Guns stolen, how to value them for insurance?

D

dealy663

Inactive
Hi

We had a break in a couple of days ago. Amongst other things I lost 4 handguns, 2 should be fairly easy to value, 1 might be a little work and the other seems near impossible.

I lost the following:
Sig Sauer P229 .40 S&W
Star Firestar 9mm
Seecamp .32
Llama .32 (mini 1911 style)

Fortunately the guys were idiots and only 1 gun left my house in a usable form (the Sig). The other three were partially disassembled and they left the magazine or a crucial part.

I figure it shouldn't be too hard to place a value on the Sig and Seecamp. The Firestar isn't made any more but should show up in web searches. I've looked around and can't find any thing on the 40+ year old Llama.

The Llama was my stepfather's concealed carry gun when he was in the Air Force doing secret stuff in Central America. Its probably not worth too much, but it was cool and it still worked.

Any suggestions on how to come up with values for the insurance company? Or tips to help me get the best deal from them? I'll probably only replace the two larger guns. Get myself maybe a Kimber 1911 and some compact 9mm for the wife. That Seecamp was darned cool and quite easy to hide, but I can't justify that kind of money again for something I never felt the need to carry in over 10 years. I doubt I put more than 50 rounds through that gun, it looked new.

Thanks, Derek
 
When I had a break in and they got a couple of guns the insurance company pro-rated by the year.By the time they got done I almost owned them money.I also had full replacement value BUT you had to go buy the item and then they would reimburse you. If you don't have the money to buy it you are shafted:(
 
I'm not exactly sure what most companies use to come up with the value... but you should have a "replacement cost" rider on you HO policy. This means that if your Sig was 5yrs old and had 2000rds down the pipe, you should be reimbursed for a NEW Sig, not one that is in used condition. Just something to keep in mind :)

I'm working with a client right now who has a bunch of older guns. I've taken most of them home with me in order to clean them up, function check each one, document make / model / serial #'s, and attempt to find their approx. value. He's an older gentleman who hasn't shot them in years and right now is unsure of what theyre worth. Most agents probably wouldn't go that far, but then again most aren't gun nuts like myself :D

I consider this fella a good friend, so it's important to me that he has working firearms that are well documented for insurance purposes. Plus I get to break 'em down and shoot them! It's a win win situation.
 
When I had a break in and they got a couple of guns the insurance company pro-rated by the year
Click to expand...

That's a great point and something to find out before you have a loss. The replacement value works different with different companies. Some will make you actually buy the gun before they reimburse you the full amount. Like Russ said, this can be a big hassle... so it's good to be clear on exactly how your company will pay you.
 
Yes I have to buy guns first.

My insurance agent told me that the guns would be depreciated and I'd get that depreciated value immediately. But if I bought new guns to replace them then I would get the full value. Of course only two of those guns are still being made.

And to make matters worse ever since I got more into shooting I've kinda been longing for a Kimber 1911 over my Sig P229. The allure of the 1911 is getting to me over the much more practical Sig.

I really only want to buy two guns to replace the stolen 4. Some cool 1911, and probably a practical compact 9mm like a Glock 26 or Sig SP2022. I have no idea how much of a hard time they're gonna give me for not replacing the stolen pistols with ones of the same type.

Derek
 
I'd say go ahead and replace the four guns. You will be reimbursed in full. Then you can take your four brand new guns and sell or trade them for whatever you want.

Otherwise, you can take the depreciated value and do whatever you want with the money. It's good that you were covered for the loss, but there is nothing fun or convenient about having your stuff stolen... especially if that stuff happens to be your guns.
 
May want to look at the "Blue Book Of Gun Values". Lots of folks in the industry contribute to that publication annually. The INS Co may accept that as a basis.
 
i had a xd stole out of my truck about a year ago and i filed with the nra insurance and what they told me is bc the new price of the gun was 499 out the door( i still had the origanal recipt though) they just gave me recipt price plus holster and laser witch was on the gun and aslo on the recipt . but what they told me is pretty much what was said bf that they go to a auction web site and get a average on each gun and thats what you get and take it or leave it. use to you could just go to a few gun smiths and get a quote on them but they said they dont do that anymore due to fraud . so that was my experice with my case .
 
Talked to my insurance agent about this as I have a couple of custom pieces. He advised an inventory sheet with current values, even though I've got a replacement rider. Had my gun dealer place the values on my inventory sheet.
 
If you're an NRA member, be sure to give them a call about the insurance policy ($1000) that comes with your membership. They may be able to help you with the value, as well.
 
the nra ins. is only a suplment ins. as they told me witch means in the end it covers the rest that the others companys didnt or if your car or home ins didnt cover it. thats what they told me when i filed mine
 
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