About insurance coverage...

[jom]

I'm just wondering what some of you use for insurance (if any). The reason I ask is that I've recently inquired about this to an insurance company and they seemed to be a bit expensive...at least according to others who actually use the same underwriter. In fact, it was implied that since I had approached this insurer as a part-time dealer rather than a collector I'm now stuck with the dealer rate which is somewhat higher.

 

What I'm looking for is not so much for coverage for storage, or when I take coins to shows. I'm really looking for a cost effective alternative to the USPS insurance rates which I find very high. I thought that if I could get coverage for that that over a year's time it would save me some money. However, the quote I got really didn't help much. If some of you have insurance what rate to you get? My quote was on the order of about $1.25 per $100 insured.

 

What do some of you do? How companies have you used?

 

Thanks for any help you can give....

 

jom

[Crohnos01]

I am in the process of getting a quote from my current carrier for my home (state farm) I will let you know what shakes out. My home owners only covers up to $2k in coin value....not much with what precious metals have done in recent years.

[James_OldeTowne]

I think John is referring to shipping insurance. I solved this problem rather effectively I thought, years ago when I was selling quite a bit on eBay.

 

Every time I would mail a package $100 and under (which was most of them time), I would drop dollar into a bucket. If the package was $100 to $300, I'd drop in two dollars. Then, I'd ship all these packages UNinsured. Over $300 - insure it.

 

Any losses would be paid for out of the bucket. I only ever lost two shipped packages, and so I ended up with money left over when I quit eBay. In fact, one big reason I left eBay is because they required tracking, which basically forces USPS insurance, and as JOM points out, it's terribly expensive.

[jgrinz]

I am similar to James - I self insure $500 or under but track everything - it costs a little bit more but you can give the customer the heads up when something is amiss.

 

I (PO) only lost one package and that was to an APO - so I do not ship to those anymore ... I ate $100. The kitty jar paid that.

 

Insurance companies suck because of deductibles

 

Good Luck

 

[cpm9ball]

Hugh Wood is the official insurer endorsed by the ANA. Have you checked their rates and coverage?

 

The problem with most HO policies is that you have to have some sort of professional appraisal and an itemization of the coins to be insured. This can pose a problem if you are continually buying and selling. Also, most of these policies do not cover the coins in transit.

 

Chris

[comicdonna]

I recommend trying collect insure.

 

http://www.collectinsure.com/

 

They do cover mail loss. I believe only a signature is required. I know they are nice to talk to on the phone.

[messydesk]

If all you want to do is avoid paying the USPS, then use something like ShipSurance or ShipSaver. The rates are cheaper and you won't have a "steal me" sticker on your package.

 

I have a policy through Hugh Wood that covers shipping, plus coins in my possession while not being shipped. There is a deductible, however.

[jom]

I got a quote from Hugh Wood at $1.25 per $100 insured....which was really high compared to at least two other forum members...in one case FIVE TIMES higher. I don't understand why mine was so much more. Actually one had Collect Insure and the other was HW but still...that's a rather high rate.

 

Also when I got my quote the ANA membership never got brought up so that seemed to be a non-factor.

 

Most of my postage will probably be $300 or higher so insurance is probably needed.

 

Thanks for the suggestions on the ShipSurance and ShipSaver too!

 

Anyone else?

 

jom

[cpm9ball]

I got a quote from Hugh Wood at $1.25 per $100 insured....which was really high compared to at least two other forum members...in one case FIVE TIMES higher. I don't understand why mine was so much more. Actually one had Collect Insure and the other was HW but still...that's a rather high rate.

 

Also when I got my quote the ANA membership never got brought up so that seemed to be a non-factor.

 

Most of my postage will probably be $300 or higher so insurance is probably needed.

 

Thanks for the suggestions on the ShipSurance and ShipSaver too!

 

Anyone else?

 

jom

 

It's always possible that Hugh Wood has a group rate specifically for the ANA. Maybe you should have asked. It isn't uncommon for insurance companies to offer lower rates on group plans.

 

Chris

[mailman1959]

I always use the USPS, there's nothing better.