So How Many Folks Here Like To Ship (Or Receive) Coins That Aren't Insured? And More-so From Board M
stman
Posts: 11,352 ✭✭✭✭✭
I have received yet my 3rd coin in 6 months time from a board member that was not insured.
All 3 coins were from different "Sellers" on the board.
Yes it's easier to receive it that way and ship it that way.
But I see no excuse whatsoever to ship a coin even if only valued in the 100.00-200.00 range not insured.
Now these have all been first transactions, and what if I didn't receive it? Are they going to think I tried to "Rip" them?
So yes seller (I know you'll be reading this) I am honest and I received the coin today and sent payment immediately today.
It was crammed and folded all up in my small PO Box. Uninsured, no delivery confirmation, Nada!!!
And many of you folks are always tearing apart the ebay sellers that usually don't post here. I bring these things up about people in our own yard that do these things, but it seems to fall on deaf ears.
All 3 coins were from different "Sellers" on the board.
Yes it's easier to receive it that way and ship it that way.
But I see no excuse whatsoever to ship a coin even if only valued in the 100.00-200.00 range not insured.
Now these have all been first transactions, and what if I didn't receive it? Are they going to think I tried to "Rip" them?
So yes seller (I know you'll be reading this) I am honest and I received the coin today and sent payment immediately today.
It was crammed and folded all up in my small PO Box. Uninsured, no delivery confirmation, Nada!!!
And many of you folks are always tearing apart the ebay sellers that usually don't post here. I bring these things up about people in our own yard that do these things, but it seems to fall on deaf ears.
Please... Save The Stories, Just Answer My Questions, And Tell Me How Much!!!!!
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Comments
$100+ coins are a different matter.
******
WNC Coins, LLC
1987-C Hendersonville Road
Asheville, NC 28803
wnccoins.com
Russ, NCNE
In honor of the memory of Cpl. Michael E. Thompson
If the item is over $100.00 I usually use those "Free Boxes" and send it priority also. Tee Hee.....did you see this Eric ?
Ken
I've received packages from board members with no insurance, or in regular sized business mailing envelopes (those tend to get "eaten" up by the PO machinery). All to save, what, $1? Mind numbing at times.
LSCC#1864
Ebay Stuff
drive a straight pin up their butt with a sledge hammer.
Coin wise,i use insurance as a rule !
<< <i>Has to be sent insured or Registered Mail, no matter the value, without exception. In those cases where folks decline insurance, I pay for it out of my pocket. >>
I agree and the registered ones are those whose value is over $300.00
Tom
I think $1.30 is a bad bet for $50 and under since the payoff is only 38 to 1, and the post office does much better than losing 1 in 38 packages.
Betting $2.20 the post office will lose a $100 coin is also a bad bet (45 to 1). But, over $100 I get scared and insure it.
My posts viewed
since 8/1/6
<< <i>I think $1.30 is a bad bet for $50 and under since the payoff is only 38 to 1, and the post office does much better than losing 1 in 38 packages.
Betting $2.20 the post office will lose a $100 coin is also a bad bet (45 to 1). But, over $100 I get scared and insure it. >>
This pretty much sums up my thinking. It just isn't worth the extra cost (and hassle, to go to the distant post office to insure stuff) for me, not on cheaper items, anyway. And even then, if you DO insure it and it gets lost, there's all that additional hassle to get your money back, and they might not even honor your claim (yes, that happened to me once).
I either assume liability on the stuff I send uninsured, or offer the buyer an option of private self-insurance at less than the standard rate.
Of course, this is just for the stuff under fifty bucks, usually. The more expensive stuff I do insure, despite having had the PO refuse a $170 claim once (and yes, I had all the receipts).
RELLA
who boasts of twenty years experience in his craft
while in fact he has had only one year of experience...
twenty times.
Insurance for shipping is the same for everything else in life, it's for when you can't afford the downside.
The USPS makes money on insurance or they wouldn't offer it. Therefore it's a bad gamble.
-KHayse
In other words, insure everything and it saves a whole lot of aggravation in the event something unforseen (whatever the reason) happens. That's what insurance is all about. And yes, I know it's possible to be OVERinsured. But, in this sort of business (hobby, whatever) it seems a small price to pay.
NOW, I would like to rant about the USPS insurance:
I think that the governmental agency - USPS - should be totally responsible to do their job - the job that you pay them to do with the postage that you buy. Why do we have to buy insurance to insure that these highly paid employees do their job properly? You don't have to get insurance for other things that you pay for. The USPS should be self insured to cover their own losses like everyone else.
For instance - If you pay someone to fix your plumbing, do you get insurance in case they don't fix it right? What about if you buy groceries - do you buy insurance to make sure that the groceries are not spoiled. I could go on and on - but I think the insurance is a total rip off. We should not have to pay insurance in case the USPS can't do the job that we have ALREADY paid them to do.
<END RANT>
I use delivery confirmation for under $30.00. Insured for anything over that up to about $700.00. That’s the point that I use registered. By the way I also insure a minimum $100.00 even on a $30.00 package as you have to sign for it so I feel that kills 2 bids with 1 stone. If the party does not want insurance for a thirty dollar item or above I add it at my expense. I think as a seller it’s my responsibility to get the coin there no matter what. Again this is just my thinking.
WH
Up to around $100 I self Insure
$100 - $950 Priority Mail Insured still with Signature Confirmation
$950 + Registered Insured Mail with Return Receipt
I've never had an Insurance claim.
When you bid on something "DON'T" you look and see how much the seller charges for S&H&I ????
Too many sellers trying to send coins on the CHEAP ... They should just be avoided ... IMHO ...
Delivery Confirmation should never be used ... It only confirms the item was delivered .. NOT .. where it was delivered ...
Signature Confirmation is the "ONLY" way to go ... Unless your CHEAP ..
<< <i>$100 - $950 Priority Mail Insured still with Signature Confirmation >>
You do realize that around $700-$800, Registered Mail is cheaper than Priority insured, is much safer, and gets the signature without added cost?
I can't ever remember receiving a package from a major national dealer with a USPS insurance tag on it. Why? They all insure using more cost-efficient and time-efficient methods. I've never seen a board member raking Heritage over the coals for not USPS insuring their shipments (lots of other reasons, sure; but never that reason
When I was only a part-time, on-the-side wannabe who was turning coins just to meet other collectors, have fun, and be able to inspect high grade coins in greater volume than my purchasing budget would allow, I still had USPS insurance costs that ranged into the low four figures per month.
Reinforcing the "must USPS insure at any cost" mentality is somewhat irresponsible IMO.
RELLA
who boasts of twenty years experience in his craft
while in fact he has had only one year of experience...
twenty times.
I guess it means the seller has so much money he doesn't mind payng for it if you don't receive it. Yeah right hahahha.
I insure almost everything I ship, not only to cover my own arse, but to protect the buyer's interest as well because I just don't want any kind of problems with anybody.
I can tell you from experience that I used to pay about $20,000 - yes TWENTY THOUSAND DOLLARS - a year to FedEx for declared value for SEVERAL years to "insure" EVERY package we sent. I then stopped a few years ago & they haven't lost more then about $2,500 per year since then. I guess I'm about a brand new Lexus ahaead of the game.
It's hard to cast aside deeply ingrained fears but I assure you, in this case, it's MORE then worth a try. What have you got to lose anyway? A few hundred dollars??? Statisticaslly you'll get way ahead before you even shell out 1 red cent.
<< <i>How do you know they were not insured? >>
Well, ummm, because they admitted it to me is why. And for the question of receiving coins from major dealers that use their company insurance....
I've received many of these and ALWAYS had to sign for it.
One deal a while back I payed for insurance (again from a board member) and it was sitting out across the street in a rural mailbox.
Oh yeah, in a plain white envelope wrapped in a paper towel.
And for the "Self insured?" Please save it (and I'm sure you are) because I don't go for that when it's over 50.00. Then I'm gonna trust that a stranger is going to take my word and make good on the deal? I don't think so.
Edit to add... I hear this "self insured" thing a lot lately. A stranger to me that is in the coin business is just that. Where are their credentials that they can hold everybody's money and are in the "Insurance Business" now?
First, if there is a tracking number why is your word even relavent? Second, what's the magic about the $50 limit you keep harping on? Third, (and this only pertains to sellers and possibly YOUR seller) why, as a seller would you want your buyer to have to deal with the Post Office if it is lost. It's YOUR responsibility to get the package in his hands. If YOUR agent (in this case the P.O.) screws up you want to walk away with a clear head and leave the buyer with a headache? Fourth, why so cynical? Why not trust that a seller would believe you if you say it didn't get there? Have you been known to fabricate things in the past? I'd believe you.
If you haven't even tried to save the insurance costs and make good on the losses to your buyer how do you have ANY clue what the statistics, probabilities, and ACTUAL (actuarial?) numbers involved are? How can you dismiss it out of hand having NO firsthand experience with it? Wouldn't that be considered closed minded?
"Insurance be it private or usps gives me peace of mine. Well worth the additional costs to the BUYER."
Craig, that attitude is what gives some others a competitive edge - and I'm sure they're laughing all the way to the bank for it.
What if a buyer rather NOT "wager" on insurance. What if the buyer would rather "lay" the odds then "take" them. Are you still going to ram down his throat an insurance cost that HE doesn't want to shoulder? Just so YOU can sleep better at night? Honestly, some of the thought processes here are way ass backwards, small minded, and rather uninformed.
What if the buyer told you as long as you can prove you shipped it (w/ a tracking # - deliv. conf., etc., e.g.) that he would hold you harmless if the P.O. (or whoever) lost it? Personally, as a buyer, I've saved a few thousand as well opting for no insurance as well as arguing with sellers that "require" it but who finally relent when I tell them as long as they can prove they shipped it I'll take responsibility for it - i.e. in shipping terms "FOB port" (the place they shipped it from).
I am on several Major dealers approval list and they don't pull no angles.
BTW,
"Then I'm gonna trust that a stranger is going to take my word and make good on the deal? I don't think so"
Your thread pertained to BOARD MEMBERS, not strangers (or am I missing something?).
I can under stand where your coming from.
Katrina
As others have said, postal insurance is a bet with the post office that they won't deliver the package. You'll get much better odds on your money pulling the slots in Vegas.
$20k vs $2k certianly makes sense to me but I haven't fully figured that one out yet since coins are on the prohibited list.
Have you ever had to file a claim with the USPS for a lost coin?
More-so when I hear that folks like to think "Big." Big as in putting the money in their pocket.
Now coin sellers have decided they want the money for insurance and think "Big" only to pocket the money.
Besides the thread was never about all this. But whenever shipping is mentioned out come the self insurers.
evp
How does one get a hater to stop hating?
I can be reached at evillageprowler@gmail.com
It is when you, the seller/shipper, assume the risk. If the item is not received by the buyer, you eat the cost. I generally self-insure for items under $50.
Now coin sellers have decided they want the money for insurance and think "Big" only to pocket the money."
Just to clarify, I NEVER said, NOR do I advocate, explicitly charging a buyer for insurance and THEN "self-insuring" it and pocketing the money. That is deceptive in my opinion, especially if the seller charges the USPS standard rate. BUT, if a seller has a flat rate shipping charge OR doesn't charge the buyer at all, I think the seller clearly has a right to assume the risk - AS LONG AS THEY'RE GOING TO PAY IF IT GETS LOST.
For arguments sake, if we assume that the seller WILL PAY and make good on his gaurantee, why would a rational (& not scared little) buyer NOT prefer to save the insurance cost if the seller will stand behind it?
I've found in life, that in general, the ones that don't trust you can't be trusted & the ones that do can.