Luger Insurance ?

[Frank B]

I recently saw how one was asking about insurance of ones collection of Lugers. Well, I am going to then ask, what is the best way to do this. I have never insured my collections(Lugers and more WWII type guns)...because all were simple local buys...I never paid much for. I have been very lucky getting some great finds, one being my museum quality Luger. My collections goes into the American WWII guns too...

So who should I use? Approx. values? More than Approx. I would expect to insure. Just asking for the advice...

Thanks guys

Frank

[lew1]

There are 3 major companies.



http://www.corevensguninsurance.com/

http://www.historicfirearms.com/

http://www.collectinsure.com/


I started out with Historic Firearms. After a few years, I decided to change.

I had met the agent from CoreVens at the Colorado Gun Collectors Assn show a couple of year prior and he had been helpful (even though I told him I was not changing. So I went with CoreVens.

After a couple of years I made several inquiries to Collectibles Insure - both two different years at the SOS show, once at the Max show and even by telephone. What I wanted was two times: (1) a sample policy so that I could compare terms before I signed up. The devil is always in the details. Even though I asked several times, I was never able to get a sample copy of the policy from them. (2) I asked the question how their policy was the same as that of the other two companies and how their policy was different. I was never able to get them to tell me that. So I never had a policy with them. (The other companies answered both of them.)

I presently do not have such a policy. My annual premium was in excess of $3,000. My wife became sick and I had to put the money towards her. (Also ended up selling a few things also.)

The companies will insure guns, holster, stocks, etc.

They have different requirements for specific listings (depends on value) of firearms, safes, alarm systems, taking items out of the house, to gun shows, etc.

I would suggest that you make a list of your activities, etc which will help you in getting the proper coverage, etc. It can make a difference if you take things (and what things) out of the house.

With respect to value use replacement value. Try some of the dealers. Take good photos of your items cause if you have a claim, you will have to prove condition. (Too many people insure their doggy firearm as a diamond.)

[cirelaw]

Do you need appraisals??

[Frank B]

I am not sure, but I guess I do...so far I have been going off of what other collectors have said my pieces are approx. worth...using the simple calcalations. I have never really know my pieces true value...some of the price guides I have seen are out of date.

[Frank B]

This is what I was told for Lugers;
An excellent plus quality, all matched P.08 goes for $1500 or so. Add one matching magazine at it goes up to $2000 or so. Add two matching magazines and you've got a $3500 specimen. Add $350 for the Holster and $15-200 for the tool and you have an excellent full rig for $3900 to $4200. Now make that an unissued rig like you might have, and there is your $5000 and maybe a bit more to you. Again, Bring-back papers can add 5 to 10 percent to that.

[cirelaw]

I would think you would need a documented appraisal for hi end pieces like a Kriegoff, test pieces other rareties. Mr Simpson of "simpson Ltd' does written appraisels I'm aware!! It seem besides a theft, hurricanes, twisters, fooding can also present a problem! Five years ago a hose to our washer broke flooding our home. Although my luger were up high the mold problem was worse than the flood! Mold grows everywhere! Whats worse floods are not generally covered under your homeowners as many learned in New Orleans!!!

[Frank B]

How did that turn out? Your stuff...saved ok? Or refurbished? Or a claim?

[cirelaw]

Thank God we were renting! Our landlord had to replace most of the drywall and all of the carpets. Had to drill holes in all the base board. We lived with friends over a month. Replace you washers hoses every 2 years. They now come with an exergency turn off! There was mold even in the AC ducts! I store my holsters and all leather in those blue plastic containers. Be safe or regret it.

[lew1]

Originally Posted by cirelaw

I would think you would need a documented appraisal for hi end pieces like a Kriegoff, test pieces other rareties. Mr Simpson of "simpson Ltd' does written appraisels I'm aware!! It seem besides a theft, hurricanes, twisters, fooding can also present a problem! Five years ago a hose to our washer broke flooding our home. Although my luger were up high the mold problem was worse than the flood! Mold grows everywhere! Whats worse floods are not generally covered under your homeowners as many learned in New Orleans!!!

The problem with appraisals is that much depends on who is picked. Secondly, it can be expensive, depending on the number of appraisals needed. Third - some items are not capable of being accurately appraised - if something is literally one of a kind, how can a price be put on it?

For example, I have a pre war Hi Power that has the serial number of '1'. Or I have a pre war Hi Power that has a barrel bushing - like the Colt 1911 (only smaller). Two were made in 1929 for the French test trials. I know - it is not one of a kind, except the other one has never been seen. Literally, neither one can be replaced so what are their values?

[cirelaw]

You are right! Lugers unlike any other guns come with so many variables. Each is unique whether through it maker, year, condition, proofs, blueing, wear, mags, nuance, numbers produced, accoutrements and of course rarety. Maybe thats why We love them!!! No appraiser can claim an expertise in all!

[Edward Tinker]

Originally Posted by Frank B

This is what I was told for Lugers;
An excellent plus quality, all matched P.08 goes for $1500 or so. Add one matching magazine at it goes up to $2000 or so. Add two matching magazines and you've got a $3500 specimen. Add $350 for the Holster and $15-200 for the tool and you have an excellent full rig for $3900 to $4200. Now make that an unissued rig like you might have, and there is your $5000 and maybe a bit more to you. Again, Bring-back papers can add 5 to 10 percent to that.

No, those values are tooooo broad. Every "type" and variation has a different value.

Go to Simpsons, ltd, on line and then go by each type, approx bluing, etc

Do NOT assume that yours are worth top dollar, nor bottom dollar.

[Frank B]

I will look at Simpsons, shortly. So far I have been going by what people have offered me for the rig, and a little insight from collectors. The info was provided by some well known collectors...My rig; is not common, not because a lot of 1939 Lugers were not made; there were over 120,000 produced. So they are not rare because of scarcity. Your value and rarity is derived from two factors. First the absolute superb condition of the rig. Second from the fact that it has two matching magazines. This latter fact far more than the Holster and Tool, drives the value up. But in the end it is what someone is really willing to pay for a rig...but I understand what you mean...each gun value is based on the type, how many made, and other things. The pricing guesstimat was for a luger in "An excellent plus quality" condition. The 2 other Lugers are in great shape, but not "An excellent plus quality"

[Frank B]

I just looked at Simpsons site, and the prices are strong for the 1939 42 lugers...and mine is in far better shape than the ones listed. He has 2 complete rigs at almost 6k...interesting

[NoncomRetired]

Received this solicitation through my NRA membership..............


Truth #1: Most homeowners policies have strict limitations on firearms, leaving serious gaps in coverage.

Truth #2: Storing your guns in a safe protects them from some, but not all perils.

Truth #3: We'll never ask you for a firearm serial number.

Truth #4: You can get $7,500 of ArmsCare Plus firearm insurance coverage for less than $110 per year. When combined with the $2,500 of no cost coverage you can activate with your NRA membership, that's $10,000 in coverage!

[Curly1]

I have 25k in coverage with Historic for $107.

No inventory needed.

[Frank B]

Who did you use?

[Frank B]

This being my pride and joy...http://forum.lugerforum.com/showthread.php?t=30094