Firearm collection value

[Wayne02]

I need to establish a value for my firearms collection for insurance purposes. What should I use to establish a rough value? I have the receipts for most of the more recent new purchases, but no data for used purchases and the old stuff I inherited from my grandfather.

Can I use the buy it now prices on GB as a rough guide of value for some of the more main-stream guns?

Wayne

 

[Preacherman]

Get a copy of Fjestad's "Blue Book", have your gun dealer or gunsmith certify (in writing) the condition of your guns according to the evaluation method used by Fjestad, and then use those values as the basis for your insurance. You won't get an insurance company to give you "replacement value" insurance on guns that are no longer made (i.e. that can no longer be replaced with a new weapon), so you'll have to make do with the book.

Also, get photographs of each weapon, along with details of any accessories (e.g. specialized grips, replacement stocks, scopes, slings, etc.) and their cost. For preference, have one sheet of paper with the photograph, details of the gun (i.e. manufacturer, model, serial number, etc.), accessories, Blue Book evaluation by your gun dealer (signed by him), and value. Keep one set in a bank safe deposit box, and the other set at home. Keep it up-to-date as well, so that you can inform your insurer of any major changes in valuation.

 

[Standing Wolf]

Preacherman has nailed it. All I can add is that it's worth your while to make a copy of all the photographs and papers and keep it in a bank box in case of fire. Records don't do any good if they're destroyed.

 

[Swamp Yankee]

Good advice above.

Can only add acouple of items from the experience of having had my firearms stolen. If you file a theft claim, you'll have a hard time figuring out who violated you more, the thief or the insurance company.

1- If any of your guns appears to be really a limited edition or highly valuable find an independent appraiser and have him give you a formal written appraisal. Most gun shops will have someone qualified to do this on staff or can steer you to someone. If you do enough business with them they'll probably not charge you. (Just don't go in on a busy Saturday) The inpendent appraisal will take a lot of the insurance company's wiggle room away.

2- This is key. Spend a lot of time with the agent issuing the policy. Find out exactly what is covered what is not, and how to make sure you avoid having any grey areas. Record the conversation. This is perfectly within your rights. Ask a lot of what if scenarios. Be sure you get an answer not an I think your covered. Insurance companies specialize in grey areas. Try to eliminate them.

Your doing the a smart thing, I truly hope all you ever have to complain about is the premiums.

Take Care