Coin Collection insurance??? ANA, or another insurer? Who is the best;any words of wisdom?

ZEBRA18 · July 20, 2003 12:02AM

My current collection of coins and such has reached the point that some type of insurance is way past due. I have been thinking about joining the ANA,and was wondering about their insurance on coin collections. Do you need to keep the ANA updated on the contents,or do you pay for $X amount of coverage reguardless? Is there a safe requirement, or safety box requirement? How is the pricing determined? Also,I was wondering if there are any private companies out there,that some of you have delt with,and have had good luck with.

I do not currently have many hi value coins,just a LOT of current, PCGS graded hi end moderns.

All of the insurance companies that I have contacted,have required that I take my collection to a dealer,get it appraised,and go from there. It would take a small U-Haul to do this, and as I have stated,most of my collection is lo value stuff. Just a lot of it!

I am sure many of you can help me out on this,and any info will be appreciated! Have a great day and don't forget to enjoy your coins! Thanks,Wayne.

Julian · July 20, 2003 12:20AM

I am sure that the ANA insurers will give you information, prior to joining. I believe that it will be the best policy for you, although, as I remember, the material does need to be in safe deposit boxes. I do not believe that you can get inexpensive insurance for property kept at home, unless it is very well protected, by alarm systems, etc. Hope this helps.

Steve · July 20, 2003 12:41AM

ANA cost is $1.00 premium for every $100 coverage for coins kept outside of a bank.

ANA cost is $.50 premium for every $100 coverage for coins kept in a bank vault.

Coverage is thru an insurance agency and is probably the lowest cost per coverage dollar you can get. I have never had to make a claim so I can't vouch for the service if you need to collect. Good luck. Steve

Jacki · July 20, 2003 1:26AM

Here is a link to the company I use. They have a good track record and seem easy to work with.

Collect Insure

ZEBRA18 · July 20, 2003 5:14AM

Thanks to all!

mrcommem · July 20, 2003 5:24AM

If you have any gold or platinum coins, Collectors Insurance will not cover them. Otherwise their rates seem resonalbe.

cosmicdebris · July 20, 2003 5:30AM

That's makes no sense there are many Silver and Copper coins that are worth way much more than some Gold or Platinum coins.

gemtone65 · July 20, 2003 5:30AM

In the past, I've purchased private coin insurance for $0.50 per $1000 of numismatic value. This is one-tenth the cost of ANA insurance, which I consider to be a blatant rip-off of association members.

jbsteven · July 20, 2003 5:59AM

I use the Collectors Insurance which is listed above and have been happy so far. It is true they stopped giving coverage to Gold and platinum coins but since I own none I cannot complain.

ms70 · July 20, 2003 6:05AM

<< <i>In the past, I've purchased private coin insurance for $0.50 per $1000 of numismatic value. This is one-tenth the cost of ANA insurance, which I consider to be a blatant rip-off of association members. >>

Who is the insurance company?

gemtone65 · July 20, 2003 12:22PM

CNA.

lazeroo · July 20, 2003 12:42PM

I used my home insurance. the coverage is 500,000 and was cheaper. I bought a safe and used a vidieo camera to record my whole collection and gave it to my insurance company. lol.

coinlieutenant · July 20, 2003 12:48PM

They dont insure platinum and gold bullion or gold in general?

I was also thinking about that insurance and have a proof quarter eagle. Why wouldnt they insure those?

John

mrcommem · July 20, 2003 4:29PM

When I sent them a application and list of the coins comprising my 50 piece silver commems, my 10 piece gold commems, gold and silver type set, platinum proof one once eagles and other miscelaneous items, I received a phone call from them telling me that they no longer insure gold or platinum coins of any type. I thought maybe there was just a problem with the coins in my collection so I e-mailed them about a week later and received the same response--no gold or platinum. I wish I could find so outfit that was resonable about their rates, but I haven't yet. If anyone know of some companies I would sure appreciate cluing me in on them.

ZEBRA18 · July 21, 2003 8:14AM

<< <i>Here is a link to the company I use. They have a good track record and seem easy to work with.

Collect Insure >>

Thanks for the tip! I checked out the link which you provided,and their rates look very reasonable to me. Their coverage for $40,000,stored in a safe(only an example!),is $137.00/year. $30,000 is $109.00/year. Have any other members had any experience with Collectibles Insurance Agency? I plan on contacting them tomorrow for more info. Thanks to all who took the time to PM me,and offer help.
Enjoy them coins, Zebra.

airplanenut · July 21, 2003 12:11PM

What I noticed is CollectInsure says they don't insure gold/platinum if the bullion is the main source of value... other than modern bullion, is the precious metal content of a gold coin its main source of value?

Jeremy

Conder101 · July 21, 2003 11:50PM

<< <i>What I noticed is CollectInsure says they don't insure gold/platinum if the bullion is the main source of value... other than modern bullion, is the precious metal content of a gold coin its main source of value? >>

If the value of the bullion in the coin is greater than half of the listed value of the coin then I would say that bullion is the main source of value.

Coin Collection insurance??? ANA, or another insurer? Who is the best;any words of wisdom?

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