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Insurance Claims For Firearms "Losses"

Discussion in 'General Gun Discussions' started by wishin, Mar 11, 2010.

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  1. wishin

    wishin Member

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    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.
     
  2. renegade1alpha

    renegade1alpha Member

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    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.
     
  3. wishin

    wishin Member

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    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??
     
  4. Keb

    Keb Member

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    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.
     
    Last edited: Mar 11, 2010
  5. CoRoMo

    CoRoMo Member

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    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.
     
  6. wishin

    wishin Member

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    I spoke to them on the phone and was told a total of $49.00/yr. No other fees.
     
  7. CoRoMo

    CoRoMo Member

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    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.
     
    Last edited: Mar 11, 2010
  8. wishin

    wishin Member

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    About $6000.

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

    CoRoMo Member

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    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.
     
  10. oneounceload

    oneounceload member

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    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
     
  11. CoRoMo

    CoRoMo Member

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    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
     
  12. Sav .250

    Sav .250 Member

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    I`m thinking I`d have some sort of an appraisal done to go along with the insurance policy. :)
     
  13. wishin

    wishin Member

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    The nice thing is these people don't require an inventory list, cost basis or appraisals for any single item under $5000.
     
  14. makarovnik

    makarovnik Member

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    After checking with my insurance carrier I decided it was too expensive to insure my guns and my CD's.
     
  15. shadowmanlc

    shadowmanlc Member

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    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.
     
  16. Falcon78

    Falcon78 Member

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    Do they cover terrible boating accidents?
     
  17. wishin

    wishin Member

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    They do:neener:
     
  18. wishin

    wishin Member

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    My concern is whether this company has a history of living up to their obligations on valid claims.
     
  19. CWL

    CWL Member

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    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.
     
  20. wishin

    wishin Member

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    Excellent advice.
     
  21. Keb

    Keb Member

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    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.
     
  22. wishin

    wishin Member

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    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.
     
  23. taliv

    taliv Moderator

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    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.
     
  24. danez71

    danez71 Member

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    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
     
  25. wishin

    wishin Member

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    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.................
     
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