For insurance purposes, how do you value your collection?

RYK · January 17, 2004 6:22AM

I plan to enroll in the ANA Coin Collection Insurance Plan. The rate is based on the value of the collection, which the insured supplies to the insurer. Should I use the Trends (retail) value as the replacement value? Greysheet (wholesale) value, even though most of my coins are not obtainable anywhere near Greysheet price? The price I paid for the coins? My inclination, because of my cautious nature, is to use the Trends/retail value as a starting point, and then adjust down for the coins in which the Trends value is clearly too high.

I would like some guidance and to know how others do it.

BTW, I have an additional homeowner's rider of about 15% of the value of my collection to cover the coins that are not in the safety deposit box, a five hundred pound safe bolted to the floor in my house in a hidden location, and I generally keep all the coins in the bank safety deposit box when possible. The coins that are out are those that are recently purchased or waiting to be sold/traded or those of relatively little value.

Robert

coinlieutenant · January 17, 2004 6:34AM

I would say use whatever you think it would cost to find another of the same type look...

coinlieutenant · January 17, 2004 6:35AM

BTW,

I stopped looking into the ANA because of their policy on gold coins... you might want to check that out..

John

Russ · January 17, 2004 6:38AM

Since mine are just pocket change moderns, I valued them at face.

Russ, NCNE

foodude · January 17, 2004 6:41AM

Since mine are just pocket change moderns, I valued them at face.
Russ, well then, I'll take those walkers you have at the bottom of your posts for 50 cents a peice. I'll even cover the P/H/I to ship them to me.

Russ · January 17, 2004 6:43AM

foodude,

Actually, I sold my Walker Short set to a dealer - at 50% over Greysheet.

Russ, NCNE

airplanenut · January 17, 2004 6:47AM

If you have to pick one, overinsure... it's best to be over than short and unable to recoup all of your losses.

Jeremy

PS- What is the new company's rate? I haven't been able to get in touch with them

airplanenut · January 17, 2004 6:48AM

<< <i>BTW,

I stopped looking into the ANA because of their policy on gold coins... you might want to check that out.. >>

What's the policy? Is this the new company, or the old one?

coinlieutenant · January 17, 2004 6:54AM

I dont know, the one that didnt insure gold...

Lakesammman · January 17, 2004 7:54AM

If your buried, list them at your cost....

nwcs · January 17, 2004 7:59AM

CU price guide... make it work for you!

beartracks42 · January 17, 2004 8:16AM

Robert,
I am thinking of insurance on my collection. I believe that I will use a parameter that falls between the actual cost that I have in the collection and a cost estimate of its actual value. Determining this value is argumentative, at best.

ms70 · January 17, 2004 8:23AM

For now I insure them for however much I paid for them. The way I figure it, I bought some at a great price & others I paid a premium
for, so it roughly balances out to my overall cost (in my situation).

The reason I say "for now" is because I've insured just for the last 3 years. Eventually I guess I'll have to go through the trouble of
narrowing it down a little more accurately. When that time comes I'll probably sit down go coin by coin based on Trends.

airplanenut · January 17, 2004 8:35AM

<< <i>I dont know, the one that didnt insure gold... >>

wasn't that CollectInsure.com? I know they don't...

jeffnpcb · January 17, 2004 8:38AM

? Has anyone had the insurance and needed to collect? Is it like a home or a car and they know the value, or does the adjuster work off another friend dealer and sticks it too you where the sun don't shine!
I play the odds with the higher valued coins in the safe deposit box and visit them once a month after a weekend.
I just don't trust insurance companies paying out a claim on these items.

ms70 · January 17, 2004 9:11AM

<< <i>I dont know, the one that didnt insure gold... >>

That wasn't one of the ANA compainies. I never saw anything like that in their policies.

For insurance purposes, how do you value your collection?

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