USPS Insurance Question
PROMETHIUS88
Posts: 2,955 ✭✭✭✭✭
Curious how this works with USPS when a package is insured. From what I can tell, they require a receipt to show the actual value of the merchandise inside, which I think is total crap. So, if I am to sell something on Ebay, ship it insured and it is lost or damaged, can I just use the Ebay sale showing what I sold it for or do I have to provide a receipt of what I paid for it? I have the same question if say, I am sending something to PSA to have graded. I may have just pulled an expensive card from a pack that is valued at $500 and I insure it for that amount. But, I have no proof to show what I paid for it. Then it got me to thinking, does PSA self insure because they would have no way of showing receipts of what they paid for something. Thanks!
Comments
I was told by a postal employee that usps estimates the value of the loss
I used the eBay sale as a printed receipt with PayPal payment as proof and the USPS sent me a money order for the Insured value plus cost of postage when an item went missing.
I just had a transaction I sold and shipped where the figurine within the box got a crack in it due to the box getting damaged during shipping. I had the $50 insurance for sending it Priority Mail. I submitted the claim at USPS online. I took an iphone picture of the ebay transaction page showing the bid plus shipping and claimed those two amounts. I also had the buyer send me pictures of the crack in the figurine and the box to show it was damaged. I uploaded all those pictures. They approved the claim within a few days and cut me a check for the bid plus shipping. When I got the check, I reimbursed the buyer and told him to keep the item. You have to enter the tracking number for them to look it up. I never had to provide the actual receipt, just the number.
I sent a sub to PSA. USPS lost it. I scanned the submission forms but they denied the claims saying i needed receipts, etc. I can probably "locate" a receipt for some but there are some that there's no way I will. The insured amount is only $685.
Buy yourself a policy from a company like Collectibles Insurance Services, or similar. The coverage includes shipped items.
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Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
You need to prove value via receipts for any item to ensure approval of an insurance claim. Paypal confirmation page or eBay sale page are both acceptable.
You can also look into a personal insurance plan but be aware that there is a deductible of $200 for the claim amount, in most cases.
I've also heard that USPS will accept a letter from a dealer or price guide info as proof of value but I'm not sure about that option and my guess is that for raw cards it would be difficult to prove.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
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I agree with the above formulas. The only time I could see this not working is if you only sell a few,5-10 items, a year. Say you did not insure those (and saved $40 -$50) and 1 package gets lost/stolen. And that one package lost/stolen is valued greater (say $300.00) than the cumulative cost of insuring all those packages. In that scenario you would lose until future non ins. shipping costs saved caught up with that lost $300.00. So if one sells only a few items/for the short term, ins. is the way to go.