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Question about EBay Shipping Insurance. Please Advise
Walkerlover
Posts: 1,100 ✭✭✭✭✭
I sold a coin for approximately $300 on EBay. So basic ground USPS shipping costs about 8.50.($100 insurance). Should I add on another $6.00 for an additional $200 to fully cover the cost of the coin? Also a signature requirement costs another $4. What do you guys recommend. Are these add ons worth it?
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MasonG
Posts: 7,785 ✭✭✭✭✭
I will tell you what I would do, but I am not recommending this for you as you have to decide for yourself what your tolerance for loss might be:
I'd ship with the $100 included insurance and that's all.
The last ground advantage shipment of mine that's gone missing was about 15 years ago. If I had fully insured every one since then, I'd have spent a couple thousand dollars more on shipping than I already have.
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if you're wondering if you can save $6 then i'll guess and say you'd miss the $200 a lot if it were lost.
spend it.
Thanks. Signature for $4? worthwhile?
unsure. those filing claims - yes claims - may need to answer.
generally the delivery services are signature optional even when required. will th $4 requirement help with a claim?
I would never pay for the extra insurance or signature confirmation for a $200 lot. If it's lost, it's lost. I'll eat the $100 difference. I file 5 or 6 claims per year on 2k to 3k shipments. If I paid even an extra $1 in insurance, I'd be losing thousands of dollars. And, as @MasonG indicated, all of those claims are either international (1 or 2) or eBay standard (the rest), not GA or Priority Mail.
Now, if I ship a $5000 package, I pay for insurance which includes free signature confirmation. But that's really just a comfort level thing. I've never lost a package of that value nor had to file a claim. As such, the insurance fees were never "worth it" financially, but they do provide peace of mind.
P.S. About 1/3 of those packages that I filed claims on ended up either getting to the customer or being returned to me months after the fact. FWIW.
All comments reflect the opinion of the author, even when irrefutably accurate.
It is probably cheaper to purchase the label and insurance through eBay compared to in person at the USPS counter. If doing this, be careful to select the USPS insurance option. ShipCover insurance offered by eBay does not cover coins. If packaged well, your item will most likely make it to it's destination without issue.
I’d self insure all under $500. Over that look at insurance. But use only the USPS insurance, the others are a literal insurance scam.
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As other said for $200 I wouldn’t add signature.
However, for $3000 coin just recently I always take the eBay insurance and then they require signature which is all good with me but this one time this year somebody signed for the coin but then the the winner of the auction filed a claim saying they did not get it. I provided the signature that was on the USPS website to eBay and then they said you’re all good. Don’t worry about it. so the insurance can cover you for other things, even if it’s not lost.