darrylta Posted May 10, 2009 Report Share Posted May 10, 2009 Hello, I'm in the market to buy some insurance to cover my growing collection of TSMG's, I've got about 100K into it now, Does any body have any suggestions?? Link to comment Share on other sites More sharing options...
Norm Posted May 10, 2009 Report Share Posted May 10, 2009 There was a post about this along time ago. I think fullauto45 suggested some companies if I'm not mistaken. Norm Link to comment Share on other sites More sharing options...
RoscoeTurner Posted May 10, 2009 Report Share Posted May 10, 2009 We had a lenghty discussion on this very topic not long ago, you can probably find it using the search feature. Collectibles Insurance seemed to be about the best route on this. http://www.collectinsure.com/ NRA insurance for the amount most NFA collectors have to insure is more expensive than it is worth. Link to comment Share on other sites More sharing options...
Sig Posted May 10, 2009 Report Share Posted May 10, 2009 Here is the most recent discussion on Insurance. Insurance thread Link to comment Share on other sites More sharing options...
The1930sRust Posted May 10, 2009 Report Share Posted May 10, 2009 Just a fast reply on an aside here. Recently, I did a whole-house inventory and found out we were woefully under insured in terms of replacement costs. Upped same. Then, after our ice storm disaster, I went over my policy with a scanning electron microscope. Found out that firearms are in a special class. My insurer (like many I bet) only cover "up to" certain amounts for replacement if they are stolen. Adding special insurance was prohibitively expensive. So, years ago, we bought a fire safe for the few I have. Now, if the house burns to the ground and everything is destroyed, we're covered in full. But if the Tommy is stolen, I get back a fraction of it's value. Taking a chance I guess, but theft is not my main concern. Fire and tornadoes are. Link to comment Share on other sites More sharing options...
Lancer Posted May 10, 2009 Report Share Posted May 10, 2009 My insurer (like many I bet) only cover "up to" certain amounts for replacement if they are stolen. Adding special insurance was prohibitively expensive. I also have been reviewing my insurance needs recently. What I found concerning my firearms was not good. Coverage is limited to $2000. If I want to cover the entire value of the collection I was quoted $2.55 per $100 of value. (yes, one hundred dollars) To insure just the Thompson for 20k I was looking at $510 per yr., needless to say, I'm shopping around. Link to comment Share on other sites More sharing options...
RoscoeTurner Posted May 10, 2009 Report Share Posted May 10, 2009 Since 1979 I have used for all of my insurance USAA however their insurance for firearms lacks terribly as you will find with most standard insurance companies. I spoke with a representative of Collectibles Insurance at the last SOS and what I was told was very encouraging. Comparing their rates to many others they offered the best deal and best price for insuring multiple NFA firearms. For example if you are looking at buying $100,000 worth of coverage their rates run approximately $555 per year. This figure is based on you having a safe and a central alarm system. With neither of those the price is $616 per year. They have no restrictions on firing your firearms as some companies do but they will not insure your firearms for damage done while firing which is reasonable to me. You can obtain your own estimate through their website calculator - http://www.collectinsure.com/cost.html Link to comment Share on other sites More sharing options...
giantpanda4 Posted May 11, 2009 Report Share Posted May 11, 2009 I agree with the buy a big box theory. :agree: Ft Knox Box to be exact. Other than the costs and lack of coverages already mentioned, I always worry about anything you itemize for an insurance company, not just shooting toys. Think about what you are doing - telling anyone in that company that wants to search on the database what you have! I know it seems paranoid, but even with all the electronic security I am sure someone you don't want reading your inventory can access it. Maybe they even work for Obama..... Ft Knox Boxes are great. But it seems you can never buy then big enough! Link to comment Share on other sites More sharing options...
darrylta Posted May 12, 2009 Author Report Share Posted May 12, 2009 I've also just bought a safe, I first looked at the "safes" with 12/14 gauge skin and came to the conclusion that they were glorified file cabinets, mainly built in China. I splurged and went with a class C Graffunder safe. I have'nt made my mind up regading a security system, I'll probably get one in the long run. This hobby is getting expensive to say the least!! Link to comment Share on other sites More sharing options...
RoscoeTurner Posted May 12, 2009 Report Share Posted May 12, 2009 I've also just bought a safe, I first looked at the "safes" with 12/14 gauge skin and came to the conclusion that they were glorified file cabinets, mainly built in China. I splurged and went with a class C Graffunder safe. I have'nt made my mind up regading a security system, I'll probably get one in the long run. This hobby is getting expensive to say the least!! Check with your insurance company regarding the alarm system, some have arrangements with the alarm companies that provide you a discount. My system is ADT and was offered through USAA insurance. Link to comment Share on other sites More sharing options...
thomas.hondo Posted May 12, 2009 Report Share Posted May 12, 2009 My insurer (like many I bet) only cover "up to" certain amounts for replacement if they are stolen. Adding special insurance was prohibitively expensive. I also have been reviewing my insurance needs recently. What I found concerning my firearms was not good. Coverage is limited to $2000. If I want to cover the entire value of the collection I was quoted $2.55 per $100 of value. (yes, one hundred dollars) To insure just the Thompson for 20k I was looking at $510 per yr., needless to say, I'm shopping around. Roscoe, I went the USAA route a few years back and have my Savage 28 is insured for 22.5K as an antique firearm from theft, for 32.00 month. I spoke with rep on the phone - which with USAA is still easy to do. The only hard thing was getting an appraisel from someone they would accept. 32.00 may be high but USAA gives me the peace of mind of low hassle claims. Tom Link to comment Share on other sites More sharing options...
RoscoeTurner Posted May 12, 2009 Report Share Posted May 12, 2009 Roscoe, I went the USAA route a few years back and have my Savage 28 is insured for 22.5K as an antique firearm from theft, for 32.00 month. I spoke with rep on the phone - which with USAA is still easy to do. The only hard thing was getting an appraisel from someone they would accept. 32.00 may be high but USAA gives me the peace of mind of low hassle claims. Tom $384 per year per firearm is way too steep for me. When you get into having to insure 7-8 plus NFA firearms that kind of rate is not sustainable for me. I spoke to a number of collectors with large collections and from what I was told I felt just as comfortable with the other company as I did with USAA. I have had USAA insurance since 1979 and have always been very pleased with them except in two areas - firearms and antique vehicles. Those two areas I went with other insurance companies due to USAA's rates and use policies. Link to comment Share on other sites More sharing options...
AdvancedArms Posted May 12, 2009 Report Share Posted May 12, 2009 I've also just bought a safe, I first looked at the "safes" with 12/14 gauge skin and came to the conclusion that they were glorified file cabinets, mainly built in China. I splurged and went with a class C Graffunder safe. I have'nt made my mind up regading a security system, I'll probably get one in the long run. This hobby is getting expensive to say the least!! Great choice. I am picking up the Graffunder line for my store. Most "GUN SAFES" are not safes they are containers. Even the high end ones are only 10 to 7 ga. 7ga = 3/16"....................Not very thick at all. The lowest/entry level Graffunder is a B rated safe with 1/4" plate body and 1/2" plate door. The C series is 1/2" plate body and 1" plate door. The E series is 1" plate body and 1.5" plate door. I can keep going. Link to comment Share on other sites More sharing options...
October1971 Posted May 12, 2009 Report Share Posted May 12, 2009 Roscoe, I went the USAA route a few years back and have my Savage 28 is insured for 22.5K as an antique firearm from theft, for 32.00 month. I spoke with rep on the phone - which with USAA is still easy to do. The only hard thing was getting an appraisel from someone they would accept. 32.00 may be high but USAA gives me the peace of mind of low hassle claims. Tom $384 per year per firearm is way too steep for me. When you get into having to insure 7-8 plus NFA firearms that kind of rate is not sustainable for me. I spoke to a number of collectors with large collections and from what I was told I felt just as comfortable with the other company as I did with USAA. I have had USAA insurance since 1979 and have always been very pleased with them except in two areas - firearms and antique vehicles. Those two areas I went with other insurance companies due to USAA's rates and use policies. I owned an operated an independent insurance agency from 1972 to 1991. I never insured my guns on a homeowner policy ( too costly) nor did I recommend my customers do it either. I've been with several specialty companies over the last three decades, but Collectibles Insurance Agency gives the best protection for the money. You can elect to not have them computerize the listing if desired ( but I don't mind them doing that ) and you don't have to provide serial numbers. They provide significant "in transit" coverage on the road and you purchase additional amounts of coverage when planning to travel somewhere if you give them the dates and locations. I've had them increase in transit coverage for a few days at a time from $60,000 to $120,000 and I typically get an endorsement billing of around $12.00. One caveat, they have separate policies for "collectors" and for "dealers" Do not confuse the issue by trying to insure your "inventory" under the "collector" category. They will answer all questions by email or fax. Don't know if this is redundant to the thread on the gun insurance but thought it might be useful to some. FWIW October71 PS One of the last companies I was with just before Collectibles Insurancy Agcy was charging me twice what CSI charged, and.....the other company did not provide flood coverage! Link to comment Share on other sites More sharing options...
darrylta Posted May 12, 2009 Author Report Share Posted May 12, 2009 ---I may have painted myself into a corner with this one. I bought the 4'w x 6't model which weighs in at 3,600 lbs. Getting the beast in the basement will not be an easy task I'm sure. I'm renting a forklift, pallet jack and a 22 ton jack to get this thing set. Link to comment Share on other sites More sharing options...
Norm Posted May 13, 2009 Report Share Posted May 13, 2009 ---I may have painted myself into a corner with this one. I bought the 4'w x 6't model which weighs in at 3,600 lbs. Getting the beast in the basement will not be an easy task I'm sure. I'm renting a forklift, pallet jack and a 22 ton jack to get this thing set. Now that is a home safe! Link to comment Share on other sites More sharing options...
AdvancedArms Posted May 13, 2009 Report Share Posted May 13, 2009 (edited) ---I may have painted myself into a corner with this one. I bought the 4'w x 6't model which weighs in at 3,600 lbs. Getting the beast in the basement will not be an easy task I'm sure. I'm renting a forklift, pallet jack and a 22 ton jack to get this thing set. Someone has you beat.....my opening order includes a PAIR of 72x50 E rated w/ secuirity upgrades weighing in at 5400+ lbs each. One opening left the other opening right with a trim flange to cover the gap between the two so it looks like one safe. Edited May 13, 2009 by AdvancedArms Link to comment Share on other sites More sharing options...
AdvancedArms Posted May 13, 2009 Report Share Posted May 13, 2009 (edited) ---I may have painted myself into a corner with this one. I bought the 4'w x 6't model which weighs in at 3,600 lbs. Getting the beast in the basement will not be an easy task I'm sure. I'm renting a forklift, pallet jack and a 22 ton jack to get this thing set. Rol-A-Lifts are another nice piece of moving equipment. I would imagine some places might rent them. http://www.rolalift.com/ Edited May 13, 2009 by AdvancedArms Link to comment Share on other sites More sharing options...
darrylta Posted May 14, 2009 Author Report Share Posted May 14, 2009 I'd hate to think how many TSMGs you could fit into those two A Arms, and how much it would cost to insure them. I priced a double safe and backed off it, $42,000 is a bit pricey. I've been told when you have an armory like that, the thieves break in when your home, hold a gun to your head, you open the safe and hopefully don't get wasted afterwards. Link to comment Share on other sites More sharing options...
bt3_guns Posted July 4, 2009 Report Share Posted July 4, 2009 (edited) I recently spoke to USAA about insuring my guns (trying to consolidate as much as possible) and although I've insured with them since 1977, I'm sticking with the Collectibles Insurance Agency. In addition to the cost issue, the USAA representative told me that USAA doesn't cover the guns at a show, so I'd be uninsured at a TCA event. I've used the Collectibles Insurance Agency for a number of years and so far the have the best price and service on guns. Just my $0.02. Edited July 4, 2009 by bt3_guns Link to comment Share on other sites More sharing options...
Grey Crow Posted July 4, 2009 Report Share Posted July 4, 2009 I just added everything as a separate rider on my insurance with State Farm, sent them a spread sheet with everything, including each piece of reloading equipment. Link to comment Share on other sites More sharing options...
Ltcboy Posted October 19, 2009 Report Share Posted October 19, 2009 (edited) Hi All- I just signed up with Cor Vens insurance out of Clinton, Ia. I did a lot of research amongst alot of the insurance carriers out there offering insurance for firearms. They by far the most affordable and after talking to Tim, the cover a lot of things that others do not. I am in no way a big fish when it comes to collecting firearms, but my collection is around $100k. To have my collection fully insured at $115k, along with a $1k deductable, I am paying $350.00. They also allow you to shoot the firearms that are insured, some companies don't allow that.They also allow fair market value if there is a loss. They only require that you have to schedule anything if any one item, pair or set, is valued over $10k. This is underwritten thru Travelers. The lady at the office sent me a dummy policy. If any of you are interested in seeing it to read it over, let me know and I can forward it on to you. www.corevensguninsurance.com Thanks- MIke Edited October 19, 2009 by Ltcboy Link to comment Share on other sites More sharing options...
RoscoeTurner Posted October 19, 2009 Report Share Posted October 19, 2009 Hi All- I just signed up with Cor Vens insurance out of Clinton, Ia. I did a lot of research amongst alot of the insurance carriers out there offering insurance for firearms. They by far the most affordable and after talking to Tim, the cover a lot of things that others do not. I am in no way a big fish when it comes to collecting firearms, but my collection is around $100k. To have my collection fully insured at $115k, along with a $1k deductable, I am paying $350.00. They also allow you to shoot the firearms that are insured, some companies don't allow that.They also allow fair market value if there is a loss. They only require that you have to schedule anything if any one item, pair or set, is valued over $10k. This is underwritten thru Travelers. The lady at the office sent me a dummy policy. If any of you are interested in seeing it to read it over, let me know and I can forward it on to you. www.corevensguninsurance.com Thanks- MIke Mike, Did you happen to specifically ask them about machine guns? http://www.corevensguninsurance.com/index.html RT Link to comment Share on other sites More sharing options...
Ltcboy Posted October 19, 2009 Report Share Posted October 19, 2009 Yes I did. They insure them. I asked them about non firearm coverage, such as accessories and military acoutrements. They cover that too. It the item is valued over $10k, you have to schedule it. Tim told me they insure collections ranging from $30k up to $15 million. Any legal NFA firearm goes. MIke Link to comment Share on other sites More sharing options...
Ltcboy Posted October 19, 2009 Report Share Posted October 19, 2009 Also- I asked them if they needed all of the serial numbers from my firearms. I was told no, not unless there is a claim to be filed. It is the insureds responsabilty to document and keep on record any proof, information, serial number or any other important pertinant info related to insuring that firearms. I keep a detailed accounting, along with pics, on every firearm I own. This was very convienent to me because I have a software program that I bought for C&R collectors. I saved it onto a disk and store it in a lockbox. MIke Link to comment Share on other sites More sharing options...
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