Coin Insurance

General discussion board about VAMs, but no buy/sell offers
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iceman
Posts: 344
Joined: Sun Jan 20, 2019 12:27 pm

Coin Insurance

Post by iceman » Sat Apr 09, 2022 1:01 pm

Hi All
How many of you have Insurance on your Collections ?
If so what is the best Insurance Company do you think is for this .
Just in this day and age Ive been thinking about insurance on my collection .
I do have my collection stored in Safes . But just wanted to hear some advise from the Crew !! Always like to hear the Sage advise from the Crew .

Many Thanks
John

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LateDateMorganGuy
Posts: 883
Joined: Tue Jun 05, 2018 2:11 am

Re: Coin Insurance

Post by LateDateMorganGuy » Sat Apr 09, 2022 1:50 pm

If you are an ANA member, you can check with Hugh Wood Inc. They cater to ANA members.

https://hwinternational.com/us/

sheatown1
Posts: 52
Joined: Mon Jun 04, 2018 8:55 pm
Location: Pennsylvania

Re: Coin Insurance

Post by sheatown1 » Sat Apr 09, 2022 2:37 pm

For years I had a separate Marine ins. policy from Nationwide. They changed it to be an attachment on my homeowners policy recently. No matter from whom, the more you got the more costly it is. I tried to get prices from a couple of places & they're all in the same ballpark on prices. Since I do shows, it's necessary to have.
Dave

vamnuke
Posts: 993
Joined: Wed Aug 01, 2018 11:57 pm

Re: Coin Insurance

Post by vamnuke » Sat Apr 09, 2022 2:44 pm

Mercer Consumer

Used for many years.

Material kept in bank vault; get asked every year on renewal where kept; suspect it would be higher if kept elsewhere.

Andy Hansen
Posts: 121
Joined: Sat Aug 04, 2018 4:04 pm

Re: Coin Insurance

Post by Andy Hansen » Sat Apr 09, 2022 3:24 pm

Storing in the bank vault yields the cheapest insurance premiums,
in my experience.

VamHelsing
Posts: 901
Joined: Sat Jun 02, 2018 5:14 pm
Location: Oregon

Re: Coin Insurance

Post by VamHelsing » Sat Apr 09, 2022 4:14 pm

State Farm, rider attached to my homeowners policy.
You will need to provide a list for them.
*note* They do NOT insure bullion, only collector coins.
* note* Bank SDB's also will not insure bullion.

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messydesk
Site Admin
Posts: 3493
Joined: Mon May 28, 2018 1:57 am

Re: Coin Insurance

Post by messydesk » Sat Apr 09, 2022 4:30 pm

Hugh Wood
Welcome to the VAMWorld 2.0 discussion boards. R.I.P. old VAMWorld.

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HawkeEye
Posts: 601
Joined: Fri Jun 01, 2018 1:30 pm
Location: North Georgia
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Re: Coin Insurance

Post by HawkeEye » Sat Apr 09, 2022 6:01 pm

Once your collection surpasses the volume of a safe deposit box it seems to me that you are on your own.

My answer is a large safe with a 3 hour fire rating and several guns.

Seems to work so far.
Deep in the woods of North Georgia

keydates
Posts: 226
Joined: Sat Sep 29, 2018 1:36 pm

Re: Coin Insurance

Post by keydates » Sat Apr 09, 2022 8:53 pm

Problem with safes are .
If someone put a gun in your face you will open it.
They may leave or shot you.
I keep my collection in bank boxes.
Cost 60.00 a year, size of boxes 20 inches long and 10 by 10 inches square
Should hold probably 18 pcgs boxes per box.
I check probably 40 years ago about insurance.
Wow cost 18.00 per thousand and need update on what you had.
Next do not get on here and say you got a safe.
Just takes someone to look you up.
My opinion
Larry

morganman
Posts: 852
Joined: Fri Jun 29, 2018 4:02 am

Re: Coin Insurance

Post by morganman » Sat Apr 09, 2022 10:23 pm

Knowing that underground NYC is largest bullion depository rather than the
original Fort Knox will give us a clue to security & safety.
I have endured many yrs of providing security and insurance and definately
not by bank safety (not) boxes that dont hold shit anyway.

There are several various secure /insured ways to protect assets, withot breaking
your own bank.
:|

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HawkeEye
Posts: 601
Joined: Fri Jun 01, 2018 1:30 pm
Location: North Georgia
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Re: Coin Insurance

Post by HawkeEye » Sun Apr 10, 2022 2:38 am

Well I would be pretty confident that many people here have a safe, somewhere. I hope no one leaves their coins laying around on a desk or in a drawer regardless of value. For most of us the value in the collection isn't in the bullion value or marketability, it is in the skill to build it. I would never have the energy to rebuild my collection and that is the store of value for me. I am much more worried about fire, water, or weather.

My comments were somewhat tongue in cheek because I always think the really high dollar collections are small numbers of very expensive rare coins, not hundreds of VAMed Morgans. I certainly don't have any of those. But for some this is a real issue and I don't think it has a near term solution. Interesting to talk about, but I don't think there is an answer for the average collector other than some type of safe.

The problem with safe deposit boxes is that you can only access them when the bank is open, the cost of the box rental, gas to get there and back, and a general lack of access to coins. This defeats the purpose of collecting for most people because it is the coin you want in your hand, not a safe deposit receipt.

There used to be a collector on this forum that stated his collection approached 10k PCGS graded coins, or about 500 boxes. There is no option other to provide your own storage at that size. I don't think any modern collector could afford to build up that many graded coins starting from scratch, so perhaps a unique problem.

A thief would be smarter to steal my truck. You can get a blue book value pretty easily, and it is more marketable. It does have 120k miles on it, so not in MS condition. There is a ding in the right front bumper that might even N grade it since it is post production damage. But right now there is rarity with the chip shortage.
Deep in the woods of North Georgia

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