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 Replies: 18 / Views: 4,498 |
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Pillar of the Community
United States
3234 Posts |
I would call Hugh Wood (especially good if you're an ANA member) and ask them for pricing. I know that their lowest premiums are for collections worth up to about $55,000 for safe deposit box kept coins. It sounds like your collection is small enough and of limited value that you could simply hide it really well and protect it without having to insure it at this time. |
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Bedrock of the Community
United States
20753 Posts |
For what you mentioned in the way of coins I suggest not insuring them. It really wouldn't be worth an insurance policy price. And then too, for that small amount of coins, a lot of trouble with all the paper work. Wait until your collection is worth a few million or a bit less before you think about insurances.
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Pillar of the Community
Canada
1554 Posts |
 Tell ya what Morgandude, you send me $10.00/year and I'll insure your collection against theft/fire! Glenn  |
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Bedrock of the Community
United States
14454 Posts |
for 20.00 a year I would insure it from theft,fire,flood,obscure space junk,meteor shower and lightning strikes. Wanted to add this is just a joke because I just saw the insurance jack in the box commercial where the obscure space junk crushed it instead of the jack jumping out so I had to say it
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Moderator
 United States
16679 Posts |
With what you have, a well hidden fire proof box, like a Sentry, should be adequate.
swcoin.ecrater.com
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Bedrock of the Community
Australia
21788 Posts |
Short answer: NO.
If your collection has significant value, get yourself a decent safe and keep it out of view. Or collect coins that are not worth much. Also fewer tax problems that way. The numismatic fun is just the same.
If you have VERY valuable coins, keep them in a bank. Same with large gold bars.
The majority of coins in my collection would be worth 10 dollars or less. A tiny number would be valued at over $1,000.
To get my coins insured proved to be a nightmare, so I said 'No thanks'.
They wanted every coin assessed independently by a commercial professional every year, to assess the risk and to establish the premium to be paid each year.
Their reasoning was that the coins would increase in value each year, and they need to know by how much.
Hence the need for annual re assessment. Crazy!
Edited by sel_69l
02/24/2012 10:44 pm
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Bedrock of the Community
United States
20753 Posts |
Quote:
They wanted every coin assessed independently by a commercial professional every year, to assess the risk and to establish the premium to be paid each year.
Their reasoning was that the coins would increase in value each year, and they need to know by how much.
Hence the need for annual re assessment. Crazy! Absolutely not crazy, good buisness that's all. To a insurance sales person your just a source of income and nothing else. What they do is the same thing they like to do with car or house insurances. With a car, as it gets older they have to charge less which they don't really like. With a house they want you to accept the house's value has gone up so should the coverage and the cost of that coverage. More money for them you know. With a coin collection they can tell you as it grows in value, so should your insurance coverage. Again, more money for them. Always remember that to make a salesperson happy, you just have to pay more, more, more and more. |
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Valued Member
United States
306 Posts |
sel69L, that is insane! Glad I don't have to do that with any of the personal property we have insured.
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Pillar of the Community
United States
1817 Posts |
Wow, I think I have that exact line up of loose coins rattling in my kitchen's misc/junk drawer right now. Guess I should give Hugh Wood a call. |
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Rest in Peace
United States
9104 Posts |
Quote:
Their reasoning was that the coins would increase in value each year, and they need to know by how much.
A disinterested third party protects them by evidencing that you actually have the coins and their condition. I get people wanting an appraisal on a list of coins that were stolen, burnt, whatever. No way I'm gonna put a price on something that he might have sold a month earlier. |
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Bedrock of the Community
Australia
21788 Posts |
When an independentt professional dealer coin dealer charges you 3% of the value of your collection each year just to value it, the total cost per year is unreasonable.
Actually, the dealer's charges stand alone, I think are QUITE reasonable.
The insurer's approach makes insurance of a collection such as mine with lots of low value coins way too expensive.
And I'm not gonna pay more....more.... more!
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Pillar of the Community
United States
4333 Posts |
I met with my insurance agent last week. Coins ARE NOT insured under normal homeowners policy.
They will insure if a professional appraisal is done, but it's expensive.
On a side note, he did mention to read the contract closely regarding my safe-deposit box at the bank. The bank does not normally offer any type of insurance againt fire or theft, and coins and bullion may even be prohibited against storage in said bank. Wow!
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
7840 Posts |
Bryan1315; Obscure space junk was a Farmers Insurance ad featuring a huge "jack in the box". I liked that commercial...along with the "flame thrower" and the huge ball of dryer lint. Edited by oih82w8
02/27/2012 10:48 pm
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Valued Member
 United States
206 Posts |
Oih82w8, my favorite farmers commercial is the X-Men one. |
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Valued Member
United States
167 Posts |
Most home owners and renters policies cover a small degree of collectibles - you should check. Hugh Wood Inc is the one that has a deal for ANA members, premiums depend on a LOTS of variables so it's a little tough to guestimate it for you - but generally people wouldn't look at a policy unless they were willing to pay at least $100 or $200 a year. I can't remember what the min policy premium is. Another one I've seen around - but not done business with is CollectInsure.com - they have posted rate charts on their site. Their policies seem to insure more than just coins as well - as antiques, beanie babies, etc |
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Replies: 18 / Views: 4,498 |
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Posted 02/20/2012 3:24 pm
