Gun values & insurance?

pmanton

pmanton

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How can I determine the value of my firearms? I'm discovering that some of my firearms that I thought were commonplace are worth quite a bit.

In addition, how do you insure your guns? NRA ?

Thanks

Paul
Salome, AZ
 
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The NRA has insurance carriers available as does the skeet shooting and trap shooting associations. Check around. Insurance can get very expensive when you figure out how much those things are worth. I am in the middle of selling some expensive guns. Have 7 left that are all worth 5 figures..and one may be close to a 6 figure gun. We'll see at auction. And don't forget..some values are going up very quickly ie the Colt handguns like the Pythons and D backs. Neat to have 'em but truly too expensive to insure high value guns. Make sure you have a good safe if you have a bunch. A GOOD safe.
 
^^^ A GOOD safe. ^^^

That's the best advise. I've used the NRA insurance twice and was basically paid 50 cents on the dollar of their value.
 
The FIRST thing I'm getting when I move in to my new apartment won't be a new gun. It won't be a lazy boy or even a coffee table.

It will be a gun safe.
 
pmanton said:
How can I determine the value of my firearms? I'm discovering that some of my firearms that I thought were commonplace are worth quite a bit.

In addition, how do you insure your guns? NRA?
Click to expand...
I'd go broke using the NRA. :o

I use these people: https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

Value-wise, I keep a detailed Excel spreadsheet and update periodically. Some guns are easy to value. Some rare and older guns require some digging and a lot of educated judgement. The completed auction results off a certain website can be very helpful... but I supplement them with local priced inventory listings, gun show prices I observe and advertised new gun prices. I think I've got a pretty good handle on the subject but some would say I tend to be a bit too conservative (i.e., a little low on values). That may be true but I'd rather have to adjust up than adjust down. It's easy to add a little extra margin at the end.
 
Current value can be established on most guns by looking at the "completed" sales on Gunbroker. Never the asking price. Keep in mind that condition can vary the value by many hundreds of dollars on the same make and model of gun. Your best bet is a strong fireproof gun safe.
 
Mine are un insured but in very good safes.
There are lots of variables in safe.
Make sure you look at the specs carefully.
 
Just remember what they say: "Insurance is no substitute for a good safe and a good safe is no substitute for insurance"! :)
 
Tom S. said:
That is true, but if you can't afford both, I'd take the safe first. :D
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We all start out with safes first... :D ... and alarms and dogs and camera surveillance too. But have you watched the videos on how fast even the very best safes can be defeated? :eek:

Insurance is dirt cheap if you go to the right people. In the end, unless you can afford to lose your collection, you need it. :)

If you can afford to lose your collection, then one of two things is true:

1) You are filthy stinkin' rich and God bless you! :D ... or,

2) Your collection isn't nearly big enough. :) Go buy more guns. :D
 
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I had some bad experience with insurance. Was building new house and took guns to my fathers house. Bought rider on guns,
you put value on guns and pay premium on that. I bought $50K.
My father thought it unnecessary expense. Father passed, heart
attack at 53. Stepmother has the guns,won't return. These guns
insured by serial no. Adjuster comes, have check by end of week.
Asks for police report of theft, tell him circumstances. He closes
book, Sorry that's civil case, policy doesn't cover. Was working
as investigator for Law Firm at time. Turned out there was nothing I could due, they were in fathers estate. That's how I
lost gun collection, Nov 30, 1980. Out of 385 I ended up with
28 that were at brothers house.
 
Drm50 said:
I had some bad experience with insurance. Was building new house and took guns to my fathers house. Bought rider on guns, you put value on guns and pay premium on that. I bought $50K. My father thought it unnecessary expense. Father passed, heart attack at 53. Stepmother has the guns,won't return. These guns insured by serial no. Adjuster comes, have check by end of week. Asks for police report of theft, tell him circumstances. He closes book, Sorry that's civil case, policy doesn't cover. Was working as investigator for Law Firm at time. Turned out there was nothing I could due, they were in fathers estate. That's how I lost gun collection, Nov 30, 1980. Out of 385 I ended up with 28 that were at brothers house.
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Horrible story all around. :( A triple nightmare scenario. :o 35+ years later and I can still feel your pain. :(

But I don't think this is a good example of a "failure of firearms insurance policy" story... and I certainly wouldn't use it as a reason not to have proper firearms insurance today. :o

How you could have foreseen this triple nightmare scenario developing, and thereby prevented it, I have no idea. :o
 
Drm50 said:
I bought $50K. My father thought it unnecessary expense. Father passed, heart attack at 53. Stepmother has the guns,won't return. These guns insured by serial no.
Click to expand...

Did your stepmother know they were your guns? I know it would be impossible to bring hundreds of guns into MY house without me knowing it!

If she did know they were yours, she is a real piece of work!!

As for insurance, I use Collectibles Insurance Services.

Gun, Knives, and Accessories Insurance | Collect Insure
 
Due to legal issues regarding my nephew (false domestic violence allegations, and RO) I have about 11 of his rifles and shotguns currently in my home. Most were hand me downs from his grandfather, but I had no place to store them in my safe. They were never identified nor valued, so I will do that before I lock them up in a special place that no one would ever guess..until they can be returned.
 
Ron M. said:
Due to legal issues regarding my nephew (false domestic violence allegations, and RO) I have about 11 of his rifles and shotguns currently in my home. Most were hand me downs from his grandfather, but I had no place to store them in my safe. They were never identified nor valued, so I will do that before I lock them up in a special place that no one would ever guess..until they can be returned.
Click to expand...
Storing someone else's guns (still in their name) always presents some interesting risks... not the least of which is securing insurance coverage in the event of theft, fire or flood. :o 11 rifles and shotguns probably isn't a king's ransom in terms of value but it may be a whole lot to the owner going through some domestic nonsense. :( Hope your "special place" is a good one and that your nephew's problems work themselves out cleanly and quickly.
 
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