Insurance Claims For Firearms "Losses"


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wishin
March 11, 2010, 12:15 PM
I've been quoted a $49.00 per year premium by Collectibles Ins. Svcs. LLC, for $6000 in coverage, zero deductible.

This is 1/3 of USAA's quote and much cheaper than ArmsCare or Eastern.

Has anyone here had any claims experience with this company? I'd like some idea that they have a reputation for living up to their commitment before I go with them. Thank you.

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renegade1alpha
March 11, 2010, 01:11 PM
I dont know anything about them. I do know my home owners insurance covers all 22 of my firearms. No extra fees. My homeowners insurance would cost the same no matter if I did or didnt have fire arms. See if your homeowners insurance covers yours. Besides, thats $49 you can spend on ammo or put towards a new gun. Or just buy yourself a nice fireproof safe and it will pay for itself in a few years.

wishin
March 11, 2010, 01:31 PM
I dont know anything about them. I do know my home owners insurance covers all 22 of my firearms. No extra fees. My homeowners insurance would cost the same no matter if I did or didnt have fire arms. See if your homeowners insurance covers yours. Besides, thats $49 you can spend on ammo or put towards a new gun. Or just buy yourself a nice fireproof safe and it will pay for itself in a few years.
My USAA homeowners policy wont cover the total value of my guns without a "valuables Personal property" rider that costs about $20.00 per thousand. You may already have such a rider for other valuables that encompasses your guns??

Keb
March 11, 2010, 01:55 PM
Collectibles also has a policy fee. Did you get that and add it in?

More about Eastern Insurance in MA.... the Manager there is Jack Richardson.

There are discounts for size and deductible choices.
The minimum policy is $125 a year, and that insures $35,000 with a $250 deductible, and no item over $10,000.

What he says about small policy needs is that your homeowners having no policy fee is often the way to go. He told me that his coverage includes accessories such as scopes. But once the amount is at his level, then he is most competitive.

CoRoMo
March 11, 2010, 01:59 PM
FYI...
When people see that their homeowner's policy covers $100,000 in personal property contained in the dwelling, they think all their guns will be covered in the event of a claim. Not necessarily.

For example, our homeowner's policy covers over 100K worth of contents/personal property, but when that number is broken down, they will only cover $500 in jewelery. So if we have $10,000 in jewelery and it all gets stolen or destroyed, our homeowner's policy only coughs up $500 for that category of property.

Same goes with firearms. You'll need to read through your policy to see how much coverage is allotted for guns. Get a separate personal articles policy like wishin is referring to. Mine costs $42 per year.

wishin
March 11, 2010, 02:58 PM
Collectibles also has a policy fee. Did you get that and add it in?
I spoke to them on the phone and was told a total of $49.00/yr. No other fees.

CoRoMo
March 11, 2010, 04:27 PM
What level of coverage are we talking here? (if you don't mind)

edit: nevermind, I've been playing around on their website's estimate tool.

wishin
March 11, 2010, 04:51 PM
What level of coverage are we talking here? (if you don't mind)

edit: nevermind, I've been playing around on their website's estimate tool.
About $6000.

Do you insure through them, or your homeowner's policy?

CoRoMo
March 11, 2010, 05:04 PM
I don't, but they look good. My homeowner's policy covers $5,000 towards guns, and there's no raising that. To insure the remainder of my collection above the $5,000, a separate 'valuables' policy is needed.

oneounceload
March 11, 2010, 05:06 PM
Most homeowner policies may only cover about $2500 on guns/valuables without a rider of some sort - that barely covers my RSC, let alone what's in it

CoRoMo
March 11, 2010, 05:13 PM
The RSC would be covered under the personal property coverage (just like your sofa, fridge, etc.) in the homeowner's policy, so the coverage limit for guns in that policy would only cover the guns inside the RSC.

This thread prompted me to email my agent with a number of questions. I'm looking into whether any of these policies are insuring my ammo stock or reloading components. Not real sure there, but that might be lumped into the ppc as well. I'm sort of lucky in that, I married into the insurance biz.:D

Sav .250
March 11, 2010, 05:15 PM
I`m thinking I`d have some sort of an appraisal done to go along with the insurance policy. :)

wishin
March 11, 2010, 06:46 PM
The nice thing is these people don't require an inventory list, cost basis or appraisals for any single item under $5000.

makarovnik
March 11, 2010, 06:49 PM
After checking with my insurance carrier I decided it was too expensive to insure my guns and my CD's.

shadowmanlc
March 11, 2010, 08:36 PM
I have renters insurance with USAA, and in the past, homeoners and auto insurance. Very good company. My guns are covered up to $3,000 with no increase of premium. BRR.

Falcon78
March 11, 2010, 10:43 PM
Do they cover terrible boating accidents?

wishin
March 12, 2010, 09:59 AM
They do:neener:

wishin
March 12, 2010, 06:50 PM
Collectibles also has a policy fee. Did you get that and add it in?

More about Eastern Insurance in MA.... the Manager there is Jack Richardson.

There are discounts for size and deductible choices.
The minimum policy is $125 a year, and that insures $35,000 with a $250 deductible, and no item over $10,000.

What he says about small policy needs is that your homeowners having no policy fee is often the way to go. He told me that his coverage includes accessories such as scopes. But once the amount is at his level, then he is most competitive.
My concern is whether this company has a history of living up to their obligations on valid claims.

CWL
March 12, 2010, 10:25 PM
I`m thinking I`d have some sort of an appraisal done to go along with the insurance policy.

What everybody needs to do is to take photos of every firearm (and other valuables) they own showing the s/n along with copies of the receipts and keep them separate from your home.

wishin
March 13, 2010, 11:20 AM
What everybody needs to do is to take photos of every firearm (and other valuables) they own showing the s/n along with copies of the receipts and keep them separate from your home.
Excellent advice.

Keb
March 13, 2010, 11:27 AM
Wishin: The policy at Eastern Insurance aka HistoricFirearms.com is from Chubb. The Collectibles policy is technically different ... it is Lloyds, not a State Regulated Insuror.

wishin
March 13, 2010, 10:16 PM
Wishin: The policy at Eastern Insurance aka HistoricFirearms.com is from Chubb. The Collectibles policy is technically different ... it is Lloyds, not a State Regulated Insuror.
Lloyd's is probably the world's leading insurance provider. Is there a problem with them that I need to be aware of? That's the kind of thing I'm trying to sort out.

taliv
March 13, 2010, 11:34 PM
wishin, keep in mind when comparing the price of USAA... that they also cover breakage and misc stupid stuff, not just theft. For instance, if a gun or scope breaks because i trip and fall on a rock, i can file a claim.

danez71
March 14, 2010, 10:58 AM
My home owners policy covers up to $10k with out an inventory list. That amount was included when I upgraded the policy..... of which I dont remember why or what the upgrade was for. But I know it was for good reason at the time...... LOL

wishin
March 14, 2010, 11:07 AM
wishin, keep in mind when comparing the price of USAA... that they also cover breakage and misc stupid stuff, not just theft. For instance, if a gun or scope breaks because i trip and fall on a rock, i can file a claim.
Good point Taliv. Does the deductible only come into play on a total loss? Collectibles has no deductible. I'm really torn because USAA is a known.................

navyretired 1
March 14, 2010, 12:01 PM
I bought my gun safe because of insurance. Then I found out that without a rider for the guns I was only partly covered and that part would be depreciated by time?
With the safe and the rider along with a log with every gun listed with special features, grips, scopes etc and pictures of each (boy I love those digital Camaras), I pay 1% of accessed value per year for loss by fire flood or theft with a total of $500 deductable. I think it's a good policy but requires constant upkeep of log at sister-in-laws house.
My wife say's that I only have two hands so why do I need 50 handguns, I'm just glad she hasn't counted them lately.

wishin
March 14, 2010, 07:07 PM
My wife say's that I only have two hands so why do I need 50 handguns, I'm just glad she hasn't counted them lately.
I think you need at least two more - one per week!:)

wishin
March 15, 2010, 05:08 PM
I just received the information in the mail from Collectibles and you're right there is a policy fee of $15.00. It caps out at $55.00.

If anyone on THR wants further cost info, let me know; they did send me a sheet listing the annual premiums for insurance amounts up to $200,000.

wishin
March 15, 2010, 05:10 PM
Collectibles also has a policy fee. Did you get that and add it in?
I just received the information in the mail from Collectibles and you're right there is a policy fee of $15.00. It caps out at $55.00.

If anyone on THR wants further cost info, let me know; they did send me a sheet listing the annual premiums for insurance amounts up to $200,000.

If you enjoyed reading about "Insurance Claims For Firearms "Losses"" here in TheHighRoad.org archive, you'll LOVE our community. Come join TheHighRoad.org today for the full version!