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Discussion Starter · #1 ·
The locals here are in over their heads with these AKs. I need appraisals for insurance purposes for 4 Polytechs, 2 NIB. Thanks in advance..
 

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I'd say contact some shops that specialize in AKs. Plenty of vendors that can give you a worth value. However, when it comes to insurance policy's I suggest reading the policy very well or buy speciality insurance. One of the problems with insurance payouts is they give you a depreciated value. If the rifles were to get stolen, then most insurance companys will deduct money based on how old the item is. So if you have say, a milled early Russian AK that is not replaceable then the insurance company will give you the amount of a new milled AK AFTER they deduct a certain amount of money for each year of use for the rifle. Your $3500 rifle will more than likely get a $500 check from the insurance company. Hopefully you already know all of this.

Also looking at the going rate for said rifles will give you a idea of value.
 

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Discussion Starter · #3 ·
I intend to pay for "extra" insurance for the firearms and need an appraisal of their value. If my current broker can't supply it, I'll find another. I'm not paying extra to have a $3500 nib rare AK replaced with $500....
 

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A good appraisal is important. And the conditions of the policy.
Generally., you will not be in a situation of getting $500 for a $3500 firearm. but the depreciated value is often 60% or 70% of appraised value when depreciation is accounted and a non-replacement cash payout is taken..
If you find a similar firearm and replace the insured firearm you will generally receiver full appraised/covered value or replacement value as long as the purchase price reflects that amount or less.
 

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I intend to pay for "extra" insurance for the firearms and need an appraisal of their value. If my current broker can't supply it, I'll find another. I'm not paying extra to have a $3500 nib rare AK replaced with $500....
Thats cool. Just thought I'd throw it out there.
 

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Discussion Starter · #6 ·
I'm confused as these are "collectibles" that aren't depreciating, but appreciating..They are worth more tomorrow than they are today..
 

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A good appraisal is important. And the conditions of the policy.
Generally., you will not be in a situation of getting $500 for a $3500 firearm. but the depreciated value is often 60% or 70% of appraised value when depreciation is accounted and a non-replacement cash payout is taken..
If you find a similar firearm and replace the insured firearm you will generally receiver full appraised/covered value or replacement value as long as the purchase price reflects that amount or less.
Yes and no. It depends on the insurance company and your policy. I remember years ago suffering a break in. A lot of tools were stolen and the "replacement" value wasn't even considered a replacement. I remember one item in particular, a Milwaukee 3/8 drill that sells new for (at the time) $120. Insurance company gave me $20 for its "depreciated" value. If I bought a new one they would have gave me $15 more. How am I suppose to replace a drill that cost new for $120 with $35?

Or even the $1000 electric steps for my truck that was bought a week prior that they gave me $750 for.

I will state that this is a well known insurance company with plenty of satisfied customers.

I'm confused as these are "collectibles" that aren't depreciating, but appreciating..They are worth more tomorrow than they are today..
So insure them for a set amount and it's all good.
 

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Discussion Starter · #8 ·
Thanks, the depreciation logic had me confused. This would mean that a 1890 winchester repeater is now worth a nickel..
 

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No, just as little as the insurance company is willing too pay you for it.

Insuring something for a set amount is really the only way to come out decent if something were to happen. I have a couple classic cars insured for $20,000 each through speciality insurance. Their worth around that price so that's what I insured them for.

But, had I went with a normal insurance then they would give me blue book value. Which would be about $15,000 less than what their worth.
 

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Thanks, the depreciation logic had me confused. This would mean that a 1890 winchester repeater is now worth a nickel..
yeah, right???

Thread is definitely a wakeup call. I gotta double check this stuff. I've had my guitars insured for years now, and realized about a month ago it was way past due to do my firearms as well. It makes me wonder about the guns built from rare kits too (like a PLO kit, bulgy AKSU, etc) and what would happen...
 

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Discussion Starter · #11 ·
A few friends of mine are thinking the same and plan to discuss with their agents. I suggest anyone with any valuable firearms do the same...You may need to find another agent..

yeah, right???

Thread is definitely a wakeup call. I gotta double check this stuff. I've had my guitars insured for years now, and realized about a month ago it was way past due to do my firearms as well. It makes me wonder about the guns built from rare kits too (like a PLO kit, bulgy AKSU, etc) and what would happen...
 

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Whatever insurance you go with make sure it fits your needs. Some speciality firearms insurance states that you CANNOT fire the weapon. To do so would void the insurance policy.
 

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Discussion Starter · #13 ·
This may be important enough to be a sticky in the future....I serve on a board with another insurance agent whom I don't do business with, but I know he'll shoot me straight. Calling him Monday..

Whatever insurance you go with make sure it fits your needs. Some speciality firearms insurance states that you CANNOT fire the weapon. To do so would void the insurance policy.
 

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Whatever insurance you go with make sure it fits your needs. Some speciality firearms insurance states that you CANNOT fire the weapon. To do so would void the insurance policy.
You really need a freakin lawyer to go over these policies by the sounds of it

Vintage guitars can be worth a boatload of money. I'm starting to think now if I ever lost mine, they would simply replace it with a current reissue one that retails at $700 bucks :mad:

Thanks for raising all this to my attention
 

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Discussion Starter · #15 ·
I hope my question(s) will help some. Insurance companies are the worst when it comes to compensating customers..

You really need a freakin lawyer to go over these policies by the sounds of it

Vintage guitars can be worth a boatload of money. I'm starting to think now if I ever lost mine, they would simply replace it with a current reissue one that retails at $700 bucks :mad:

Thanks for raising all this to my attention
 

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You really need a freakin lawyer to go over these policies by the sounds of it

Vintage guitars can be worth a boatload of money. I'm starting to think now if I ever lost mine, they would simply replace it with a current reissue one that retails at $700 bucks :mad:

Thanks for raising all this to my attention
Yeah, ask me how I know. I been screwed pretty hard by insurance company's in the past. Now I go over any policy with a fine tooth comb.

I wouldn't count on any decent money if those guitars came up missing. The insurance adjuster will just tell you what their gonna give you for them and that's that. If you push the antique issue more than likely they will tell you that you needed a speciality insurance to get close to what they were worth. So your stuck with a take it or leave it kinda deal.
 

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I hope my question(s) will help some. Insurance companies are the worst when it comes to compensating customers..
Didnt mean to get your thread off topic. If I had any idea what your polys were worth then I'd help you out. Is there anyone in your area, like a respected shop that can give you a honest value?
 

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Discussion Starter · #18 ·
They are clueless, hence my post..

Didnt mean to get your thread off topic. If I had any idea what your polys were worth then I'd help you out. Is there anyone in your area, like a respected shop that can give you a honest value?
 

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Yes and no. It depends on the insurance company and your policy. I remember years ago suffering a break in. A lot of tools were stolen and the "replacement" value wasn't even considered a replacement. I remember one item in particular, a Milwaukee 3/8 drill that sells new for (at the time) $120. Insurance company gave me $20 for its "depreciated" value. If I bought a new one they would have gave me $15 more. How am I suppose to replace a drill that cost new for $120 with $35?

Or even the $1000 electric steps for my truck that was bought a week prior that they gave me $750 for.

I will state that this is a well known insurance company with plenty of satisfied customers.



So insure them for a set amount and it's all good.
Sounds like you had some unique insurance compared to my experience.. Most general policy covered items are for replacement cost. As noted this is different than cash for loss which is a depreciation issue. Generally., coins, firearms and collectables are covered only up to a relatively low rate of a few $100 dollars and after that they require a rider or specialty policy.
But if your home is struck by lightening and your microwave is trashed and is 9 years old you will be able to get current comparable microwave with no depreciation as a replacement insured item. That has been my experience and my policy terms.
 

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Sounds like you had some unique insurance compared to my experience.. Most general policy covered items are for replacement cost. As noted this is different than cash for loss which is a depreciation issue. Generally., coins, firearms and collectables are covered only up to a relatively low rate of a few $100 dollars and after that they require a rider or specialty policy.
But if your home is struck by lightening and your microwave is trashed and is 9 years old you will be able to get current comparable microwave with no depreciation as a replacement insured item. That has been my experience and my policy terms.
Actually it was farmers home owners insurance. I have since dumped them but it seems like you really never get what you should get from any insurance company. I understand the depreciation theory and I do agree with it to some extent but it just seems like insurance company's use that as a excuse to not pay as much as they should.

On the positive side there really is a good feeling of having insurance when something bad happens. It just sucks that you gotta fight for it.
 
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