ANA Coin Insurance

Nysoto

Has anyone had experience with coin insurance through ANA? What is the cost? How is the service?

nwcs

From what I understand, most people don't use it. I got the materials in the mail yesterday (I'm a new ANA member) and I won't use it. Too restrictive. $1 per $100 value if not totally secured in safe deposit box. if it is, then $0.50 per $100 value. Must be adjusted with every coin purchase/sale, etc.

barrytrot

Q: Who determines the value?

Q: What determines that a payout is to be made? Lost? Stolen? Damaged? Value of coin decreases significantly?

Q: What is the term? I.e. 1 year?

Q: Are they only holder'd coins or raw also?

Steve

I've had ANA insurance for over 15 years. Never had a claim. If I have a claim, I am prepared to provide (1) police report, (2) copies of purchase receipts (3) current market value documentation (4) pictures of my most valuable coins in PCGS slabs. I fully expect to recover full value from the insurance company or the ANA and the coin periodicals would hear from me about it. I hope it never happens, but I feel comfortable with the coverage. Steve

Askari

<< <i>Must be adjusted with every coin purchase/sale, >>

Just try!! I use it, but my biggest complaint with them is that it's nearly impossible to get them to change my coverage -- even at renewal! You'd think they'd want to make more money! My policy came up for renewal and includes a value reassessment form. I filled it out and sent it in with my payment for the renewal value. Several months later, I had yet to hear from them and so called them. After waiting half of forever, their (only?) customer service rep said they had sent a statement (yeah, sure), but would send another -- however, I'd have to send another -- separate -- request for the additional coverage. Since I had just moved, I wanted to update my address, but learned that I couldn't do it over the phone, but must mail that in separately too. In the meantime, all of this other mail would continue going to the old address.

Only once before had I ever succeeded in getting them to honor such a mid-term request, but they actually did so this time. Of course, as with the prior "success," I had included a complaint note about their poor customer service (to which I have heard nothing, just like all the previous ones). I have complained in the past to ANA, but without success. If I could find a less expensive, better managed firm, I'd give them my business.

Higashiyama

0.50 / 1000 seems very expensive to insure coins kept in a safe deposit box. Almost certainly the bulk of this cost is administrative expense.

Board members looking for safe deposit bix coverage should set up our own company. (Domiciled in Arizona, which is very liberal with insurance company licenses)

Spooly

ANA coin Insurance is a rip off.

Askari

<< <i>ANA coin Insurance is a rip off. >>

Of course, it's better than nothing -- and nothing would be ripping your own self off, were you ever ripped off.