View Full Version : Gun insurance......opinions?
I have been using Lockton purchased above and beyond my NRA policy. I started doing some research and came across Collectibles Insurance. Talked to them and they not only insure the firearms but scopes, ammo, and knives (if you're into costly knives). Covers theft, natural disasters, floods (certain "zones" excepted). No serial numbers have to be submitted. $22K of insurance was like $171 per year. Lockton is like $185 per year for roughly $14K coverage; add in the automatic NRA $5K for both my wife and together and it's like $19K in coverage. Doesn't cover everything Collectibles does though, as well as being more expensive.
What have you guys used? What are any experiences with recovery (reimbursement) after theft?
One final thought: no matter what kind of insurance you may have, if a new grandfatherless AWB passes you couldn't claim jack shit. I'm sure many insurance companies would breathe a big sigh of relief in that regard.
I went “good gunsafes”.
Insurance costs would pay for what I wanted in two years.
And bolt those bad boys down. Which I still need to do with one of mine.
PB
I have Lockton and have never had any claims. May need to check on your other find.
And bolt those bad boys down. Which I still need to do with one of mine.
PB
Yep.
Lag em to concrete floor and wall, both.
I went “good gunsafes”.
Insurance costs would pay for what I wanted in two years.
Unless your gunsafe uses ceramic or similar insulation it may not protect your firearms from a house fire. Safes that use sheet rock insulation give the purchaser a false sense of fire protection.
Unless your gunsafe uses ceramic or similar insulation it may not protect your firearms from a house fire. Safes that use sheet rock insulation give the purchaser a false sense of fire protection.
Real firesafes don't use ceramic or sheetrock. The use a water bearing matrix, normally concrete based. Turning the water in the matrix to steam uses a great deal of thermal energy and keeps the temperature in the safe lower.
Andy
Unless your gunsafe uses ceramic or similar insulation it may not protect your firearms from a house fire. Safes that use sheet rock insulation give the purchaser a false sense of fire protection.
True that. From the recent camp fire, a number of safes (well known brands) were found to have the contents destroyed.
I have RSCs, in non-combustible areas, and guns covered with home-owners insurance.
I have the collect insure but haven't had to make a claim.
And to be fair you do have to do line items on guns worth over 25k. So I have the extra riders there for my m16a2 and my hk fleming sear.
The few times I've had to contact them to make changes or with questions they have been good to work with.
I have an extra rider on my homeowner's insurance but it's only $4K. Wouldn't even begin to cover my stuff.
True that. From the recent camp fire, a number of safes (well known brands) were found to have the contents destroyed.
All safes are rated. Some better than others but I doubt many are rated to endure something like that. Saw a picture of a car with the aluminum wheels melted completely off of the hubs.
Since I am using State Farm for my condo and cars, I used them for my firearms. I get a discount for combining them.
They did ask for information on the guns, like list of parts and accessories but everything is listed in the policy, scopes, weapons lights, RDSs, everything. Everything is covered. It's funny when reading the policy what it won't cover, like damage due to nuclear war.
gunnerblue
12-05-18, 08:44
I have an additional $20k through my homeowners policy (Farmers) specifically covering firearms. I don't recall the cost off the top of my head but it wasn't very much.
This is what we use:
Eastern Insurance Group , LLC
The Historic Firearms and Collectibles Insurance Program
933 Webster Street, Marshfield, MA 02050
I said "we" because lots of my local friends and people from the hometown firearms enthusiast forum recommended them. Good service and reasonable price. Don't bother with getting a rider on the home insurance policy, too high, too much hassle.
https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms
SomeOtherGuy
12-05-18, 10:02
It's funny when reading the policy what it won't cover, like damage due to nuclear war.
Written and put into all commercial policies probably back in the mid-1950's when warheads were few, ICBMs not yet invented, and the view of nuclear war very different. Commercial policy forms accumulate this kind of stuff as debris and it rarely goes away. 30 years from now people will be saying the same thing about "terrorism" exclusions.
Okay, I decided to go with Collectibles Insurance. I read the policy and it states that they won't pay if another insurance has paid already (i.e. it's already been paid for by another policy).
Couple of questions, if any of you know the answers please chime in:
1) Let's say I had $35K between the NRA's basic benefit, my homeowners policy, and Collectibles (total of $35K between the 3 of them). Would homeowners pay the first $4K, NRA the next $5K, and Collectibles the next $26K to reach my total of $35K?
2) What is the percent of depreciation applied? Like if I had a weapon I paid, all told, $2000 for. Cost includes rifle with rail/trigger/BCG/Aimpoint T-2/whatever. What could I reasonably expect to recoup? 1800, 1500, 1200, what? Collectibles Insurance covers optics and ammo too, FWIW. Essentially what percent is "market value"? Obviously ballpark your answer.
3) How would they estimate market value on a Franken-AR, but built with top-notch components? The lower would be the only brand name involved with the serial number, the rest would be an XXX upper, Geissele trigger, LMT EBCG, Colt SOCOM barrel, etc. How do they calculate the reimbursement of a non-factory build?
Okay, I decided to go with Collectibles Insurance. I read the policy and it states that they won't pay if another insurance has paid already (i.e. it's already been paid for by another policy).
Couple of questions, if any of you know the answers please chime in:
1) Let's say I had $35K between the NRA's basic benefit, my homeowners policy, and Collectibles (total of $35K between the 3 of them). Would homeowners pay the first $4K, NRA the next $5K, and Collectibles the next $26K to reach my total of $35K?
2) What is the percent of depreciation applied? Like if I had a weapon I paid, all told, $2000 for. Cost includes rifle with rail/trigger/BCG/Aimpoint T-2/whatever. What could I reasonably expect to recoup? 1800, 1500, 1200, what? Collectibles Insurance covers optics and ammo too, FWIW. Essentially what percent is "market value"? Obviously ballpark your answer.
3) How would they estimate market value on a Franken-AR, but built with top-notch components? The lower would be the only brand name involved with the serial number, the rest would be an XXX upper, Geissele trigger, LMT EBCG, Colt SOCOM barrel, etc. How do they calculate the reimbursement of a non-factory build?
I would guess that in the event of a total loss you would get but hurt by the insurance company if you didn't base your coverage on declared value. That is when you start paying out the ass for insurance. I self insure but I live within 300 yards of a fire station in a well developed residential setting. My safe is only 30 minute rated but it is in a room that is 30 minute rated. While possible it is not likely a fire would burn long enough to damage my safes contents. If I lived at the end of a dirt road 5 miles from town my thoughts would change.
I went through my homeowners. It's easy and pain free. Basically a 1% of the value annually. I tell them what they're worth and pay on that. I believe there is a deductible so I plan for that in my estimated value. That includes all accessories and add ons, It's worth it to me. There are a few that don't get insured because of value or not wanting them on any lists. Every year I get the policy 60 days out and add or remove anything needed.
On the fire safe idea. I've been a cop since 1990 and was a volunteer fireman dor 17 years and have never seen one that really worked. I understand that they are out there but most people go to Atwoods and buy the $700.00 fire safe, and it just doesn't work like they thoughtthey would. It's similar to home alarm systems. I've answered 100's of alarm calls and never a legitimate one that ended up with an on site arrest. 99% false trips. When we moved two years ago the house I we bought has a good system but I've never turned it on or paid the $40.00 a month to have it monitored.
hotrodder636
12-16-18, 08:10
I have a writer (rider?) on my homeowners but am interested in a stand alone policy.
RetroRevolver77
12-16-18, 11:46
deleted
Okay, I decided to go with Collectibles Insurance. I read the policy and it states that they won't pay if another insurance has paid already (i.e. it's already been paid for by another policy).
Couple of questions, if any of you know the answers please chime in:
1) Let's say I had $35K between the NRA's basic benefit, my homeowners policy, and Collectibles (total of $35K between the 3 of them). Would homeowners pay the first $4K, NRA the next $5K, and Collectibles the next $26K to reach my total of $35K?
2) What is the percent of depreciation applied? Like if I had a weapon I paid, all told, $2000 for. Cost includes rifle with rail/trigger/BCG/Aimpoint T-2/whatever. What could I reasonably expect to recoup? 1800, 1500, 1200, what? Collectibles Insurance covers optics and ammo too, FWIW. Essentially what percent is "market value"? Obviously ballpark your answer.
3) How would they estimate market value on a Franken-AR, but built with top-notch components? The lower would be the only brand name involved with the serial number, the rest would be an XXX upper, Geissele trigger, LMT EBCG, Colt SOCOM barrel, etc. How do they calculate the reimbursement of a non-factory build?
I use Collectables also, and from what I understand is in a total loss they would pay the amount you insured, there is no depreciation.
I use Collectables also, and from what I understand is in a total loss they would pay the amount you insured, there is no depreciation.
The way I calculated how much insurance to buy was to basically inventory everything (guns, ammo, mags, optics) and add up what they cost me to buy. Then figured what my NRA and homeowners would cover, and used Collectibles for the remainder (obviously the largest chunk). If there is no depreciation that would be awesome, but I'll need to call them to confirm.
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