Jump to content


Photo
- - - - -

Insurance for a 1921A Thompson

insurance

  • Please log in to reply
22 replies to this topic

#1 poihths

poihths

    New Member

  • Regular Group
  • 16 posts
  • Gender:Male
  • Location:Michigan
  • Interests:Thompson submachine guns.

Posted 02 February 2019 - 11:24 AM

It seems to me that at some point, there was a good discussion here of insurance options for our favorite firearm, but I can't find it now for the life of me.

 

I presently have a USAA Valuable Personal Property, but I'm not satisfied. It seems likely to be costing more than it needs to and I don't like the tone of the communications I'm getting. I normally trust USAA very much but on this issue they aren't giving me the usual warm and fuzzies, and they don't always seem to know what their own policies are.

 

So I'd be very interested in hearing fom y'all about where you have coverage, what it's costing you and how you like your provider.

 

I hope the thread will be useful for others who come along later with similar questions.

 

Thanks!

 

Bob Bethune

 


  • 0

#2 av8tr

av8tr

    RKI Member

  • Board Benefactor
  • 200 posts
  • Gender:Male
  • Location:Tennessee

Posted 02 February 2019 - 12:00 PM

I use Collectibles Insurance.  www.collectinsure.com

 

I think their price is competitive, and service on policy changes is fast and professional.  I have not had a claim, so I have no information as to how that will play out, if it ever happens.  They require items valued at $5000 and up be on a Scheduled Items List, but do not require you provide the serial number of the weapon.

 

I find USAA, while a great company, does not do so well with"outside the box" coverages.  I have my cars with them, but moved my house and other property.  I live on a farm, and their homeowners coverage really doesn't fit that, and they do not offer any type of farm coverage.  They view a tractor as a $3000 riding lawn mower, not a $50000 cab tractor.  No real understanding of farm implements or Farm Liability on multi tracts of land either.


Edited by av8tr, 04 February 2019 - 11:56 AM.

  • 0

#3 Sig

Sig

    Respected Member and Board Benefactor

  • Moderator
  • 1670 posts
  • Gender:Male

Posted 02 February 2019 - 02:07 PM

Check out Eastern Insurance

 

https://www.easterni...storic-firearms


  • 0

#4 john

john

    Long Time RKI Member

  • Regular Group
  • 685 posts
  • Gender:Male
  • Location:Saint Paul, Minnesota

Posted 02 February 2019 - 09:34 PM

I used to have Collectibles Insurance Agency, then Katrina hit the gulf coast. My next quote was over a 300% increase. I called to ask why and was told it was to pay for those losses.
Now, I live in a safe zone in Minnesota, no flooding, guns kept in vaults, etc. Very little danger of any losses, but the CIA told me that all members have to pay their share of losses.
I asked if those in flood prone areas paid more for higher risk and was told no, but everyone picks up losses.

Hmmmm....I said I wasn't going to pay unfair rates to pay for higher risk owners of collectibles and was told that was the way it is and if I didn't like it I could go somewhere else.,...which is what I did.
In fact I dropped it completely and carry nothing now.
Since that time I've saved probably close to Three grand in insurance costs so it seems like the right thing for me.
  • 0

#5 hntrdarren

hntrdarren

    RKI Member

  • Board Benefactor
  • 272 posts
  • Gender:Male
  • Location:Indiana
  • Interests:My family
    Collecting Colt Thompsons & Rare NFA Firearms
    Mountain Hunting
    Wildlife Habitat Improvement
    Gamekeeper

Posted 03 February 2019 - 10:07 AM

I use Collectibles Insurance.


  • 0

#6 RoscoeTurner

RoscoeTurner

    Respected Member

  • Moderator
  • 3054 posts
  • Gender:Male
  • Interests:WWII Military Thompsons
    WWII Browning Automatic Rifles
    Russian M1910 Maxims
    Vickers
    01/SOT

Posted 03 February 2019 - 10:12 AM

I use Collectables Insurance as well.  The policy will also cover your firearms in transit say to/from a show or for repairs as well as while the item is there.  My firearms policy also covers a rather large brass model train collection.

 

USAA insurance I have had since 1979, no complaints with them regarding vehicle or home insurance but when it comes to firearms insurance both USAA and the NRA plans leave a great deal to be desired.


  • 0

#7 john

john

    Long Time RKI Member

  • Regular Group
  • 685 posts
  • Gender:Male
  • Location:Saint Paul, Minnesota

Posted 03 February 2019 - 10:22 AM

Are CIAs rates back down to "reasonable". again?
  • 0

#8 john

john

    Long Time RKI Member

  • Regular Group
  • 685 posts
  • Gender:Male
  • Location:Saint Paul, Minnesota

Posted 03 February 2019 - 10:23 AM

Are CIAs rates back down to "reasonable". again?
  • 0

#9 JJX

JJX

    Regular Member

  • Board Benefactor
  • 191 posts
  • Gender:Male
  • Location:Louisiana

Posted 03 February 2019 - 11:46 AM

I had a policy with Collectibles but was displeased for a couple of reasons. One was their response to my concerns over the wording of the coverage pertaining to shipping a gun. 

 

I recently changed to Eastern and I like them better. The level of communication and terms of coverage seem more straight forward to me.

 

Never filed a claim with either company, so I am not rating them in that regard.

 

My experience with USAA over several decades leaves me less and less impressed, although I still use them for some things.


  • 0

#10 lightguy

lightguy

    Regular Member

  • Board Benefactor
  • 302 posts
  • Gender:Male
  • Location:Texas
  • Interests:Guns, Cars, coins, pinball, movie posters

Posted 04 February 2019 - 10:21 AM

I shopped and shopped and went with Eastern.

Homeowners additional coverage was the most expensive followed by USAA.

 

Collectors was avg.

 

Eastern ins policy covers ALL collectibles in the home (except coins stamps and cars, perhaps a few more) for one bundled price. I have a big pinball and movie poster collection also covered by the policy. By FAR the cheapest and great coverage.

Only have to declare things over 50K IIRC which means you dont have to itemize. YOU DONT HAVE TO ITEMIZE !


Edited by lightguy, 04 February 2019 - 10:23 AM.

  • 0

#11 av8tr

av8tr

    RKI Member

  • Board Benefactor
  • 200 posts
  • Gender:Male
  • Location:Tennessee

Posted 04 February 2019 - 12:10 PM

Are CIAs rates back down to "reasonable". again?

I looked at the last policy renewal, and I paid basically $2.79 per $1000 of coverage.  i do not know if the cost is linear from small amounts to very large amounts of coverage, or if there are tiers where the cost per $1000 changes.


  • 0

#12 thompsonteenager

thompsonteenager

    Regular Member

  • Regular Group
  • 161 posts

Posted 05 February 2019 - 06:56 AM

I used to have Collectibles Insurance Agency, then Katrina hit the gulf coast. My next quote was over a 300% increase. I called to ask why and was told it was to pay for those losses.
Now, I live in a safe zone in Minnesota, no flooding, guns kept in vaults, etc. Very little danger of any losses, but the CIA told me that all members have to pay their share of losses.
I asked if those in flood prone areas paid more for higher risk and was told no, but everyone picks up losses.

Hmmmm....I said I wasn't going to pay unfair rates to pay for higher risk owners of collectibles and was told that was the way it is and if I didn't like it I could go somewhere else.,...which is what I did.
In fact I dropped it completely and carry nothing now.
Since that time I've saved probably close to Three grand in insurance costs so it seems like the right thing for me.

Hey I'm in MN too maybe I'll see you at a gun show now day
  • 0

#13 StrangeRanger

StrangeRanger

    Regular Member

  • Regular Group
  • 260 posts
  • Gender:Male
  • Location:Ohio

Posted 05 February 2019 - 08:41 AM

Are CIAs rates back down to "reasonable". again?

I looked at the last policy renewal, and I paid basically $2.79 per $1000 of coverage.  i do not know if the cost is linear from small amounts to very large amounts of coverage, or if there are tiers where the cost per $1000 changes.

There must be tiers.  I'm paying $5.85/$1000.  I live in a suburban very low crime area with no flood hazard.


  • 0

#14 av8tr

av8tr

    RKI Member

  • Board Benefactor
  • 200 posts
  • Gender:Male
  • Location:Tennessee

Posted 07 February 2019 - 10:57 AM

To attempt a comparison of the premiums, I went to the link SIG posted for Eastern Insurance and requested a quote.  I got an automated reply from Jack Richardson's email address stating they would be in touch soon.  That was 3 days ago, and as yet no response.  If I'm not mistaken, I remember reading in another thread that Mr. Richardson died some months ago.  Apparently they do not update their website all that often.  I'll report if someone from their office responds to the request for a coverage quote.


  • 0

#15 RoscoeTurner

RoscoeTurner

    Respected Member

  • Moderator
  • 3054 posts
  • Gender:Male
  • Interests:WWII Military Thompsons
    WWII Browning Automatic Rifles
    Russian M1910 Maxims
    Vickers
    01/SOT

Posted 07 February 2019 - 11:11 AM

Eastern ins policy covers ALL collectibles in the home (except coins stamps and cars, perhaps a few more) for one bundled price. I have a big pinball and movie poster collection also covered by the policy. By FAR the cheapest and great coverage.

 

Collectors will as well.  I added a brass train collection valued at approximately $20,000 to my existing Collectors Insurance policy for no extra charge.


  • 0

#16 DZelenka

DZelenka

    RKI Member

  • Regular Group
  • 669 posts
  • Gender:Male

Posted 07 February 2019 - 12:28 PM

 

Are CIAs rates back down to "reasonable". again?

I looked at the last policy renewal, and I paid basically $2.79 per $1000 of coverage.  i do not know if the cost is linear from small amounts to very large amounts of coverage, or if there are tiers where the cost per $1000 changes.

There must be tiers.  I'm paying $5.85/$1000.  I live in a suburban very low crime area with no flood hazard.

Mine is lower than that.


  • 0

#17 john

john

    Long Time RKI Member

  • Regular Group
  • 685 posts
  • Gender:Male
  • Location:Saint Paul, Minnesota

Posted 08 February 2019 - 10:09 PM

Thompson Teenager, there are a few of us who shoot together and we hit all the gun shows for social time. Thompson collectors are a special breed of gun-nerds indeed.
Keep in touch....a few of us will be at the big MWCA State fairgrounds Coliseum show in March.
john
  • 0

#18 av8tr

av8tr

    RKI Member

  • Board Benefactor
  • 200 posts
  • Gender:Male
  • Location:Tennessee

Posted 23 February 2019 - 12:10 PM

To attempt a comparison of the premiums, I went to the link SIG posted for Eastern Insurance and requested a quote.  I got an automated reply from Jack Richardson's email address stating they would be in touch soon.  That was 3 days ago, and as yet no response.  If I'm not mistaken, I remember reading in another thread that Mr. Richardson died some months ago.  Apparently they do not update their website all that often.  I'll report if someone from their office responds to the request for a coverage quote.

I got an email response from Laura Sewall at Eastern Insurance on 20 February.  In that reply, she attached a Welcome Package with a questionnaire to be filled out for a formal quote.

 

The Package states that the Standard rate is $0.35 per $100 of coverage for their "all risk" worldwide coverage.   It states the minimum premium is $150 for $40000 of coverage. (There must be some policy fee in that price, because .35 x 400 is $140.) It further states optional deductibles and premium discounts are available for larger collections.  Further, the questionnaire states that a 5% discount from the Standard rate is given for "members of various collecting and sportsmen fraternities as well as Members of our Military."  Items values at $10000 or more must be scheduled, no serial number required.  It appears their policy has two separate Limits of Liability, One for Scheduled Items and one for Unscheduled Items. They ask for an estimated number of items in the Unscheduled Limit.

 

I will likely fill out the questionnaire to request a formal quote, but I doubt it will beat Collectors in my case.  (As stated earlier, my rate at Collectors is approximately $0.279 per $100 of coverage.)  One of the questions they ask is distance form the nearest fire hydrant and fire station.  I live in an extremely rural area.  (no hydrant within at least 15 miles and the volunteer fire department is 7 miles away.)


  • 0

#19 bug

bug

    Long Time RKI Member

  • Board Benefactor
  • 1633 posts
  • Gender:Male
  • Location:SE PA
  • Interests:Hunting, fishing, shooting, reloading, metalworking, woodworking, photography.

Posted 23 February 2019 - 03:02 PM

That's why a lot of properties in rural areas have a pond.


  • 0

#20 Bridgeport28A1

Bridgeport28A1

    Respected Member

  • Board Benefactor
  • 1229 posts
  • Gender:Male
  • Location:USA

Posted 23 February 2019 - 03:25 PM

I'd be set, fire station less then a mile away and a fire hydrant in my front yard.


  • 0