| Author |
 Replies: 16 / Views: 2,120 |
|
Valued Member
United States
227 Posts |
I was wondering because I have heard different things. Will the USPS insure coins for their value (from say Red Book), insure them for what you paid for them, insure them for US monetary value, or not insure them at all. I have heard a variety of different things. I thought I was told by someone that they would only insure for US monetary value. So if you sent a quarter they would only insure it for 25 cents whether it was a State Quarter or a barber. But people on ebay charge for insurance for over 100 on single coins so?  Is this just an ebay scam? Or can you really insure coins in the mail, anybody know? |
|
|
|
Bedrock of the Community
United States
14454 Posts |
I think the way they put it is they don't insure money but they do insure collectibles so you have to call the coins collectibles for them to insure them and you can name the amount of the insurance on how much it is worth
|
|
Moderator
 United States
16677 Posts |
Exactly. I generally take my chances sending uninsured USPS below $30. Any coins value (or auction final price) above that, I will send insured. Obviously the TPG's, I send registered and insured. swcoin.ecrater.com
|
|
Rest in Peace
United States
9104 Posts |
Generally, insurance covers the most recent market price. If something catalogs for $100 and it sold on ebay for $60, the insurance covers the $60. The major exception is items given as gifts where a current price isn't involved. For example, Uncle Jim sends Johnny a gold piece he had a as a kid. If it gets lost, the value is generally what it will cost to replace it with a similar item. |
|
Valued Member
United States
164 Posts |
I have talked with a postal worker to try to understand the insurance process. It is my understanding that you pay the premium on an amount of insurance. Not on what is in the package. If I pay the amount to insure a package for $200 and the package is lost then the claim is for the 200 dollars irregardless of what is in the package.
This was somewhat confusing and I asked for clarification and was assured that this was the case.
I don't know if this was correct info or not.
|
|
Pillar of the Community
 United States
5953 Posts |
I have had two packages go missing. The first I got paid the value of the contents which was a little over $700 not the $800 insured value. Took almost 8 months for me to get the money. The second I got the $50 insured value on a $12 coin and it only took three weeks.
|
|
Pillar of the Community
United States
5601 Posts |
I do some mailing of coins from time to time and I insure the package for a coin sold on ebay for 500.00, so I insure the package for 500.00, I am told that would be the amount I would receive if the package was lost.I just put a morgan 1896-0 in its wrapper and brought it in to the post office.I know the clerks there and they said if I wanted to send that coin, and the value was , what I told them , I did not have to prove the value( I have heard sometimes this is the case )i would be smart to send it registered mail.That way anyone who touches the package would have to sign the package and before the transaction was complete, the clerk excused himself and said he was going to lock the package in the safe, came back and finished the transaction. I have (thank god) never lost an insured, or should I say "they" never lost a package of mine.I could imagine this being a nightmare to have a missing package.This coin went to the philippines, they love UNITED STATES currency, esspecially old MORGANS and the like.BE WELL MORGANS DAD... |
|
Pillar of the Community
United States
790 Posts |
Many years ago my wife sent a computer through the mail and insured it for $2000. It was damaged in transit. The computer was really only worth about $1000, but she overinsured it. The post office amazingly required very little proof, let her keep the damaged computer, and sent her $2000 quite promptly. I think the key to this was the fact that she called the post office and yelled.
|
|
Rest in Peace
United States
9104 Posts |
Quote:
This was somewhat confusing and I asked for clarification and was assured that this was the case. Not confusing at all, just another employee who needs to learn his job. If it worked that way, there would be a cottage industry of bricks being shipped back and forth with $10,000 insurance polcies on them. Just as you can't insure a $10,000 shack for $1 million, you're only going to collect the replacement value (at MOST) of an insured item. |
|
Rest in Peace
United States
9104 Posts |
Some cases, especially like the $50 claim, can cost more to argue about than to just pay EVEN IF THE CUSTOMER IS WRONG.
|
|
Bedrock of the Community
United States
20753 Posts |
I've discussed this with my local post office some time ago. I was informed that whatever I insure something for I really should have proof of what I paid or an honest appraisal of the item(s) being sent. Whatever is being insured should be insured for only the actual value. If an item is lost or damaged and it was insured for more than the actual value, it is considered a FEDERAL OFFENSIVE. And subject to prosecution.
Proving such offences is difficult in almost all instances.
|
|
Rest in Peace
United States
9104 Posts |
I don't think it's a federal offense to overinsure, just to try to make a claim in excess of the value. That's fraud.
As a practical matter, you insure a $150 item for $200, because the fee is the same either way. Saves paperwork, because the only time the $150 figure comes into play is the rare case of loss.
|
|
Moderator
United States
187580 Posts |
Biggfred is right. No insurance company (including those that underwrite shipping companies) is going to complain if you pay too much for insurance since you will still have to file a claim. My homeowners policy estimates coverage for the "contents" of my house based on appraised vale, occupant income, and a host of other factors. In a total loss, there is no way I would ever get that total amount on a claim; I just do not have that much stuff!  |
|
Forum Dad
United States
24147 Posts |
One thing that most people don't realize though, especially with homeowners, is the problems caused by under insuring.
You insure your house today for 200K because that's what it's worth and you forget about it. 20 years from now you have a fire in your kitchen. I have insurance, great it's covered. But, your house now has a market value 400K. The kitchen is going to cost 40k to fix. No problem though, I have 200K of insurance so I'm covered right?
Nope. Your 50% under insured, so the insurance company cuts you a check for 50% of the repair. The other 20K is on you.
|
|
Moderator
United States
187580 Posts |
I definitely have no problem whatsover being over insured! I also have a sit-down with my agent every year for a policy review; having one agent for all insurance makes it easier!  |
|
Rest in Peace
United States
9104 Posts |
The technical term for what bobby is talking about is "co-insurance". Most policies have a co-insurance clause. In the example, it's as if there are two insurance companies splitting the coverage 50/50, and you're one of the companies.
I had a no co insurance clause in my policy when we had a fire in 1987. The adjustor said "it's obvious you lost more than your coverage, make a list of losses and as soon as you're over the limit, send it in and we'll cut you a check for the full amount".
|
| |
Replies: 16 / Views: 2,120 |
Posted 10/17/2008 5:06 pm
