Gun insurance question

Discussion in 'General Gun Discussions' started by SunnySlopes, Nov 12, 2013.

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  1. mgkdrgn

    mgkdrgn Member

    Jul 21, 2008
    Lexington, SC
    Before you dump them, put it back on them and ask them to come up with a "licensed appraiser". If they can, ask them how you, or any one else, can possibly comply with their terms ... and do you think the state insurance commission might be interested in hearing about your impossible terms ....
  2. blarby

    blarby Member

    Feb 25, 2011
    Calapooia Oregon
    If its scheduled- or agreed value- you get what its insured for.

    If its ACV ( Actual Cash Value )- you get what its "worth"- if you disagree with their appraisal at the time of loss, you can get your own appraiser, and they can duel it out through a Mediator. ( this should be contained in your policy jacket)

    If its RCV (replacement cost value) - you get what it costs to get a replacement. Not as simple as it sounds, but that is what it means.

    Guess again. Your firearms are covered up to a maximum per firearm, with a cap per policy that varies state to state. If you have a very small collection, of very "small" guns, you may be covered. Read your definitions page- you may be very exposed depending on your collection. I represented an allstate agent for some time. The gaps left in their explanations of their own policies- and how those gaps have affected their insureds- are nigh legendary in the insurance world- especially on the west coast. Ask any of the insureds in the Oakland Hills fires how their policies were structured. Allstate almost lost the priviledge to write in the state.

    Lots of people with guns are very exposed. In my area, its one of the two top things ( other than jewelery) I uncover as being underinsured when I do audits at renewal, and at "crunch time". ( when you switch from your last carrier, to me )

    There is no good "rule of thumb" for insurance policies. They all differ- often significantly- from carrier to carrier, once you add endorsements ( both singular, and blanket).

    If there was a "rule of thumb", I'd say this : If you have any items ( including guns) that you believe to be worth more than $1000 each, or a collection of said items worth more than $2500 (east of the big river) or $5000 (west of said river) then you should certainly talk with your licensed agent- and make sure you understand what he tells you. If a licensed agent is describing "his" policy for you- the company he represents as an agent- Then the company- in every state in our union- is legally bound by the advice he gives you in regards to coverage, in writing OR "ab oris" ( by the mouth).

    If you discover that what your agent is describing to you differs significantly from the paperwork you possess- take it to a Neutral third party ( not an agent trying to quote your business......) for their opinion. If you dont get a straight answer- talk to the regional office of your insurer directly, and get what they offer you in writing if it differs from your policy.

    I'll happily offer up this service to anyone who has questions in the state of Oregon- where I'm licensed.

    Most states are more uniform in their application of insurance laws and regulations of late, thanks to ISO,- but insurance is most certainly one area where the Internet creates just as much if not more confusion than it solves. It literally pays to consult an agent licensed in your state- not the internet.

    Insurance is literally based on trust.

    If you don't trust the person giving it to you- or you dont like his methods of protecting you- the best advice I can give you is to find someone else.
    Last edited: Nov 16, 2013
  3. orionengnr

    orionengnr Member

    Jan 3, 2005
  4. kendak

    kendak Member

    Apr 24, 2013
    I use the NRA don't know if it's good or bad but the rate at $17.40 per $1000 seems OK ...don't have to schedule until over $2500 each ..thieft doesn't bother me but fire does ...take care
  5. PRM

    PRM Member

    Apr 14, 2008
    I had NRA Insurance for over 20 years. It's great unless you need to use it. Earlier this year I had a Colt DS stolen. Armscare calculated a decent value on the gun, then they devalued it by 50% and that's what I was paid. I had to replace it and submit documentation on what I paid for the replacement gun to collect the difference. I didn't really like that. Although I understand why they do it, what if I did not want to replace that item. I would have been stuck with half the retail value.

    I went to another carrier that insures based on value stated and that is what your premium is based on. And yes, I did have to get an appraisal on my collection. To me that is a small thing to have the insurance I wanted. Oh, and the premium was about half the cost of the NRA/Armscare policy.
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