Insurance question

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Dr.Rob

Staff Alumnus
Dad and I were having a long talk about "insurance" of our firearms and assorted accessories.. reloading supplies etc.

Our Farmer's agent gave us a quote for a firearms rider that was outrageous and according to dad.. the NRA insurance wasn't any cheaper.

Does anyone with experience know who has the best firearms protection/fire policy? Did you have to get real appraisals or estimates?

This all started when I brought home a new collectors book yesterday.

Any help would be appreciated.

Rob
 
M

mpthole

New member
Don't know if I can really offer any help other than my converstation with my agent yesterday, it breaks down like this:

1) A 'rider' on my current policy to cover firearms only costs $1.50 / per $100 of coverage. This is a yearly payment. So, if a person wanted $10,000 in firearm-only coverage, it would cost them $150 per year. Kind of pricey I think when a normal $40,000 policy is about $125 / year.

2) If one only has the 'normal', say $40k coverage, and all of your guns get stolen; and then you put in a claim for $10k or more, the insurance company apparently frowns on that. I guess because of the ratio of firearm value to overall policy coverage. I don't know if that means they wouldn't pay it out or not.

3) If you just take out a larger policy, say $100k of coverage, you'd probably be OK regardless of what happens. Not sure what that might cost you in yearly/monthly payments though...

That's how my agent explained it to me anyway. Frankly, I don't trust these guys farther than I could throw them. I don't think I've ever gotten a straight answer and their records are always screwed up on something... I've had to correct my address with them a couple times even though I haven't moved anywhere! :rolleyes:
 
T

TaxPhd

New member
Taking out a larger policy probably won't work. Most policies provide for a maximum amount of firearms coverage, regardless of what the total amount of the policy is. Most seem to limit firearms coverage to $2,500 or $5,000.

A rider, or supplementary coverage (like the NRA insurance) will usually be required.

The NRA policy is a little cheaper than what my insurance company (State Farm) offers.
 
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