Firearms Insurance

[Flyboy73]

I ended up going with NRA Armscare. My policy is backed by Lloyd's of London (over 100k insured).

Insurance is a pain in the butt. My policy costs me upwards of $1k a month

Did you get a quote with Collectibles?

When i found out my home owners only covered 1k, I started looking for extra coverage.

I found that the NRA Armscare was almost 4 times as much as collectibles and i have a pretty bid policy.

Brion

 

[bainter1212]

Tagged

 

[leadcounsel]

I got a quote from USAA, which is a very reputable insurer and has outstanding home and auto rates. They were about $15 per 1000.

NRA Armscare, which is replacement value policy, is $12.50 per 1000. I'm betting they are also quite reputable if the NRA is endorsing the policy.

I got a quote from Collectors and it's about 1/3rd the price also for replacement value. I'm VERY suspicious as to how an insurance company that I've NEVER heard of can beat both USAA and NRA Armscar....

I did not get a quote from Eastern - again a company I've never heard of.

I look at it like this... a $10 policy that is there when you need it, and has a name to protect, is better than a $1 policy that isn't there when you need it and the 'fly by night' company disappears with your premium... what are you going to do, sue them? Where? How? What if they are insolvent?

 

[ilbob]

this is a similar problem that collectors often run into. you either have to schedule your collectibles or have a special rider or special policy or some combination thereof.

I have a rider for both guns and coins on my HO policy.

 

[slumlord44]

The NRA policy may be fine for the average hunter or shooter. Collectors are another issue. A $100,000 collection would be $1,200 a year. There are a lot of collections worth a lot more than that. Get into Colts and Winchesters and start adding them up. I have Stevens and Remington and some military stuff and am at the point where $1,200 is not practical to spend on insurance. Wish I had the answer.

 

[blarby]

The only downside I found when shopping for gun insurance, in relation to eastern/historic and more than a few others ( NRA included) was how they value your pieces.

This may have changed, but as of 3 years ago, they valued lossess based on ACV, not replacement value. Unless you have appraisal certs for each of your guns performed on a yearly basis- this can be really bad in a total loss.

My Farmers floater costs about $120 per year for my small working collection. I'm fine with that. Yes, they have the serials. So do the people I bought them from. CA has two of them ( the serials, with my name and a thumbprint) in a safe somewhere.

If my guns are lost, I know what I will be getting for them- brand new or like new guns, or a check for their replacement.

For those of you with ACV policies on milsurp collections- I feel for you if you have a serious loss.

As with all insurance :

#1 Find someone you trust.

#2 Have them explain your coverage to you. Then explain it back to them to make sure you understand.

#3 Premium isn't everything. " A pound of premium doesn't buy a penny of service" has never been truer when it comes to a gun loss.

 

[Trent]

Did you get a quote with Collectibles?

When i found out my home owners only covered 1k, I started looking for extra coverage.

I found that the NRA Armscare was almost 4 times as much as collectibles and i have a pretty bid policy.

Brion

Negative, but after reading above they cover ammo, I certainly will give them a call. One of the downside to NRA Armscare is they do NOT cover ammunition, reloading components, etc. Which is a huge risk I'm under right now, since I have at least as much (or more) wrapped up in ammunition, primers, powder, projectiles, dies, presses, spare magazines, scopes (not attached to rifles), bayonets, etc as I do in actual firearms.

As an example of a large investment I have no coverage on: I have 11,500 50-BMG projectile pull downs (including 7,000 blue tips) which have steadily gone up in price since Talon lost the government pulldown contract. 6,000 50-cal casings. And so on..

All of that currently is not covered.

 

[Trent]

The NRA policy may be fine for the average hunter or shooter. Collectors are another issue. A $100,000 collection would be $1,200 a year. There are a lot of collections worth a lot more than that. Get into Colts and Winchesters and start adding them up. I have Stevens and Remington and some military stuff and am at the point where $1,200 is not practical to spend on insurance. Wish I had the answer.

Same here. I "drew the line" and insured what I was comfortable with spending on a premium. Unfortunately, that leaves about $60,000 of my firearms uninsured, at present. Not to mention the far larger gap on ammo, etc that isn't covered.

 

[leadcounsel]

According to USAA, ammo is covered under my general homeowners policy.

 

[thefamcnaj]

I have been using collectibles for two years. I haven't made a claim but they seem like great people. Very nice and easy going. I was pleasently surprised when they gave me my quote
It bothers me that I dont have reciepts for any of my guns. I'm terrible with reciepts on anything.
Hopefully the spreadsheets and power points i have would suffice in the event a claim was filed.