Insurance companies are scamming gun owners!

Insurance companies are scamming gun owners!

This is a discussion on Insurance companies are scamming gun owners! within the General Firearm Discussion forums, part of the Related Topics category; Wowwww, read this article. Enservio: Gun Owners Lie About Their Insurance Claims - The Truth About Guns A handgun worth $186? On what planet? Even ...

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Thread: Insurance companies are scamming gun owners!

  1. #1
    Member Array american23's Avatar
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    Angry Insurance companies are scamming gun owners!

    Wowwww, read this article. Enservio: Gun Owners Lie About Their Insurance Claims - The Truth About Guns

    A handgun worth $186? On what planet? Even Hi-Points are worth more than that. On top of that they are claiming that people who have their guns stolen or damaged in a disaster are over exaggerating the value of their collection. The audacity of these guys!!!

    And people wonder why no one is in favor of mandatory gun owner insurance...


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    When i filed a claim for stolen guns, I submitted documentation of costs or proof of replacement value. Insurance coughed up, no problem. What they will not agree to is emotional value. That beat-up rabbit-eared 12 gage double with the broken firing pin your great granddad left you is not made of gold nor worth $1000 on the open market.
    Last edited by OldVet; December 12th, 2014 at 09:47 PM.
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    VIP Member Array nedrgr21's Avatar
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    The cash value they are claiming is probably what a dealer would pay someone for it. Cost to replace it is a different story. What kind of policy do you have.

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    VIP Member Array suntzu's Avatar
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    The article is bogue IMO. They are stating the ACV which is original purchase cost less depreciation over the years. Just like a car. Get a policy that pays Replacement Cost. Better yet, look at your renters/homeowners and make sure you will get paid the whole RC. Many renters and HO's pay up to a limit (for ex....1000K). Get a Valuable Persaonl Property Policy or similiar and make sure you get it written for the RC of all items.
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    VIP Member Array Doghandler's Avatar
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    Insurance companies will screw you on other stuff besides guns too - if you let them. When I mentioned guitars and guns to my insurance broker he interjected with, something like, "you need replacement cost insurance." Yes, that's what I needed so that's what I got.
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    Distinguished Member Array Arborigine's Avatar
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    I have fought insurance companies 3 times over the value of totalled vehicles, and although i had to take one to court, won my independant appraisal amount over their lowball every time. I could do the same with a weapon, "replacement value" has more to do with condition than location. Take pictures of your insured property.
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    VIP Member Array ShooterGranny's Avatar
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    Agree with others on getting replacement value insurance. That is really the ONLY way to have insurance that is worth paying for!

    AND - check to see if there are limits on firearms. We have additional firearms policy through NRA: Lockton insurance company. You aren't covered unless you have done your homework and read the entire policy!
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    Senior Member Array vice87's Avatar
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    sounds like that company and so-called "26 year gun guy" called up a Detroit pawn shop to get their estimated values.
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    VIP Member Array Eagleks's Avatar
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    Quote Originally Posted by nedrgr21 View Post
    The cash value they are claiming is probably what a dealer would pay someone for it. Cost to replace it is a different story. What kind of policy do you have.
    That is "exactly" what is used. That's where their info comes from, and it's wholesale values.

    I use a "stated value" type policy..... they pay what's "stated" in the policy and the agreed value up front for each item.
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    Ex Member Array Haroon525's Avatar
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    Where is the govt now?
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    Member Array american23's Avatar
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    Quote Originally Posted by vice87 View Post
    sounds like that company and so-called "26 year gun guy" called up a Detroit pawn shop to get their estimated values.
    I was going to say consulted with a Chicago gangbanger on the ASV...Actual Street Value.
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    Senior Member Array NickBurkhardt's Avatar
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    I always wonder how these bean counters come up with firearm values. A few years ago a married couple that are friends of my wife filed Chapter 7 and the Trustee made the husband "buy back" some of his paid for guns from his creditors. I see that here in Oregon the debtor can only exempt "one rifle or shotgun and one pistol, the combined value of which cannot exceed $1,000". Wow, generous. So much for leaving someone going through hard times with means to put meat on the table and defend your home. I know that the guy had an SKS, a .38 special revolver, a 9mm HiPoint, at least one 22LR rifle and a 12 gauge shotgun. I didn't ask because it was none of my business, but I wonder how much extra he had to pay to get his debts discharged.

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    Senior Member Array vice87's Avatar
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    Quote Originally Posted by american23 View Post
    I was going to say consulted with a Chicago gangbanger on the ASV...Actual Street Value.
    haha. in that case wouldn't it go in the opposite direction? I've heard a Hi-point was worth a grand on da' streets.
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    I keep pictures of each gun along with a copy of the receipt showing what I paid for it. I haven't had one stolen but I've talked with my insurance agent and he's said this is all I need and they'll cover that cost. I hope he's right.
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    IMHO insurance is just another scam to separate one from their cash.
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