A few questions about gun insurance
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  1. #1
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    A few questions about gun insurance

    My insurance agent is giving me a quote of $18 a month for $25,000 of insurance on my guns, with a maximum of $5,000 for any one gun. That total wouldn't cover all my guns if they were all stolen at once but it's the max his company (Allstate) will go. (It's actually a renter's insurance policy with a gun rider.)

    One part of this that I don't like is he told me they have an adjuster that sets the value of a gun if it's stolen. I'm not saying they would try to give less than the proper value, but it seems to me it sure could happen. Is that how most policies are written?

    Any help is appreciated. I can't run these on my home owner's policy because my house is in Georgia and I'm working in South Carolina and renting a place. I'm not about to leave all my guns in my house one state over...







    Carl


    ​S&WCA | SAF | GOA Life | NRA Benefactor

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    seems to me when it comes to firearms all companies are different. i have a rider with home owners and the 2500 free with nra membership and fill in the gap with the optional nra additional. i think the value of a gun can be agreed upon in advance if you register it individually with the insurance company.

  3. #3
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    Carl, I think that's a pretty accurate description of how my policy would work. Were you required to give a complete inventory with photos and serial numbers? I was required to do these things when I first got the policy about 15yrs ago. I have never updated that original information. Perhaps I should, because it is grossly inaccurate now. My fear is that submitting this info amounts to gun registration. It would be easy for our uncle to subpoena those records if a confiscation effort ever began. I would like to protect my investment from thieves on both sides of the law.

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  5. #4
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    My insurance agent only told me I need to have pictures and info of a gun in case of theft. I don't have to give them anything in advance. I like that part of the deal. He also said I should keep any and all receipts but it's not necessary to have a receipt to get paid.

    What I'm primarily asking about is the price. Is what I'm being quoted reasonable?







    Carl


    ​S&WCA | SAF | GOA Life | NRA Benefactor

  6. #5
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    Carl,

    I got on my iMac with the video on and recorded myself in the photo booth. I took out each gun for distance and close up shots and showed every angle. I described each gun and any custom features such as aftermarket grips, sights, or gun smithing, as well as purchase prices. I gave an estimate of the gun's value as of the time of the video, using gunbroker sold prices or other information as I could obtain it. That information can be stored on a USB drive in a safe or offsite somewhere. Also, a spreadsheet with serial numbers and the same general information, along with purchase prices and where I got the gun.

    We have had agents ( and found one here as well ) that can do the shopping or finding for us. Perhaps Internet searches or the NRA might have a policy which will do as well.

    Besides theft, I have gone through stuff with and for my wife, if something happens to me so she has a general idea of value. Finally, two brothers she can check on prices that are up on guns.

    1Jimmy I think has it right. But having your collection appraised at a gunshop in writing might go a step further.

    Also, a thought. At least some policies cover theft away from home.

    Finally, I would shop elsewhere. I learned that insurance companies are not your friends, the hard way a few times. We have had zero homeowners claims in thirty years, even when we were justified. I got a huge increase some years ago after a minor wreck, my fault. No damage to other car, moderate to mine. We dumped them, went elsewhere and got a cheaper rate, less than what we were paying before the accident. We got a sizable increase last year on homeowners, with zero explanation and zero claims. We went elsewhere for less expensive and more comprehensive coverage.

    Now I am starting to rant a bit.

    Someone will have just what you want. If all else fails, Lloyd's of London.

  7. #6
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    Just like with car insurance, an adjuster determines value, but I would inquire as to what the basis is for determining value. A couple of years ago my wife hit a deer and totaled her PT Cruiser. The car was very low miles, and above average condition so I was concerned we might lose out. As it turned out, the insurance company used the NADA, Kelly Blue Book, and an average of 5 similar condition cars recently sold in our area. They even provided the particulars on the car prices used for the average, such as where and when it was sold, which surprised me. We ended up doing very well on the pay off.

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    Check out the NRA Endorsed ArmsCare Plus Firearms Insurance, firearms and accessories are protected from the following:
    • Direct physical loss
    • Damage
    • Fire
    • Theft (Theft from a vehicle is covered when it is the result of breaking and entering a locked vehicle or locked portion of the vehicle.)
    Firearms valued at $2,500 or more must be scheduled. However,serial numbers are not required.

    This is what I have.
    Let go of anything that stops you from having everything…DM

    Dom





  9. #8
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    I think your $18 per month for $25K coverage is not a bad price.

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    After looking around a little, I'm also beginning to think that price isn't too bad...







    Carl


    ​S&WCA | SAF | GOA Life | NRA Benefactor

  11. #10
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    Carl ,

    It's not a bad price . Is there any deductible ?


    I've been w Collectibles Insurance Services for some time now .

    Collectibles Insurance - Protecting Books, Stamps, Antiques and other Rare and Vintage collections in Baltimore, Maryland

    I pay $110 for $17K of coverage . That's not enough to fully cover me , but I have homeowners to provide $5K also .

    They are really easy to do business with . No pics , no serial #s . You name the amount that you need and pay to cover the $ amount .



    Regards
    George
    First line of defense , my faithful Pit - don't mess with Mr. Kane !

    Lovin' it here in N. Ga - I wasn't born here , but I got here as fast as I could .


 
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