CT AWB effect to insured replacement value

I doubt CT would see it that way!

What could happen would be for the insurance company to look at it like houses in Shore Land Zoning areas. If a total loss were to occur because of the zoning the structure cannot be rebuilt. So from the insurance companies perspective the home has little or no value and is not insurable.

Gun can't be replaced there fore not insurable

Interesting. The gun can be replaced, but the replacement can't be brought into CT.

I would say that it is insured the same as anywhere else.

Remember, insurance is like gambling. You are placing a bet that your property is going to be lost or stolen this year. The insurance company bets it won't. The ratio of your premium to the value of your property are the insurance company's best guess at the odds minus their overhead and some profit, and they play to win, but they also have to keep rates competitive. They don't agree to replace anything, they just write a check if they lose the bet.

You must negotiate the value of the stuff you are insuring as best as you can ahead of time, especially if it has a value that is difficult to calculate. The more esoteric the item, the fewer insurance companies there are out there that will take the bet, and the more likely they are to set the odds against you with higher premiums.

You call the agent and tell him what you want. He calls an underwriter who runs the numbers, and they make you an offer on a plan.

Where you run into trouble is when your cost of insurance on your stuff over time exceeds what the stuff is worth, especially if you have high premiums for some reason. You'd be better off putting the money in savings or investments and self-insuring. It's higher risk short term, because you don't spread your risk around to thousands of other insured people. The potential payout is also much higher if you never lose your stuff and get to keep all the money in the end.

All you have to do in your particular situation is figure out what the guns are worth to you, and convince an underwriter to cover that loss at a rate you think is worth it.

Makes sense?

J.

p2000sk said:

If I paid $1,000.00 in year 2007 for a firearm now registered with CT as an AW, does it sound reasonable to have it appraised for insurance at a value quite a bit higher than its' original cost?

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That might sense to you but it wont to an insurance company underwriter.

jr_roosa said:

You call the agent and tell him what you want. He calls an underwriter who runs the numbers, and they make you an offer on a plan.
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All you have to do in your particular situation is figure out what the guns are worth to you, and convince an underwriter to cover that loss at a rate you think is worth it.

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Yea,,,, Good luck to the OP with that.

The underwriters don't get to determine the value all willy-nilly based on what they think.

If they did got to determine all by them selves, you could just as easily get an anti gun underwriter and give you a zero value.


They have guide lines they have to meet... corporate guidelines. Not personal guide lines. Not customer guide lines.

Just wondering if these laws in CT. create a market similar to the market in machine guns where only those registered weapons can be bought and sold.

I would see if the serial number on the receiver is still legible, then contact the manufacturer to see if they would be willing to mill a new receiver and mark it with the same number.

Yes, I realize under the current law there is no way to actually get the replacement into CT, but if the manufacturer is willing to replace the receiver with the same serial number, maybe DPS could be convinced to play ball.

Yea,,,, Good luck to the OP with that.

The underwriters don't get to determine the value all willy-nilly based on what they think.

If they did got to determine all by them selves, you could just as easily get an anti gun underwriter and give you a zero value.


They have guide lines they have to meet... corporate guidelines. Not personal guide lines. Not customer guide lines.

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I'm not saying that it would work in every case. I'm just saying that if you buy a policy off the shelf, and expect to get them to do unusual things after the fact, you will be very disappointed. For example, my insurance has a limit on what they will pay for loss of jewelery and firearms, so I have to add on a rider that specifically lists high value items with their value.

This is certainly within the corporate guidelines, but it's the same deal...you have to negotiate this stuff with your agent and the underwriters before your house burns down or gets washed away. Otherwise you may find that your get a $2,500 check for your $25,000 worth of guns.

These riders add cost to the policy, so eventually you get into a situation where the insurance makes less and less sense to pay for. I'm a young guy with not a lot of assets, so it makes sense for me...a guy with enough money to replace his collection and to buy other stuff to protect his stuff, like real safes and quality alarm systems, and who maybe lives in a gated community with a guard at the gate, might find paying for an insurance policy for this stuff to be a silly waste of money and will invest the money instead.

The rich get richer...

You may also find that actually replacing your stuff with the same stuff isn't possible for many reasons. Most of the stuff in my house would be tough to find an exact off-the-shelf duplicate, since things get discontinued and new products are introduced. Just because my 5-year old TV isn't made any more doesn't mean that the insurance company won't pay for the loss. It just means that when I get a check, I will have to find something similar to replace it with. There is also no need on my part to replace it with a TV...the insurance company doesn't care what I do after they cut the check.

When you lose all of your firearms, you get a check and are on your own. They don't care if you use the money to buy slingshots and lawn darts with it instead of rifles and pistols.

-J.