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Value for insurance purposes

stevegarveyfanstevegarveyfan Posts: 579 ✭✭✭✭✭
in Trading Cards & Memorabilia Forum

I'm attempting to assign a fair market value to this card for insurance purposes, but I'm not sure how to go about it. There are 8s and 9s on the 'Auction Prices Realized' module, but no 8.5s. In fact, the last straight 8 on record sold over four years ago. With the wild fluctuations in card values over the past year, I'm not sure how to approach valuation. I'd appreciate any insight you can offer regarding what value I should assign this card.

Thanks in advance.

Comments

  • daltexdaltex Posts: 3,486 ✭✭✭✭✭

    If the last 9 is six or more months ago, I'd use that as a valuation. Otherwise discount it some. Or, ask a dealer for a written quote if evidence of FMV is important.

  • pab1969pab1969 Posts: 1,185 ✭✭✭✭✭

    Beautiful card!

  • JBrulesJBrules Posts: 2,124 ✭✭✭✭✭

    I think it depends on your reason for insuring the card. If you are selling it and want to make sure you covered make sure to do your homework on coverages. For example USPS will not reimburse you for the FMV. You will have to prove your costs for the card in order to get reimbursed If you are insuring it for your own collection then using a company like collectables insurance you would go with much higher number as the values have certainly climbed since you acquired it.

    My rule of thumb for 8.5's when buying or selling is to start at the halfway point of the average sales for the past year for 8's and 9's. So if the PSA 9 sold for 10K and the PSA 8 sold for 5k then 7500 is my starting point. The reason I say starting point, is you have a ton of variables to deal with such as total POP and number of interested collectors, upswing in card prices (like we have seen in the past 6-12 months) etc...

    In your particular case I would be looking at much closer to the PSA 9 price as valuation (at least 3/4 of the value of a PSA 9). 4 years ago is long time and prices have certainly increased substantially during that time.

    I have a PSA 8 OPC Bench. The last 9 sold for just over 2k back in 2017 and a PSA 8 sold last September for 1975. So using that data (as flawed as it may be) A PSA 8 prices are now PSA 9 prices. Very hard to put a price on the 8.5. Hope this helps some. Here is my Bench.

  • stevegarveyfanstevegarveyfan Posts: 579 ✭✭✭✭✭

    Thank you all for the replies so far. Good advice. I am insuring for my PC and have no intentions to sell it, ever.

  • daltexdaltex Posts: 3,486 ✭✭✭✭✭

    @stevegarveyfan said:
    Thank you all for the replies so far. Good advice. I am insuring for my PC and have no intentions to sell it, ever.

    In that case, ask your broker what type of valuation he would accept. No point in insuring a card for $10,000 only to be told you can only recover $1,000 because that is what you paid (or whatever). You need to understand the methodology for paying claims.

  • stevegarveyfanstevegarveyfan Posts: 579 ✭✭✭✭✭

    @daltex said:

    @stevegarveyfan said:
    Thank you all for the replies so far. Good advice. I am insuring for my PC and have no intentions to sell it, ever.

    In that case, ask your broker what type of valuation he would accept. No point in insuring a card for $10,000 only to be told you can only recover $1,000 because that is what you paid (or whatever). You need to understand the methodology for paying claims.

    True. I have a bit of a learning curve to ride here. Lots of nuance I'm not YET familiar with.

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