are worth today. You really need to value items accurately so you don't pay too much but enough so it covers the real value. They do a like for like comparison, IF your rider states replacement or replacement cost. It is their discretion which they pursue. If they can replace less than the value, they will replace it. If they can't due to the cost or rarity, they will ask appraisers for a value and that is what you get.

 

[acudaowner]

$549 per month seems like a lot of money per month to me. personally id pay a little more on auto to cover items stolen from my car maybe they cover 1/2 that still sounds cheaper than an extra $549 per month unless you have your car broken into every week or so then that price could be cheap .

 

[Sticks]

$549 per month seems like a lot of money per month to me. personally id pay a little more on auto to cover items stolen from my car maybe they cover 1/2 that still sounds cheaper than an extra $549 per month unless you have your car broken into every week or so then that price could be cheap .

That kind of premium is where the suggestion mentioned earlier of getting a loan and putting it in a savings account would be a better plan. $6588 per year...that is a no brainer unless you have $100k of firearms you are insuring.

 

[j741]

The best insurance company in the world is USAA. Without a doubt, their is no one more ethical when it comes to protecting what’s important to you. If you want piece of mind and your former military, then go USAA.

For firearms extra value coverage though, they are very expensive. They were multiple times the cost of Eastern, otherwise I would have gone with them. Too bad I don’t live in Texas where apparently USAA homeowners coverage doesn’t have limit on firearms (or at least I was told that years ago).

 

[Txhillbilly]

I just got a quote from Collectibles Insurance for a $75k policy, it was $507.15 a year with $0 deductible. That seems a little high compared to some of the prices listed here by others. I asked them how much it would save having a $500 deductible and he said about $20 a year,LOL.

 

[gro]

You have to be careful. Most things I own were purchased long ago from private sales or small dealer. The people are probably long dead and the dealers out of business so the where can't be ascertained too well. Exact date of purchase for some of my collection is unknown. I know the year but that is it.

Value was a pain because your cost is based on your assigned value but that isn't necessarily what you get if stolen. If they ask for a bill of sale, make sure that those aren't the numbers used. I have a bill of sale for 2 Colt Pythons I purchased in the early 80s. Total cost $750. Not what they are worth today. You really need to value items accurately so you don't pay too much but enough so it covers the real value. They do a like for like comparison, IF your rider states replacement or replacement cost. It is their discretion which they pursue. If they can replace less than the value, they will replace it. If they can't due to the cost or rarity, they will ask appraisers for a value and that is what you get.

If it was a private seller I just say private seller. I don't think exact date is as important.

You make a good point about being reimbursed for a replacement or what I actually paid. This is especially true for devaluation. am I paying extra to insure the actual price of my GAP 10 that I paid many years ago, or the going rate right now? This thread has definitely got me thinking a lot more about how any claims would actually go down and I will need to directly discuss the terms with my insurance agent.

 

[Nik H]

If it was a private seller I just say private seller. I don't think exact date is as important.

You make a good point about being reimbursed for a replacement or what I actually paid. This is especially true for devaluation. am I paying extra to insure the actual price of my GAP 10 that I paid many years ago, or the going rate right now? This thread has definitely got me thinking a lot more about how any claims would actually go down and I will need to directly discuss the terms with my insurance agent.

That is the trick...

The insurance company can choose to replace it or pay you the stated valuation. They will do whichever is less that is why an annual reevaluation of appraised values is important. Every year you renew, you should also ensure that the values are accurate. You end up paying more for the premium but you are also sure of getting a like for like replacement.

Technically if all the description says is AR10, 18 inch barrel, caliber 7.62mmx51, SN XXXXXX; you could be screwed. They could replace your GAP with a generic AR10 in the same caliber and barrel length. Make sure the description is DETAILED and make sure any aftermarket adds that you have made are also captured.

I am assuming that your insurance also covers you in case of fire where the firearms are destroyed?

I hate insurance but it is a necessary evil. You have to learn the rules.

 

[Eeertewy]

It would help if you went to some banks in your neighborhood because the condition given for armaments is practically the same for everyone who gives assurance, so it would be better to do it to a company near you. I also suggest you inform yourself well before going to take it on sites like https://www.lifeinsuranceblog.net/5-million-dollar-life-insurance-policy-cost/ because they tend to fool people. I am sure that you know that you'll need a lot of documents, but it depends on your state. In the bank's rules, you will find every piece of information you need, and I am sure you can do it also from home.

 

[BuildingConceptsllc]

a lot of home owner insurance has a limit, usually max $2500. I use a rider with State Farm,

That's what I was going to say, just add a rider to your HO policy right? My experience with riders is that you can get em for about anything. Might be better off with eastern or another specific gun insurance. I really need to make an inventory list with values on mine. We have a very significant safe, which is mostly why I haven't made that inventory for insurance yet. I need to do that though and get something for when I'm traveling with them for matches and classes and hunts though.

 

[semifan1]

I'm with USAA in Florida and my coverage runs around 50.00 a month. I have coverage around 65K reading some of these comments I need to reevaluate my policy.