Can anyone recommend a company to insure coins?

puritan9 · December 5, 2009 10:51AM

I usually have them in my safety deposit box, but I am beginning to think I should insure them. Is it very expensive if you usually have them in a
SDB.

Thanx

SilverEagles92 · December 5, 2009 10:52AM

Hugh Wood, Inc.

puritan9 · December 5, 2009 10:58AM

Thank you for your reply. How do you go about insuring. Do you list the coins you have: graded and non-graded. Do you have to take pictures?

I appreciate you help.

Justacommeman · December 5, 2009 11:13AM

You only have to itemize some coins over a certain amount. I think it's 10k on an individual coin. Otherwise it's based on the total value of your collection. Typically figure about $1000 a year for a 150K collection (thumbnail estimate) keeping half at a home safe and the other half at a SDB with ALL of it being covered at both places. If you travel with yoiur coins it's a diffrent level of policy. I think it took me less then 15 minutes to fill out the app and I did include of pic's. Easy. MJ

Geoman · December 5, 2009 11:20AM

I also recommend Hugh Wood, Inc.

airplanenut · December 5, 2009 11:25AM

I'll third Hugh Wood. As a plus, you get a discount if you're an ANA member. If you aren't a member, find out what the discount will be and it may prove worthwhile to join for the insurance, and then get the other benefits for free.

roadrunner · December 5, 2009 11:27AM

Barb Wingo's firm is used by many dealers as well. I don't know if they insure with collectors.

roadrunner

puritan9 · December 5, 2009 8:38PM

Thank you everyone for your help.

ldhair · December 6, 2009 1:31AM

<< I'll third Hugh Wood. As a plus, you get a discount if you're an ANA member. If you aren't a member, find out what the discount will be and it may prove worthwhile to join for the insurance, and then get the other benefits for free. >>

I joined the ANA again because of this. For me it was worth doing. Hugh Wood has several coverage options. Dealer, collector, coins in the home or at the bank, coins that travel. It's an easy process. You can request a quote online and it comes in the mail. If you like it you just sign and send a check for the first year. If you wish to change it, you just call and adjust things. I wanted coverage on just the few things that may be at home. That probably fits a lot of people. I didn't need this much coverage but ask for a quote. You can get $100,000 in coverage for about $350 per year. That's in the home only and no one item worth more than 10K. No list or images needed. Bullion only covered up to 1% of the total coverage. My homeowners insurance wanted almost 10 times as much. Just some rough figures for others to look at.

yellowkid · December 6, 2009 1:35AM

Has anyone here ever collected on a loss? Buying insurance is one thing, the company is all sweetness and light when you approach them, getting them to pay on a claim is another matter. Any feedback?

saintguru · December 6, 2009 1:50AM

I used Hugh Wood. They have a GREAT policy that includes travelling with coins, shipping coins, etc.

I have taken six-figures in coins to shows with complete coverage. Their rates are also very, very reasonable.

pakasmom · December 6, 2009 1:51AM

<< Has anyone here ever collected on a loss? Buying insurance is one thing, the company is all sweetness and light when you approach them, getting them to pay on a claim is another matter. Any feedback? >>

I was wondering the same thing...

Swampboy · December 6, 2009 1:53AM

I need to get off the dime, so to speak.

Thanks for the reminder puritan9.

DieClash · December 6, 2009 6:52AM

<< 

<< I'll third Hugh Wood. As a plus, you get a discount if you're an ANA member. If you aren't a member, find out what the discount will be and it may prove worthwhile to join for the insurance, and then get the other benefits for free. >>

I joined the ANA again because of this. For me it was worth doing. Hugh Wood has several coverage options. Dealer, collector, coins in the home or at the bank, coins that travel. It's an easy process. You can request a quote online and it comes in the mail. If you like it you just sign and send a check for the first year. If you wish to change it, you just call and adjust things. I wanted coverage on just the few things that may be at home. That probably fits a lot of people. I didn't need this much coverage but ask for a quote. You can get $100,000 in coverage for about $350 per year. That's in the home only and no one item worth more than 10K. No list or images needed. Bullion only covered up to 1% of the total coverage. My homeowners insurance wanted almost 10 times as much. Just some rough figures for others to look at. >>

Ditto! For me the Insurance discount is the best ANA benefit and the best reason to become an ANA member. All the other benefits are a plus too.

Hyperion · December 6, 2009 8:01AM

ambro51 · December 6, 2009 8:33AM

How about GEICO?

they seem very hot to insure stuff.

Yesterday, I counted.....between radio and TV, I was subjected to THIRTY SEVEN ads for that company.

I defy an American to go one day and NOT be subjected to an ad from that company. I think they exist for no other purpose other than to advertise.

Barry · December 6, 2009 8:39AM

I've never insured coins. Look at your risk to premium ratio. If they are stored in the SDB, what is your risk? Have you ever heard of a collector who stored coins in a SDB ever losing them? If you travel to shows frequently with your coins, that's another story.

Hyperion · December 6, 2009 8:39AM

<< I've never insured coins. Look at your risk to premium ratio. If they are stored in the SDB, what is your risk? Have you ever heard of a collector who stored coins in a SDB ever losing them? If you travel to shows frequently with your coins, that's another story. >>

<insert scary old timer story about government siezures here, from 70+ years ago>

Barry · December 6, 2009 8:50AM

<< <insert scary old timer story about government seizures here, from 70+ years ago> >>

I have a feeling that government seizure is an exclusion. Check your policy, if you have one...

OKbustchaser · December 6, 2009 12:19PM

<< 

<< Has anyone here ever collected on a loss? Buying insurance is one thing, the company is all sweetness and light when you approach them, getting them to pay on a claim is another matter. Any feedback? >>

I was wondering the same thing... >>

Yes, I have. Smooth as silk. In 2000 my entire bust half collection walked off while I had it at home ove a weekend for a "Show and Tell". Sent them a copy of the police report and an estimated dollar loss. Check arrived within 2 weeks with basically no qestions asked.

They have my highest reccomendations.

Barndog · December 6, 2009 12:21PM

<< 

<< 

<< Has anyone here ever collected on a loss? Buying insurance is one thing, the company is all sweetness and light when you approach them, getting them to pay on a claim is another matter. Any feedback? >>

I was wondering the same thing... >>

Yes, I have. Smooth as silk. In 2000 my entire bust half collection walked off while I had it at home prior to a "Show and Tell". Sent them a copy of the police report and an estimated dollar loss. Check arrived within 2 weeks with basically no qestions asked.

They have my highest reccomendations. >>

wow, thanks for the reassurance. I insured with HW starting this year

Gription · December 10, 2009 1:49PM

smith & wesson

Bochiman · December 10, 2009 2:05PM

<< smith & wesson >>

How will that help if you aren't around?
Not to mention other issues.

Gription · December 10, 2009 2:22PM

...i was just being absolutely hilarious and adorable. didn't mean to screw with your day... smile, you're unique

Can anyone recommend a company to insure coins?

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