Is sending Insured U.S. Mail a total rip off for coins?

Prethen

I've heard from more than one source, that you can send a coin through U.S. Mail and pay for insurance but the Post Office rarely if ever pays on an insurance claim. I know of a coin firm I frequently do business with no longer sends the coins insured, but rather self-insures them (at their own risk, of course) because of prior non-payment of insurance claims with the Post Office. So, is it stupid to even waste your money on insurance? Is Registered the only way to go? What happens if THAT piece of mail gets "lost"...will it be reimbursed?

ziggy29

Over about $500, you really should send it registered. As for other insurance, there is private insurance available that doesn't go through the USPS and doesn't require a signature. (I know Heritage uses this, as their packages haven't required a signature.) The downside of private insurance -- even if it's reliable and reputable -- is that many buyers pay for insurance, don't see an "insured" label on it or have to sign for anything, and feel ripped off as if the seller didn't ship "insured" despite paying for it.

poptopsRus

I've filed coin claims and they have paid but it takes about 3 months through the USPS and you have to provied proof of payment.

rkfish

We have only had two packages lost but both were paid by the USPS.....yes it can take up to 90 days but they will pay.

K6AZ

I've been paid on every claim I have filed. You have to provide proof of the value though, either by furnishing proof of what was paid for the coin, or establishing the value in the marketplace with the price sheets. My last claim was for a pair of Morgans that disappeared in the system and were never delivered. I received the postal insurance check about five weeks after I filed the claim.

jdsinva

I've had two different occasions in which the USPS lost a coin package I've mailed. Both times they paid. You just have to wait 30 days before you can file and you have to be able to prove its value.

Jeff

dthigpen

I could care less about how a seller insures their coins. However, if I pay insurance, I expect to be reimbursed by the seller in a timely manner should I not recieve the coins. If they want to charge me standard 'insurance' rates and not insure it and bet on the fact that it won't get lost, more power to them, just as long as they're willing to eat the loss should it not arrive on my end.

Russ

The only time the post office doesn't pay off on claims is if the sender screws up.

Russ, NCNE

K6AZ

<< <i>I've had two different occasions in which the USPS lost a coin package I've mailed. Both times they paid. You just have to wait 30 days before you can file and you have to be able to prove its value.

Jeff >>



FYI Jeff, that has been changed to 21 days.

Indemnity Claims

CardsFan

I purchase it mainly as a deterrent from buyers saying they didn't recieve the item, or the Postman losing the item. Not sure if it really works but all my packages have been delivered so far and I haven't had to file a claim.

jdsinva

<< <i>

<< <i>I've had two different occasions in which the USPS lost a coin package I've mailed. Both times they paid. You just have to wait 30 days before you can file and you have to be able to prove its value.

Jeff >>



FYI Jeff, that has been changed to 21 days.

Indemnity Claims >>



Thanks Eric! As you can tell, its been a while since I've lost a coin in the mail.

I only sell coins every once in a while but I learned my lesson after the USPS lost two coins within just a couple of months. I've found that with the $50+ coins, the USPS quit losing them if I used the Priority mail packaging (and fees).

Jeff

Nickelback

I personally don't mind the added cost because where I live (rural Alaska) the postal "service" can be tenuous at best...whenever I buy coins I pay for either Priority or Express depending on the cost and they haven't lost anything yet - although it can take awhile as Priority or even Express mail isn't guaranteed to be delivered within a certain time-frame, like the rest of the universe. And Fed-Ex has outsourced delivery here with the USPS, who convert second day delivery into Priority mail.

joeyuk

I've had two packages "lost" in thw mail. One was for less then $50 and was paid right away by the local post office. The second was for $80 and had to be paid out of St. Louis. I filed my claim May 7th and all they can say is it is pending. We are approaching 8 months on this. Fortunately I refunded the buyer right away and assigned payment to me but could you imagine what the buyer would think if the payment was to be sent to them?