Originally Posted By: GregSY
Here's the problem with insurance. Let's say you make a great deal on a $6,000 gun for $3,000 and insure it for $8,000 'just to be safe'.

The carrier (I don't care who it is) damages it - they crack the stock at the wrist. You are pissed but you still like the gun and know a guy who can fix it.

You go make your claim, and let's assume they don't contest it. Here's your choice:

They pay you $3,000 and KEEP THE GUN. This means your good deal evaporated and you are gun-less.

or

You get nothing from them and you keep the gun


Yep, this is exactly what happened to my friend. He made a fantastic deal on this gun, $1500 for a $3000 gun. The seller insured it for the sale price, $1500. Then the gun was slammed muzzle-first into the ground with heavy boxes on top, compacting the long box it was in and breaking wood off the stock around the tang and receiver inletting. It can be fixed but the gun isn't original anymore at this point.

Like Greg says, the insurance would have paid only the $1500 of the purchase price AND kept the gun because it only pays what you can prove was paid for the gun. Since it was still in the 3 day waiting period, the seller kept the gun and got nothing. It was a bad deal for everyone except the shipper who didn't have to pay the insurance. I think my friend ended up buying the gun for less and having it repaired because he liked the gun and felt sorry for the seller, but all of that could have been avoided if the gun had been packaged better. Insurance might mitigate some of the loss if the gun had been completely destroyed, but it can't replace it nor does insuring it for a higher value work effectively.

Brad