Poll: Do you keep your coins insured?

PrivateCoinCollector · October 13, 2009 9:33AM

I thought it would be interesting to see what percentage of us have insurance on our collections. I use Hugh Wood via the ANA and feel like the cost is low enough to make sense. I use PCGS prices as a guide on how much coverage to get and also only have to schedule coins that are worth more than $10,000. Otherwise it is a rather inexpensive piece of mind. Now I have never filed a claim so I really do not have that to go by, but in the end I am comforted that should what happened to Julian happen to me, I am at least monetarily compensated. I know I can never get back the hours of searching and those exact coins, but the money sure would go a long way towards eliminating some grief.

Edited to add "Poll" in title

Barndog · October 13, 2009 9:38AM

just wrote the check today, in fact.

mommam17 · October 13, 2009 9:39AM

Same here. Hugh Wood.

PerryHall · October 13, 2009 9:42AM

Mine are insured by Smith and Wesson.

anoldgoat · October 13, 2009 9:49AM

Mine thru State Farm along with all my other insurance. Drawback is a max of $250 a coin, but I don't have that many over that. I also need to keep my list up to date at State Farm. Not the best insurance but I don't worry as much when out on a trip.

rld14 · October 13, 2009 9:55AM

Yup.

I used the ANA program.

ocon4008 · October 13, 2009 9:56AM

<<Mine are insured by Smith and Wesson.>>

I use the same firm; I have supplemental policy with Remington!

MidLifeCrisis · October 13, 2009 10:01AM

Yes I do...and I keep very detailed records of each coin along with pictures.

PrivateCoinCollector · October 13, 2009 10:07AM

While I respect and honor the right to bear arms. I really do not think that is "insurance." When faced with the question of giving your life or taking anothers for the sake of preserving capital I am not sure we can always answer that with the same absolution as one has with getting paid out on an insurance policy.

For me it is that I really do not want the hassle of going through all the legal ramifications should I inflict injury on some would be assailant. The $1,000 a year I spend on the policy just seems cheaper. But that is me.

ziggy29 · October 13, 2009 10:08AM

Hugh Wood for the last three years or so.

PerryHall · October 13, 2009 10:25AM

<< While I respect and honor the right to bear arms. I really do not think that is "insurance." When faced with the question of giving your life or taking anothers for the sake of preserving capital I am not sure we can always answer that with the same absolution as one has with getting paid out on an insurance policy.

For me it is that I really do not want the hassle of going through all the legal ramifications should I inflict injury on some would be assailant. The $1,000 a year I spend on the policy just seems cheaper. But that is me. >>

So, if some thug breaks into your house, you're going assume all he wants are your coins and not to rape your wife or kill any witnesses? Good luck with that.

TomB · October 13, 2009 10:26AM

I've used Hugh Wood since their hookup with the ANA and used Seabury and Smith before that time.

CollectorMan · October 13, 2009 10:33AM

No. However, I do employ lethal force as a deterrent.

yellowkid · October 13, 2009 10:59AM

As my collection grows I have been giving some thought to insurance. Would you mind telling me the limits of your policy for $1000? thanks Jerry

hrlaser · October 13, 2009 11:03AM

<< Hugh Wood for the last three years or so. >>

Ditto..

coinsarefun · October 13, 2009 11:12AM

Hugh Wood, the last few month's

InYHWHWeTrust · October 13, 2009 11:20AM

Hugh Wood x 3 years, the only reason I joined the ANA

SeattleSlammer · October 13, 2009 11:28AM

While I respect and honor the right to bear arms. I really do not think that is "insurance."

....there are many slowly declining white guys on here with beer guts and small arsenals of firepower at home--as if they're frosty 24/7, ever-vigilant, each sense honed to the sharpest point....it's more likely that they're passed out on their sofas with visions of Charlton Heston dancing in their heads. Still, it's a living!

cladking · October 13, 2009 11:29AM

Yes. I call it safety deposit boxes.

COALPORTER · October 13, 2009 11:30AM

<< Mine are insured by Smith and Wesson.

>>

Gotta backyard full of pitties and rotties too ?

illini420 · October 13, 2009 11:33AM

<< I thought it would be interesting to see what percentage of us have insurance on our collections. I use Hugh Wood via the ANA and feel like the cost is low enough to make sense. I use PCGS prices as a guide on how much coverage to get and also only have to schedule coins that are worth more than $10,000. Otherwise it is a rather inexpensive piece of mind. Now I have never filed a claim so I really do not have that to go by, but in the end I am comforted that should what happened to Julian happen to me, I am at least monetarily compensated. I know I can never get back the hours of searching and those exact coins, but the money sure would go a long way towards eliminating some grief.

>>

I'm w/ Hugh Wood too after I joined the ANA w/ Julian's free offer to join for 6 months. Definitely gives some peace of mind when having coins at home or while having them at a show.

However, I'm pretty sure the policies do not cover the coins if they are kept in an unattended vehicle. Maybe if you get one of the better Hugh Wood policies they may be covered, but I'm confident that I wouldn't get paid on my policy.

Coinosaurus · October 13, 2009 11:40AM

I'm w/Hugh Wood. It's a pain to write the check every year, but you have to do it......

PrivateCoinCollector · October 13, 2009 12:17PM

<< 

<< While I respect and honor the right to bear arms. I really do not think that is "insurance." When faced with the question of giving your life or taking anothers for the sake of preserving capital I am not sure we can always answer that with the same absolution as one has with getting paid out on an insurance policy.

For me it is that I really do not want the hassle of going through all the legal ramifications should I inflict injury on some would be assailant. The $1,000 a year I spend on the policy just seems cheaper. But that is me. >>

So, if some thug breaks into your house, you're going assume all he wants are your coins and not to rape your wife or kill any witnesses? Good luck with that. >>

Your premise jumped from saving my coins to saving my life or the life of others. I didn't realize Julian's life was in danger. If you were to threaten my life or my family I would not hesitate to use lethal force. Thanks for you kind words.

PrivateCoinCollector · October 13, 2009 12:19PM

<< As my collection grows I have been giving some thought to insurance. Would you mind telling me the limits of your policy for $1000? thanks Jerry >>

Well over a quarter of a million. Contact Hugh Woods as it would be wrong of me to say much more.

Broadstruck · October 13, 2009 12:20PM

<< Mine are insured by Smith and Wesson.

>>

This only works if your present as most robberies occur when your home is vacant.

PrivateCoinCollector · October 13, 2009 12:21PM

<< 

<< I thought it would be interesting to see what percentage of us have insurance on our collections. I use Hugh Wood via the ANA and feel like the cost is low enough to make sense. I use PCGS prices as a guide on how much coverage to get and also only have to schedule coins that are worth more than $10,000. Otherwise it is a rather inexpensive piece of mind. Now I have never filed a claim so I really do not have that to go by, but in the end I am comforted that should what happened to Julian happen to me, I am at least monetarily compensated. I know I can never get back the hours of searching and those exact coins, but the money sure would go a long way towards eliminating some grief.

>>

I'm w/ Hugh Wood too after I joined the ANA w/ Julian's free offer to join for 6 months. Definitely gives some peace of mind when having coins at home or while having them at a show.

However, I'm pretty sure the policies do not cover the coins if they are kept in an unattended vehicle. Maybe if you get one of the better Hugh Wood policies they may be covered, but I'm confident that I wouldn't get paid on my policy. >>

You are correct, there are in fact different policies. I have bronze, Gold and dealer coverage and I do not recall any exclusion about unattended vehicles, but you may be correct.

yellowkid · October 13, 2009 12:36PM

<< While I respect and honor the right to bear arms. I really do not think that is "insurance."

....there are many slowly declining white guys on here with beer guts and small arsenals of firepower at home--as if they're frosty 24/7, ever-vigilant, each sense honed to the sharpest point....it's more likely that they're passed out on their sofas with visions of Charlton Heston dancing in their heads. Still, it's a living! >>

RYK · October 13, 2009 12:41PM

I do not want to discuss the details of my fortress and arsenal here, the alarm system, the attack dogs, the number of black belts and fencing titles earned by my family members, the number of intruders I have slain over the years, etc. I will say that I keep a modest rider on my home owner's insurance that more than covers the value of the coins that I might have at the house at any given moment. I keep the rest of the coins in an SDB at an undisclosed bank. I do not have insurance for these.

TomB · October 13, 2009 12:46PM

It's interesting that you do not keep insurance on the coins in the safe deposit box, RYK, though I completely understand why you might choose not to do so. For me, I keep my entire collection split between several safe deposit boxes and yet I still insure the entire amount even though nothing is kept at my home. I prefer this method, though of course there is nothing wrong with your method, either.

barbershopper · October 13, 2009 1:01PM

<< Mine are insured by Smith and Wesson.

>>

You got the answer I was gonna leave.
These are strategically located in various parts of the house and I know how to use them.
Also, I have outside floodlights, 3 23 watt flourscent, with the neighbors approval
and a half ton gun safe bolted to the floor where we keep anything valuable including wills, jewelry, CDs of
all the pictures we've taken on trips, etc., etc.

JT

barbershopper · October 13, 2009 1:09PM

<< While I respect and honor the right to bear arms. I really do not think that is "insurance." When faced with the question of giving your life or taking anothers for the sake of preserving capital I am not sure we can always answer that with the same absolution as one has with getting paid out on an insurance policy.

For me it is that I really do not want the hassle of going through all the legal ramifications should I inflict injury on some would be assailant. The $1,000 a year I spend on the policy just seems cheaper. But that is me. >>

My bearing arms isn't just for protection of property.
I live in a nice neighborhood but you never know when some young punks are going to
break into your home and start shooting at you and your loved ones.
I just want to even the odds a little.

JT

Barry · October 13, 2009 1:12PM

I divided the insurance premium by the the odds of my coins being stolen and came to the conclusion that insurance was not cost-effective. I pay for safe storage. That's enough for me.

nickel · October 13, 2009 1:19PM

No . I don't think I have enough inventory to warrant an expence .
Besides , as an example ,when buying and selling at 5-6 shows per
year , the value can go up or down by $1000 per show . I would think
policies are for a six or twelve month period . Unless there is some
generic policy that covers a 'flat' amount , making numerous changes
to adjust values seems inefficient .

Bear · October 13, 2009 2:23PM

By coins are insured by Ruger , Browning & Colt.

PerryHall · October 13, 2009 9:29PM

<< By coins are insured by Ruger , Browning & Colt. >>

You don't need guns---heck, you're a bear after all.

ocon4008 · October 14, 2009 12:05AM

<<....there are many slowly declining white guys on here with beer guts and small arsenals of firepower at home--as if they're frosty 24/7, ever-vigilant, each sense honed to the sharpest point....it's more likely that they're passed out on their sofas with visions of Charlton Heston dancing in their heads. Still, it's a living! >>

I am aging for sure, beer gut - check, quick as I was 25 years ago - nope, arsenal - I have a few well chosen weapons for long range or CQB, passed out - not since college, but I can still shoot and do on a regular basis. Shooting is a skill, and it must be honed or lost. Any scumbag that wants to try and take my coins will find out what this crippled old fat man can still do!

terribleredmonster · October 14, 2009 12:18AM

<< I divided the insurance premium by the the odds of my coins being stolen and came to the conclusion that insurance was not cost-effective. I pay for safe storage. That's enough for me. >>

I wish everybody did this math because then they'd realize beyond a doubt that insurance is a scam. I do not insure my meager collection. It is worth less than $5k. I can't conceive of a time at which it might be worth any more than $20k, even if I spend the rest of my life pursuing it exactly as I have to this point. I can trust my bank's safety deposit boxes with this value of capital.

Insure my coins? I don't even insure my house. I wouldn't even carry auto insurance if the state didn't require it. Insurance is by nature a losing deal for the consumer. If it wasn't, nobody would sell it.

garsmith · October 14, 2009 12:19AM

<< Mine are insured by Smith and Wesson.

>>

I prefer Ruger, Remington, Mossburg and HK

RYK · October 14, 2009 12:25AM

<< 

<< I divided the insurance premium by the the odds of my coins being stolen and came to the conclusion that insurance was not cost-effective. I pay for safe storage. That's enough for me. >>

I wish everybody did this math because then they'd realize beyond a doubt that insurance is a scam. I do not insure my meager collection. It is worth less than $5k. I can't conceive of a time at which it might be worth any more than $20k, even if I spend the rest of my life pursuing it exactly as I have to this point. I can trust my bank's safety deposit boxes with this value of capital.

Insure my coins? I don't even insure my house. I wouldn't even carry auto insurance if the state didn't require it. Insurance is by nature a losing deal for the consumer. If it wasn't, nobody would sell it. >>

While I do not disagree with you for not having coin insurance, I do disagree with you about insurance in general.

It depends, of course, on your individual circumstances. I, for one, would not want a tree branch falling on the mailman, paralyzing him, and being on the hook for living expenses and medical care for him the rest of his life (or some such catastrophe). I would not want my car stolen and have to buy a new one. I would not want to die young and deprive my family all of the income I would have earned in the coming 15 years. I would not want my house burning to the ground, taking with all of my possessions, and having to start over. I am willing to pay for insurance to prevent major economic loss.

Baley · October 14, 2009 12:41AM

one buys insurance against events which would be worse to suffer than paying the premiums.

we have insurance on the houses (but not for flood or earthquake, the chances of which are remote in my area), cars (we drive a lot) , my life (i.e. my earning power, with family as beneficiary), our health with reasonable deductibles, and of course lots of liability insurance against litigation.

do not have insurance against loss of my coins or the wife's jewelry, nor to we "insure" appliances with extended warranties. It's on us to protect our stuff, and if misfortune strikes, I'll suffer the loss knowing that I saved all that premium money and made a conscious decision.

when I was young and single and not working, I had something called 'catastrophic care' health insurance, with low premium and high deductible, meaning i paid all health costs out of pocket up to $3000 a year (and spent like $150) and the insurance would have kicked in if i had to be hospitalized (i didn't)

full health insurance would have cost about $600 A MONTH and this policy was maybe $45.

insurance is a bet something bad will happen. if it does, you win the bet. if it doesn't, you lose.

ziggy29 · October 14, 2009 1:01AM

<< I divided the insurance premium by the the odds of my coins being stolen and came to the conclusion that insurance was not cost-effective. >>

For me, the insurance comes to about 0.5% of the insured value per year, which doesn't seem excessive to me. Yes, technically if there's less than a 1 in 200 chance of my coins being stolen in any year it's not "cost effective," but the premium is small enough that it's worth paying and not worry so much about my coins being stolen. Odds notwithstanding, I would much rather pay $X a year and never need it than watch $200X walk out the door.

GritsMan · October 14, 2009 1:03AM

<< Mine are insured by Smith and Wesson.

>>

Ha! When I saw the title of this thread, I thought to myself, "I'll bet that within the first five responses somebody says 'Yeah, by Smith and Wesson!'" Thanks, Perry! I just wish I'd put some money on it!

ziggy29 · October 14, 2009 1:04AM

<< Ha! When I saw the title of this thread, I thought to myself, "I'll bet that within the first five responses somebody says 'Yeah, by Smith and Wesson!'" Thanks, Perry! I just wish I'd put some money on it! >>

Smith and Wesson won't help you much if a home invader is holding a gun to the head of your spouse or your kid and demands your valuables.

PrivateCoinCollector · October 14, 2009 1:38AM

<< 

<< Ha! When I saw the title of this thread, I thought to myself, "I'll bet that within the first five responses somebody says 'Yeah, by Smith and Wesson!'" Thanks, Perry! I just wish I'd put some money on it! >>

Smith and Wesson won't help you much if a home invader is holding a gun to the head of your spouse or your kid and demands your valuables. >>

It also assumes you will be there when the items dissapear. Less likely scenario from my experience.

Justacommeman · October 14, 2009 1:53AM

I have guns. Lot's of them strewn liberally throughout the compound
I have several sdb's, one internationally
I have a nuclear armed home safe
I have a bullmastiff ( at least she looks tuff)
I read the thread-----

I just filled out an on-line insurance form with Hugh Woods.

I fell better already. I will just by less bullets this year to offset the policy........MJ

JBN · October 14, 2009 2:09AM

I looked into insurance, but at roughly 0.5% of the total collection worth per annum, it represents a wasteful expenditure. A more realistic figure would be 0.05%, which I would readily pay.

My collection is split up in several SDBs. Yes, I'm exposed to a risk, but its manageable (to my mind).

The specter of losing your whole collection is stark to be sure, and I think that a lot are willing to pay (and pay dearly) for the peace of mind.

Hence, the service is radically overpriced.

morganbarber · October 14, 2009 2:28AM

The last time I looked into it, my homeowners policy covered up to $5000 for collectibles. My collection is worth more than that, but not enough more that I have sought out a specific policy just for coins. I probably will need to in coming years.

SilverBaron · October 14, 2009 3:12AM

After looking at the Hugh Woods site....

...they specificaly state that UNATTENDED VEHICLES are NOT COVERED.

UncleJoe · October 14, 2009 3:46AM

<< insurance is a bet something bad will happen. if it does, you win the bet. if it doesn't, you lose. >>

So I win if my wife cashes the life insurance policy?

I have insurance through my homeowner's policy. It is not for specified coins but for a specified dollar amount.

Joe.

SkyMan · October 14, 2009 4:32AM

For coins I have a SDB. IMO insurance for coins is not cost effective. OTOH, I have auto, house, health, personal liability and (the San Andreas fault being my near neighbor) earthquake insurance. Of them all earthquake insurance is the only one I go back and forth on. It's about 2X the cost of my house insurance and there is a 10% deductible. Oh, and there is an alarm service on the house.

mozin · October 14, 2009 4:46AM

Last time I checked with the ANA insurance, it cost 0.5% to insure what is kept in the safety deposit box. I think insuring at home costs 1%, and there are many requirements, like a complete alarm system that notifies police or alarm company person. Also, one's entire collection must be insured, not just part of it.

I did not think I wanted to pay at the rate annually of $100 per $10,000 insured value. That works out to $1,000 annually per $100,000 insured value. If anything is kept at home, the 0.5% rate cannot be used.

I doubt things have changed much with the ANA coin insurance.

Poll: Do you keep your coins insured?

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