Insurance for Machine guns

[kell490]

Since the value of my machine guns have gone up significantly I want to look into get insurance on them. I checked into the NRA insurance they want appraises. Wondering if anyone else has gotten a policy on them. My normal home owners doesn't cover firearm collections.

 

[vtsteve]

These guys can cover them for you, but any individual item over $5000 will need to be scheduled.

http://collectinsure.com

 

[Swing]

I would insure them. What I've done for insuring my NFA goodies, and the rest of the gun collection, is adding a rider to my homeowner's insurance. The standard amount of coverage wasn't even close to enough.

 

[kell490]

I did a quick quote with collectibles.com for $60000 worth I'm just ball parking it they want $432 a year. I don't think my home owners rider will be able to beat that, but I read somewhere else was Collectibles only gives market value not replacement cost. Which could be a big difference if you look at what a Class 3 dealer pays for machine guns.

 

[yugorpk]

USAA just asks me what I want to insure my guns for and bases the premiums on that. If I remember right its about $200 per year on each $10K's worth .

 

[Sebastian the Ibis]

I would read the policy very very closely. Insurance companies don't make money paying claims. Make sure that you are getting the actual current replacement value (which might be difficult if you have something rare) not what you paid for it.

 

[kell490]

That's probably what most insurance companies are going to do if you have a theft and put in a claim an adjuster is going to call 3 dealers ask what they would pay for the firearm which was stolen. You aren't going to get what it would cost to buy a replacement.