Insurance Dilemma Gretzky Rookie Card
HBaum
Posts: 42 ✭✭✭
After 30 years of card collecting dormancy, I've decided to sell off some cards. First up is my prized card, a rookie Topps Gretzky I purchased in about 1984 with my birthday money. It's worth more than I thought, so I want to insure it. But I have a chicken / egg dilemma. The insurance carrier wants a good appraisal, but I can't get one until I mail it off to PSA, which I'm hesitant to do without insurance. So...to give me a ballpark of what my risk might be, can I get an armchair rating on my card from the group? Just looking for a decent range - even though I've never had a card graded (nor do I own a graded card), I know you can only do so much with a photo. Thanks!
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Oh, and if anybody has any general tips on insuring cards, please share.
Assuming no hidden creases it looks great. The centering might be a wee too far to the right for an 8 or higher, though. I’d think no worse than a PSA 7 and those are selling well in excess of $4000 these days.
Thank you RedHeart. I never even thought about centering being an issue - good to know.
As far as insurance that’s something to talk to an agent about. (If you’re planning on selling the card anyway I wouldn’t see why you’d need to bother with insurance. If you mean insuring it when sending it in the mail the rates should be available online on whatever carrier you choose.)
collect insure co. policy. covers all shipping to and fro from grading services.
the cost of your premium for an entire year will probably be the same amount you pay a third party insurer to ship to and fro. plus a hellavu lot easier to make a claim should something go awry. usps will never pay out what you insured it for. after 5 months of back and forth they'll offer you 10% of the value that that card is actually worth.
bite the bullet, put in the extra effort to insure your entire collection for the price it would be for just shipping insurance. little extra time and effort now will be way worth it in the long run.
Insurance on items like this is really not necessary or cost effective. Just package well and Priority it to PSA. Then, when back, if you have a large collection that you think ought be insured outside of your homeowner's, call a specialty company like Collect Insure.
Send it USPS register mail. It will take a day or so longer but should arrive within a week or so. Register mail is the safest as it is signed for every step of the way and is stored in a secure location on each stop along the way. For about 35-40 bucks you can ship with about 4-5k insurance.
WARNING! The USPS will not pay you your $4,000.00 if they lose it, unless you have proof that's what it's worth.
There have been a few different threads on the subject.
Good luck that's a beautiful card!
I tried that once. About six weeks later I got a letter from the Los Angeles post office. It contained my mailing label (to PSA) cut from the box.
Thanks everybody. Good stuff. I'm definitely getting private insurance. I don't want to file a claim with a carrier and I am concerned that a store clerk might swipe it once he or she saw the claimed value. I just need to get the insurance company on board with the valuation before PSA grades it. I think I need to get it insured as a $8,000 PSA-8 just in case - big jump in value. I'll keep you all posted on what I end up doing. I have a good guy from State Farm I trust and he'll steer me straight. PS - I know I have 3 or 4 Ricky Henderson rookie cards, but ain't no way any of them are a 10. Too bad for me.
state farm most likely won't cover collectibles. and if they do, it's prolly capped at $10k and WONT cover shipping.
again collect insure co. extremely easy. trust me on this one.
https://collectinsure.com/
eta: and no i do not work for them. 😉
I would trust blurryface on this one.
Google American Collector's Insurance. I insured my cards for $60,000 and I pay about $300 a year. My regular homeowners would not give me anywhere close to that.
You'll make a lot of bad decisions if you live in constant fear of the extremely unlikely worst case scenario.
I tried to insure my collection thru State Farm years ago. Total nightmare. They wanted every single card itemized and pricing backed up with documentation then after I did all that work and they took 2 months to get back to me, they told me they couldn’t do it without more information. Collect Insure. Like others have said.
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what is the protocol for filing a claim for lost item in mail? do they require photographic or video evidence of item being packed for shipment? just wondering as I am seriously considering getting a policy.
George Brett, Roger Clemens and Tommy Brady.
just proof of shipment and signed statement of under $5k. they might have bumped it up to $10k. they just bumped up the individual itemization up to that.
if anything above that, they'll want proof of payment when you bought it. fingers crossed i've never filed.
Card looks like a 7 with that centering. Collectinsure is best for trading card insurance. However, my understanding is that you won't get reimbursed for what a raw card would have graded regardless of who you use for insurance. Raw 79 T Gretzky RCs sell for $700-$1500 so that is what you can realistically insure the card for.
My advice, just package it well and send it USPS priority mail. If you will lose sleep over the possibility of the card being damaged or lost, then send it USPS registered mail.
Once the card is graded, then you can decide if it is worth insuring.
Robb
that's my problem, I don't have proof of payment for anything in my collection. I am mostly concerned with shipping insurance. I have no confidence USPS would end up paying out. I have never sold anything bigger than 6k, but with prices soaring, I have some multiples bigger than that I would consider selling, but would not ship without insurance.
George Brett, Roger Clemens and Tommy Brady.
you paying in money orders?
should be there in your paypal history or bank records. again, they wouldnt ask for proof of purchases for anything UNDER 10k to pay out a claim. but, it is always wise to lay out everything and just take a video or detailed pics and put away for storage so there is at least proof should something catastrophic ever happen. log cards into psa site etc. enter paid price so there's a digital footprint that was created BEFORE a claim was even filed, etc.
they really do make it pretty simple and don't ask for much.
I bought my card when I was like 14 years old in 1985 with my birthday money. All of my cards - and I have a lot of good ones - are from you youth late 70s / early 80s. No proof of payment on any.
I second blurryface's recommendation of Collect Insure. They will cover items lost or damaged in transit up to 60K depending on level of shipping and carrier with signature confirmation. Postal insurance in a case like this is a waste of time as they will not pay full value unless you have a receipt stating that's what you purchased item for.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Also with Collect Insure, you can keep your own records and assign market values to each item covered within your policy based on fair market value. You do not need receipts. You only have to schedule an individual item within your policy if the value for that item exceeds 25K. Otherwise, they will accept fair market value of cards and/or packs itemized in your records. In this case, as Robb stated, you would not be able to assign full value to that Gretzky card until it is graded.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Has anybody on this thread ever filed a claim with Collect Insure? If so, how much and how did it go?
Great info on Collect Insure guys, been meaning to look into something beyond the HOI Rider, which is next to nothing.
How do they price their insurance? I’m assuming one needs to have some record of an inventory. Do they leave the valuation of the covered items to the discretion the owner and simply charge on that amount? Are there ranges of coverage amounts?
Thanks,
John
You do not need a record of an inventory to receive pricing, just a total collection valuation. Any individual items that exceed a certain dollar amount (I believe $25k) need to be scheduled, but that is it. The pricing is based on the value of the insurance, but is generally really affordable IMO (a few hundred a year for 50k+ of insurance and covers mail loss such as PSA shipping).
I have a policy with them too.
Biggest issue for me is definition of Loss. If an item is mysteriously gone, they won’t cover. I display some of my cards and only have trusted people in my home; however, stuff happens.
Absent a police report and some proof of burglary or robbery, you likely aren’t covered. This leaves me worried about the occasional maintenance person or house cleaning service - where something goes missing but you can’t prove it.
Any idea if they will insure in Canada?
RE: Mysterious Disappearance
Get an indoor security camera. My favorite is Nest Cam. Point it at your display. You have like a month's worth of footage with their basic plan. Camera costs under $100.
RE: Insure in Canada
My recollection is that there is another company, though I do not know their name. I am guessing Collect Insure would tell you (both if they do or not AND what the name of the other company is if not) if you asked them.
Thanks professor
I did some digging and have concluded that Collect Insure is not worth it. It's secondary to the shipping carrier and homeowners. Think about it - who is going to offer good insurance on a $5,000 card without any bona fide valuation papers for $67 per year? Too good to be true. I'm pursuing a policy with State Farm, but I'm not sure they will insure it. They need to get comfy with the value thru underwriting. But if they insure it, I'll feel a LOT better about making a claim. I'm trying to get this single card insured, not my whole collection.
My collect insure policy is not secondary to home or carrier. Costs me ~ $300 for 75k.
This is, of course, your decision, but there has been nothing offered to suggest that Collect Insure is fraudulent. Just because you don't understand their business model doesn't mean it's not aboveboard.
your biggest concern was shipping to and fro, correct? state farm won't cover that.
and it was clear that you weren't interested in insuring your entire collection. what was trying to be conveyed was the cost that you will be paying usps or fedex secondary insurance will cost the same amount of a collect insure policy would w/ the by-product and added bonus being that your entire collection is also covered (freely) as well as any additional shipments (freely) coupled w/ a much easier payout should something go awry.
remember, you have an insurance tab just to get it there AND if the card grades well, have another heftier insurance tab there.
there's not a lot of things i would step out on a ledge and just say "please just listen to me on this one. i know what i'm talking about in this particular department and have vetted every possible vehicle for every fiscal savings possible and safety precautions accordingly".
but good luck w whatever you choose.
These are my favorite threads: when someone comes asking for advice, gets it from folks who are highly experienced and qualified, and then they ignore it based on some extraneous factor that only the inexperienced OP seems to be aware of.
As others said, it is totally your choice. But, if you're going to get good advice and ignore it, why ask in the first place?
I’m very happy that the OP kicked off this thread. It has inspired me to get moving on the insurance. The legitimacy of the players here who were involved in this recommendation make it a very easy choice. Thanks again.
(And good luck to the OP!)
John
I have to agree, plus like someone mentioned earlier there are multiple threads discussing this exact same topic.
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Card looks like a 7 IF they grade it. That card is often returned ungraded by PSA due to not meeting the minimum size requirement.
I will be sending mine off AGAIN to PSA soon. They have sent it back to me ungraded twice over the years.
Dang. Getting a little snippy in here. I never said Collect Insure was fraudulent. I said that the policy they offered me wasn't worth it to me and what I am looking for in this specific situation. Maybe nobody can offer what I'm looking for.
I asked Collect Insure point blank in an email and they said their policy was, indeed, secondary to my homeowners policy and to the carrier's insurance. Maybe they offer a primary policy, but they didn't offer one up to me.
Nobody in this thread has shared any claims experience with Collect Insure, and I read many reviews online that were not favorable in this regard. Until I see some more positive evidence on that front, I will proceed with caution. Selling insurance is easy...paying claims is what separates the great carriers from the not-so-great. This is true of insurance of any kind. Trust me - I appreciate everybody's feedback on this topic, but if I don't follow your advice it's simply because I don't think it is right for me.
insurance claims and the details there within aren't something usually openly discussed publicly w strangers over the internet, especially in the case of theft in transit where goods could still possibly surface and be recovered. but whatevs. best of luck w jake & the khaki co.
Hbaum,
You don't have a $5,000 card, you have a raw card that is worth at most $1,500 in its current condition. I can't imagine anyone going to all the trouble you are over something worth that much. Even it you get a policy for $5,000, in the event something happens to your card in transit to PSA then you won't get paid $5,000. Insurance companies want proof of value when paying a claim, and like for like when proving value. You have an ungraded card not a graded one thus all comparisons are for ungraded Topps Gretzky rookies which sell for $700-$1500.
Robb
+1
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Hbaum,
I would suggest that your best bet if you are near Chicago would be to take your Gretzky to the National for on-site PSA certification assuming they do that this year (or if it even gets held). Then you don't have to worry about insurance for your card getting lost in the mail. I wish I had this dilemma of finding a nice raw card from yesteryear and figuring out to do with it.
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I'm sure you've all be waiting with great anticipation for the conclusion of the HBaum Gretzky card saga. You shall wait no longer. I sent Little Wayne (my name for the card) in to PSA via Super Express for grading. My first graded card ever. I sent UPS Ground. It was delivered 3/8, acknowledged 3/9, "Entered" 3/12, and I got my grade 3/15. Little Wayne was mailed back USPS Priority on 3/16 and I got it 3/19. As somebody new to this, I was VERY anxious the whole time, but what can you do? I greatly appreciate all of the advice I received from you all on insurance. I opted for UPS insurance. I won't get into my reasons since that was thoroughly discussed above, but I think @professorpuck summed up my choice with "you'll make a lot of bad decisions if you live in constant fear of the extremely unlikely worst case scenario."
Hats off to @RedHeart54 who hit the nail on the head right out of the chute with a call of PSA 7. I was hoping for a 7.5 or 8, but when I noticed a splotch to the right of Wayne's head, I figured an 8 probably wasn't in the cards (ha ha...get it). I've decided to keep it. It's a really great card and Little Wayne is now a member of the family.
Wow!
Congratulations on the card - it looks great.
If you don't mind - instead of me looking it up? How much did it cost you "both ways" to have the card in hand thru PSA?
That's one good looking 7 buddy.
Super Express base fee was $300 (had I acted sooner, it would have been $200). Shipping out was $50 ($15 for actual shipping, $35 for $3k insurance). Shipping back was $29. So, $379 all-in.
Is not the same 10grams of 18kt gold that an 18 kt gold ring Cartier 10 grams.
Years before grading was something about 15% to 25%of the value item graded. Today, grading is 80% or more of the value of the item.
Congrats on the grade. Looks great in that holder.
Beautiful card!
very nice card. glad it is back in hand
George Brett, Roger Clemens and Tommy Brady.