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Insuring your collection
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April 14, 2021 - 7:27 pm
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What companies do others use to insure their guns? I realize some guys likely use their homeowners insurance company with an umbrella coverage added on for their firearms.  Do others use firearm specific company’s? Any suggestions? Pros and cons?

If anyone feels uneasy about discussing their choices openly, feel free to private message me if that’s preferred. 

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April 14, 2021 - 8:35 pm
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Steve Boyett & Associates

330 Franklin Rd, 135A-526

9544 Equestrian Lane

Brentwood TN 37027

(303) 679-9575

 

Core – Vens Insurance

Tim Hartsock  

563-242-5423

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April 15, 2021 - 12:23 am
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I have my collectables (guns/knives) insured via  https://collectinsure.com/guns at a very reasonable price and are fully insured whether in my home, at a show or in transit to or from wherever. And they have a reputation for being very fair paying claims. 

Some  years ago I picked up a custom knife at the American Bladesmith Society  Show in Reno NV that I had been waiting for a ABS custom knifemaker to create for almost 4 years. Packed it in my checked luggage and it was gone upon my arrival home.  CIS payed off within 30 days, not just what I had paid for the knife but the knifemaker’s current price for a like knife. His prices has gone up substantially over the 4 years. 

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Winchester Model 1873 44-40 circa 1886

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April 15, 2021 - 2:16 am
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I was insured thru Boyett but the policy has been taken over by a company named Markel. Not very impressed with them, I’m currently negotiating with the company Kevin posted a link to in another thread. I’ve met Boyett and Hartsock, both good people. Coverage and conditions vary, some of our situations are different but I think all three of the above are good choices when our individual needs are taken into consideration.

 

Mike

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April 15, 2021 - 2:23 am
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Thanks to all of the above suggestions. I too have seen and investigated the company Kevin referenced. TX – please report back on your opinion after you’ve finished negotiating with collectinsure.

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April 15, 2021 - 2:50 am
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jsgwoodsman said
Thanks to all of the above suggestions. I too have seen and investigated the company Kevin referenced. TX – please report back on your opinion after you’ve finished negotiating with collectinsure.  

Based on the info on the linked site I feel confident I’ll be talking more with them. Doug Dutton has already reached out to me and seems genuinely interested in addressing my needs. In my circumstances I believe his company is a better fit than my present company. I’m also negotiating with a local independent agent for my business insurance and have broached the subject of collectibles insurance but need to address my business coverage before moving on to collectibles. 

 

Mike

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April 15, 2021 - 5:12 am
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I’m always a little leery when insuring as you really never know the quality of an insurance company until you experience their performance handling a claim. 

I thought CIS would drag the settlement out and then lowball me on the payout, but I was pleasantly surprise. 

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Winchester Model 1873 44-40 circa 1886

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April 15, 2021 - 2:03 pm
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My needs are primarily for coverage of collectible guns. I travel with some occasionally and a few get shipped out and returned throughout the year.  It’s interesting to see how the coverages break down for different situations.  For example items in transit (being shipped) have x-amount of insurance, there is theft coverage, and even accidental damage coverage. 

Am I understanding correctly that they do not require you to validate values or submit proof of possessing the firearm (possibly until after a claim has been filed)?

That part seemed strange to me – but if they are good on covering claims regardless – I suppose it’s a positive thing to not have to jump through those extra hoops.

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April 15, 2021 - 3:41 pm
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If a single gun, knife or whatever has a declared value of over $5000 then it needs to be listed/identified. 

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Winchester Model 1873 44-40 circa 1886

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April 15, 2021 - 4:41 pm
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I also talked with Doug Dutton yesterday as well.   Just like TX said, he genuinely seemed like he wanted to help.   And the premium for my modest collection wasn’t bad at all.  Although, if you have “Paper” collectibles like posters and catalogs, you would need another policy for those items.   Once i get a final estimate on my collection i will be talking with Doug again.

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April 15, 2021 - 4:46 pm
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Kevin Jones said
If a single gun, knife or whatever has a declared value of over $5000 then it needs to be listed/identified.   

Is an appraisal required or are they willing to simply accept the owner’s assertion that it is worth $5000 (or more)?

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April 15, 2021 - 6:08 pm
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Kevin Jones said
If a single gun, knife or whatever has a declared value of over $5000 then it needs to be listed/identified.   

Thanks 

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April 15, 2021 - 6:12 pm
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steve004 said

Is an appraisal required or are they willing to simply accept the owner’s assertion that it is worth $5000 (or more)?  

That is also a question I’m wondering about. 

 

I suppose I should reach out directly and see what my particular set of circumstances looks like in a coverage package. 

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April 15, 2021 - 6:15 pm
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After running through a quick quote calculator it appears they only charge about .74% annually (or $740 per $100,000) for the value of my items…

 

That doesn’t seem too bad given the quoted coverage they offer. 

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April 15, 2021 - 6:35 pm
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steve004 said

Is an appraisal required or are they willing to simply accept the owner’s assertion that it is worth $5000 (or more)?  

 

They’ve never asked me for an appraisal, and I have one of my Winchesters insured for $16,000. 

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April 15, 2021 - 6:41 pm
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jsgwoodsman said
After running through a quick quote calculator it appears they only charge about .74% annually (or $740 per $100,000) for the value of my items…

 

That doesn’t seem too bad given the quoted coverage they offer.   

 

And perhaps most important is that they treat you right if you have a claim. 

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April 15, 2021 - 7:20 pm
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Kevin Jones said

steve004 said

Is an appraisal required or are they willing to simply accept the owner’s assertion that it is worth $5000 (or more)?  

 

They’ve never asked me for an appraisal, and I have one of my Winchesters insured for $16,000.   

Please excuse my cynicism.  I’m thinking of course they haven’t asked for an appraisal – because they’re taking your money rather than giving you their money.  What happens when the shoe is on the other foot?  I wonder if a claim were made, such as a theft, if all you have to say was: here’s a description of what I have and my opinion that it was worth $16,000?  Even with photos, do they have an appraisal department that is qualified to assess the value?  Does someone there pull out a Blue Book?  

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April 15, 2021 - 7:33 pm
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steve004 said

Please excuse my cynicism.  I’m thinking of course they haven’t asked for an appraisal – because they’re taking your money rather than giving you their money.  What happens when the shoe is on the other foot?  I wonder if a claim were made, such as a theft, if all you have to say was: here’s a description of what I have and my opinion that it was worth $16,000?  Even with photos, do they have an appraisal department that is qualified to assess the value?  Does someone there pull out a Blue Book?    

As I stated in my earlier post, I’m always skeptical about insurance companies, however the way they treated me on my last claim, I’m not worried at all. 

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April 15, 2021 - 7:46 pm
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Kevin Jones said

As I stated in my earlier post, I’m always skeptical about insurance companies, however the way they treated me on my last claim, I’m not worried at all.   

Kevin – 

I read your description of the claim regarding your knife.  That was certainly a positive experience.  I don’t think I woke up on the wrong side of the bed today, but I know it sounds like I did.  I am wary that the knife example you gave can be extrapolated to a collectible firearm.  The knife example uses a product that is currently available with a known current price.  That is, it can be replaced with something similar by placing an order.  I think this is less straightforward with a vintage/antique collectible firearm.

By the way, here’s another insurance option.  I’ve read good things about them over the past 15 to 20 years.  I believe their rates are better than what I’ve seen referenced in the posts above.  They also include ammunition, reloading stuff, cover the firearm when at gun shows etc.  Like the examples above, only high dollar firearms need to be specifically declared.  

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

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April 15, 2021 - 8:26 pm
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steve004 said

Kevin – 

I read your description of the claim regarding your knife.  That was certainly a positive experience.  I don’t think I woke up on the wrong side of the bed today, but I know it sounds like I did.  I am wary that the knife example you gave can be extrapolated to a collectible firearm.  The knife example uses a product that is currently available with a known current price.  That is, it can be replaced with something similar by placing an order.  I think this is less straightforward with a vintage/antique collectible firearm.

By the way, here’s another insurance option.  I’ve read good things about them over the past 15 to 20 years.  I believe their rates are better than what I’ve seen referenced in the posts above.  They also include ammunition, reloading stuff, cover the firearm when at gun shows etc.  Like the examples above, only high dollar firearms need to be specifically declared.  

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms  

I get what you are saying but I trust them. In the case of my knife they could have easily gotten off with paying me about $1800 less however they elected not too. 

The way I understand it is that you declare the value of the gun (or whatever), CIS sets the premium based on that agreed upon declared value and that’s what they pay if loss. 

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Winchester Model 1873 44-40 circa 1886

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