So i was dealing with my home insurance agent and the subject of firearms came up along with a couple others. I inquired whether perhaps it would be better to have a separate rider to cover them. Of course the question of values poked up. Obviously value is subjective sometimes and basically depends on what someone is willing to pay for it based on current condition etc. That said, I am trying to come up with pretty accurate valuation numbers on some items that don't hit the EE everyday such as my P7M10 as an example. What is the best way to figure some of this out? There are different auction sites (US based usually) but unless you know the actual purchase price it is difficult to use that as a benchmark etc. Anyone have any bright ideas on a direction or site to look at perhaps? Anyone happen to know how the insurance company would come to a valuation on firearms if there was a fire or something? Thanks for the help all.
Pistol Values
- Thread starter bbartsch
- Start date
Be careful. Some policies have a limit on "Sporting Equipment". A $10,000 limit is NFG if you have $200,000 of guns. But if there is nothing in there about sporting equipment limits or collection limits, your guns are insured as "Contents" for fire and theft at full replacement value.
If you have a lot of guns, all you have to do is increase the "Contents" from, say, 50% of the house value to 60%.
I had some guns stolen once and the insurance company wrote a cheque for what a brand new replacement would cost. I was well compensated.
If you have a lot of guns, all you have to do is increase the "Contents" from, say, 50% of the house value to 60%.
I had some guns stolen once and the insurance company wrote a cheque for what a brand new replacement would cost. I was well compensated.
Good post. Was wondering the same thing. I was assuming it would have to be based on the Blue book or recent complete auction activity but would like to hear from an authoritative source.
And prepare yourself for some offers on that M10 ;-)
And prepare yourself for some offers on that M10 ;-)
gdawg: I was actually hesitant to mention the M10 lol.
Ganderite: You are talking about the essence of my post. If something happens , whether fire or theft etc, how do you establish "replacement cost" on something that is not readily available? For example, somebody breaks in and steals my M10. Now what? How do you come up with a valid replacement cost for it?
I would hate to have some crap happen and leave me in a bad spot wondering why i only got $800 for a $2000 firearm etc.
Ganderite: You are talking about the essence of my post. If something happens , whether fire or theft etc, how do you establish "replacement cost" on something that is not readily available? For example, somebody breaks in and steals my M10. Now what? How do you come up with a valid replacement cost for it?
I would hate to have some crap happen and leave me in a bad spot wondering why i only got $800 for a $2000 firearm etc.
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I suspect you could approach a Canadian auction house that specializes in firearms and they could give you replacement values that would be acceptable to the insurance co. For example, I know Switzer's mentions appraisals as one of their services offered.
I dug around on their site and you are right. That might be one of my only real options unless you go by the blue book numbers solely. I assume they would need to physically inspect and the idea of shipping a bunch of firearms across the country and back isn't exactly an idea I feel all warm and fuzzy about however. I wonder if I should leave this to my insurance company to find someone? Although that might not be the best either. Someone impartial would make more sense.
The worst of it is the expense of doing this makes more sense for analyzing a collection but not just one or two pieces.
One of my guns stolen was a factory new C2-A1, with mags still in plastic. The adjuster asked me what I thought it would cost to buy another one. I suggested $3,000 and he thought that was fair.
Replacement value means a NEW one. For some that is hard to estimate.
Replacement value means a NEW one. For some that is hard to estimate.
80+% of what I own are no longer in production. That removes the "new one" option. I would suspect that online auction results, "for sale" ads on various websites and perhaps the opinion of a recognized appraiser would be how an insurance company would establish the value of a loss.
They might give you a value estimate/range based on photos and description. Maybe worth a call?
