Insurance for Expensive Card Sold on eBay

Yankeefan320 · February 20, 2023 11:04AM

Not that I have one. LOL, but I was just curious how much it would cost to insure an expensive sports card if it sold on eBay for more than $100.000. Egads, the insurance could be more than $1,000 at FedEx and UPS and it looks like at the USPS the maximum value one can insure an item for is $5,000. It would be cheaper to take a plane ride and hand deliver it in person! 😜 If you were going to sell an expensive Sports card what medium would you use?

Think about it, if I walked into a FedEx or UPS location and insured an expensive sports card for $100,000 or more wouldn’t you think that an unscrupulous employee might steal it?

totallyradd · February 21, 2023 10:42AM

If you have 100k to spend on a card, you have the money for the insurance.

RufussCkingston · February 21, 2023 11:59AM

You get a Collectinsure policy and just send it per policy rules with signature required.

Yankeefan320 · February 21, 2023 12:14PM

@RufussCkingston said:
You get a Collectinsure policy and just send it per policy rules with signature required.

Collectinsure policy in lieu of paying FedEx or UPS for insurance? Does Collectinsure cover shipping? Have you ever used them?

RufussCkingston · February 21, 2023 12:33PM

Yes, in many cases, Fedex or UPS wouldn't payout anyways. I have a policy and many on here do as well... They don't like UPS though.

Yankeefan320 · February 21, 2023 12:41PM

@RufussCkingston said:
Yes, in many cases, Fedex or UPS wouldn't payout anyways. I have a policy and many on here do as well... They don't like UPS though.

Interesting! Have you or anyone on this message board ever made a claim with CollectInsure? Other than photos of the item do I have to provide any other documentation to them when applying for their insurance? Thanks!

RufussCkingston · February 21, 2023 3:02PM

@Yankeefan320 said:

@RufussCkingston said:
Yes, in many cases, Fedex or UPS wouldn't payout anyways. I have a policy and many on here do as well... They don't like UPS though.

Interesting! Have you or anyone on this message board ever made a claim with CollectInsure? Other than photos of the item do I have to provide any other documentation to them when applying for their insurance? Thanks!

I made a claim for only like $500 when a CSG return was already ripped open when I got it and another one shipped on the same day disappeared in transit (probably taken from a train car during cross-country transit). Just showed them the pics of the box, CSG emails and sub forms, and the grades from online order results page. Got PSA values. You deal with an adjuster for the underwriter of the Collectinsure policy after you submit a claim.

3stars · February 21, 2023 3:08PM

Cheaper to buy a plane ticket and hand deliver

Yankeefan320 · February 21, 2023 3:24PM

@RufussCkingston said:

@Yankeefan320 said:

@RufussCkingston said:
Yes, in many cases, Fedex or UPS wouldn't payout anyways. I have a policy and many on here do as well... They don't like UPS though.

Interesting! Have you or anyone on this message board ever made a claim with CollectInsure? Other than photos of the item do I have to provide any other documentation to them when applying for their insurance? Thanks!

I made a claim for only like $500 when a CSG return was already ripped open when I got it and another one shipped on the same day disappeared in transit (probably taken from a train car during cross-country transit). Just showed them the pics of the box, CSG emails and sub forms, and the grades from online order results page. Got PSA values. You deal with an adjuster for the underwriter of the Collectinsure policy after you submit a claim.

Did you you get the full claim amount that you requested?

Yankeefan320 · February 21, 2023 3:26PM

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

Ahmanfan · February 21, 2023 4:10PM

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

I have the same question. If buyer makes a claim afterwards what recourse do you have? No tracking / signature con showing ‘delivered’

3stars · February 21, 2023 5:15PM

Need to have a contract at that point.

RufussCkingston · February 21, 2023 5:26PM

@Yankeefan320 said:

Did you you get the full claim amount that you requested?

Yes, PSA value for cheaper CSG cards.

daltex · February 21, 2023 8:55PM

@Ahmanfan said:

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

I have the same question. If buyer makes a claim afterwards what recourse do you have? No tracking / signature con showing ‘delivered’

Why would you hand a valuable item over, like a $100,000 card, without getting a receipt?

3stars · February 21, 2023 9:44PM

You wouldn’t. You’d do up a contract with a lawyer, and meet the client with a notary present to verify the signature on the contract saying the hand over was completed. For this high value, theres going to be some expense.

jay0791 · February 22, 2023 5:08AM

Agree with above. Getting FedEx to pay a claim. Well you will get a big lesson on peeing into the wind.
I was told by a FedEx supervisor, "sportscards are not worth the cardboard they are printed on."

Yankeefan320 · February 22, 2023 9:24AM

@jay0791 said:
Agree with above. Getting FedEx to pay a claim. Well you will get a big lesson on peeing into the wind.
I was told by a FedEx supervisor, "sportscards are not worth the cardboard they are printed on."

If you what say is true FedEx insurance sounds like one helluva scam. I wonder if UPS is the same.

miwlvrn · February 22, 2023 9:42AM

@3stars said:
You wouldn’t. You’d do up a contract with a lawyer, and meet the client with a notary present to verify the signature on the contract saying the hand over was completed. For this high value, theres going to be some expense.

Agreed; if doing an in-person exchange, this is reasonable. I'd suggest meeting at a branch of your bank if possible in order to conduct the financial transaction. That level of cash should be handled similar to as you would with a real estate transaction if you have any concerns at all about everything working out as it should.

3stars · February 22, 2023 10:09AM

@miwlvrn said:

@3stars said:
You wouldn’t. You’d do up a contract with a lawyer, and meet the client with a notary present to verify the signature on the contract saying the hand over was completed. For this high value, theres going to be some expense.

Agreed; if doing an in-person exchange, this is reasonable. I'd suggest meeting at a branch of your bank if possible in order to conduct the financial transaction. That level of cash should be handled similar to as you would with a real estate transaction if you have any concerns at all about everything working out as it should.

For that level of payment you'd do a wire transfer.

Yankeefan320 · February 22, 2023 10:11AM

@miwlvrn said:

@3stars said:
You wouldn’t. You’d do up a contract with a lawyer, and meet the client with a notary present to verify the signature on the contract saying the hand over was completed. For this high value, theres going to be some expense.

Agreed; if doing an in-person exchange, this is reasonable. I'd suggest meeting at a branch of your bank if possible in order to conduct the financial transaction. That level of cash should be handled similar to as you would with a real estate transaction if you have any concerns at all about everything working out as it should.

I don’t think this procedure can be used if selling a very high dollar volume item on eBay because eBay is the one who will be handling the money transfer unless there is a way around this.

RufussCkingston · February 22, 2023 10:33AM

If this is an eBay transaction, then it should be going through Authentication, in which case you just need to make sure it gets to PSA safely... After that it is eBay's problem if it disappears.... Unless you sold to someone outside the USA 50 states.....

Yankeefan320 · February 22, 2023 10:59AM

@RufussCkingston said:
If this is an eBay transaction, then it should be going through Authentication, in which case you just need to make sure it gets to PSA safely... After that it is eBay's problem if it disappears.... Unless you sold to someone outside the USA 50 states.....

I am not following you. What do you mean it must go through eBay authentication? For example, if I sold a $100,000 1952 Mickey Mantle graded by PSA either I ship it to the Buyer or I fly to his location to hand deliver it but eBay holds the money until it can be proved that Buyer received the card. What am I missing? Maybe there is another way on eBay I don’t know about. Within the last few weeks I just started to sell on eBay again after not having done so in more than 10 years!

SlipKid · February 22, 2023 12:18PM

@Yankeefan320 said:

@RufussCkingston said:
If this is an eBay transaction, then it should be going through Authentication, in which case you just need to make sure it gets to PSA safely... After that it is eBay's problem if it disappears.... Unless you sold to someone outside the USA 50 states.....

I am not folloing you. What do you mean it must go through eBay authentication? For example, if I sold a $100,000 1952 Mickey Mantle graded by PSA either I ship it to the Buyer or I fly to his location to hand deliver it but eBay holds the money until it can be proved that Buyer received the card. What am I missing? Maybe there is another way on eBay I don’t know about. Within the last few weeks I just started to sell on eBay again after not having done so in more than 10 years!

Cards of a certain value have to go through a 3rd party for authentication even if already graded. I think they currently use PSA for this. Seller ships to 3rd party who then ships to buyer.

Tabe · February 22, 2023 12:20PM

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

You would need to setup the transaction as local delivery in the listing. Then, when you do the handoff, both people click a button in the ebay app to mark it completed.

Yankeefan320 · February 22, 2023 12:24PM

@SlipKid said:

@Yankeefan320 said:

@RufussCkingston said:
If this is an eBay transaction, then it should be going through Authentication, in which case you just need to make sure it gets to PSA safely... After that it is eBay's problem if it disappears.... Unless you sold to someone outside the USA 50 states.....

I am not folloing you. What do you mean it must go through eBay authentication? For example, if I sold a $100,000 1952 Mickey Mantle graded by PSA either I ship it to the Buyer or I fly to his location to hand deliver it but eBay holds the money until it can be proved that Buyer received the card. What am I missing? Maybe there is another way on eBay I don’t know about. Within the last few weeks I just started to sell on eBay again after not having done so in more than 10 years!

Cards of a certain value have to go through a 3rd party for authentication even if already graded. I think they currently use PSA for this. Seller ships to 3rd party who then ships to buyer.

I wasn’t aware of this new requirement.

Yankeefan320 · February 22, 2023 12:27PM

@Tabe said:

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

You would need to setup the transaction as local delivery in the listing. Then, when you do the handoff, both people click a button in the ebay app to mark it completed.

So there are 2 options, the one you mentioned above and the one @SlipKid mentioned in the screenshot below?

Yankeefan320 · February 22, 2023 1:51PM

@Tabe said:

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

You would need to setup the transaction as local delivery in the listing. Then, when you do the handoff, both people click a button in the ebay app to mark it completed.

Does this apply to other valuable memorabilia like autographed baseballs and jerseys? I would think so! How much does an item have to sell for to be required to go through this process by eBay?

daltex · February 22, 2023 2:19PM

@Yankeefan320 said:

@Tabe said:

@Yankeefan320 said:

@3stars said:
Cheaper to buy a plane ticket and hand deliver

That’s what I said in my first message. Would that be acceptable to eBay as proof to release one’s funds? How would it be documented if no tracking number? I guess one can a use plane ticket receipt 😜

You would need to setup the transaction as local delivery in the listing. Then, when you do the handoff, both people click a button in the ebay app to mark it completed.

Does this apply to other valuable memorabilia like autographed baseballs and jerseys? I would think so! How much does an item have to sell for to be required to go through this process by eBay?

I think more and more in the future. Less than you might think. I think $750 for slabbed cards and $250 for raw, but I might be wrong and it will likely change.

I'm sure eBay wants to eliminate SNADs and an approval service.

SlipKid · February 22, 2023 2:43PM

I think they changed slabbed to $250 also.

In addition they have authentication services for sneakers, purses, watches and jewelry, but I think only trading cards are mandatory to go through authentication.

Insurance for Expensive Card Sold on eBay

Comments