Gun Insurance - insurance for the gun itself rather than the liability for shooting it

[Downforce]

Hi

My home insurers have changed their policy ££ value against "Personal Posessions Away from Home" which my guns have been covered by in the past.

So I'm waiting to get some valuations for new for old replacement but assuming that doesnt work out at a low enough value (now I have to calculate evrything that could be away from the home together, so my gun, my wallet, my clothes, my phone etc. and if the better half brings her wedding/engagement rings and so on) I'm just wondering does anyone know of any insurers that provide either new for old replacement for a lost/damaged gun whilst out and about and if possible liability on the same policy although thast secondary.

So basically can I just buy a policy that covers my gun's loss, damage, theft destruction etc.

Also out of interest does anyone know of anyone that did have to claim against (BASC/Other) Liability insurance  - was it any good?

D

[Dave at kelton]

This is a difficult one. I have had to take out a specialist contents insurance to cover my guns as you describe. It is with Covea and not cheap but they are used to covering antiques etc. This being said I have just claimed for damage to a gun when I fell and they have paid out for initial repairs. Ultimately it may be a write off if the repairs are ineffective.

I looked at insuring each gun several years ago and it was prohibitively expensive. Presumably you won’t have more than a couple of guns away at any time, and that was my argument. Generally very safe at home as kept secure.

Good luck.

[Downforce]

18 minutes ago, Dave at kelton said:

This is a difficult one. I have had to take out a specialist contents insurance to cover my guns as you describe. It is with Covea and not cheap but they are used to covering antiques etc. This being said I have just claimed for damage to a gun when I fell and they have paid out for initial repairs. Ultimately it may be a write off if the repairs are ineffective.

I looked at insuring each gun several years ago and it was prohibitively expensive. Presumably you won’t have more than a couple of guns away at any time, and that was my argument. Generally very safe at home as kept secure.

Good luck.

Thanks thats interesting - I've heard of Covea but not really had much to do with them, probably as I dont have any antiques !

D

[Scully]

I had mine insured through my house insurance with NFU. It was a good policy but the manager was a horrendous woman so along with most of her staff, I left! 🙂

You can insure them through Gunplan. 

[PhilR]

My guns are insured on my household policy with NFU as specified items and have been for over 30 years.

The policy isn't cheap but the support I've had from my local office and head office when I've had to make claims has been first class. 

[London Best]

At one time I had my gun insured separately but the cost became so prohibitive (about £1500 if I remember correctly) I just packed it up. Now I don’t bother with insurance for my guns.

I know a man whose insurance for his Purdeys (plural) rose to £15,000 before he sold them and bought Silver Pigeons.

[enfieldspares]

I got a quote from the firm BASC used to promote. Their quote reminded me of the mechanic who when my Triumph Vitesse 6 car comes down from the ramp in the late 1970s used to start his "report" by sucking his teeth...

I do think however that one issue why premiums became extortionate was people who according to anecdote bought "cheap" (cheap as they had very short stocks of 14" or so length) London "best" guns then claimed for a re-stock after they had accidentally driven their 4x4 over them whilst the gun was in its gunslip.

And of course as the thing was being re-stocked by the insurers then it might as well be re-stocked with a length of stock to suit that owner who's finest Audley Street boomstick had suffered said running over.

Edited July 12, 2021 by enfieldspares

[Downforce]

1 hour ago, Scully said:

I had mine insured through my house insurance with NFU.

 

1 hour ago, PhilR said:

My guns are insured on my household policy with NFU

I actually went through the pain of the NFU oldskool quoting process to be told that the underwriters thought that because we'd made a claim about 2 years ago they didnt want to know but next year they'd be prepared to provide a quote so they'll keep me on record and contact me then.

Now I'm not normally sensitive about being told such things but I must admit there were two things I didnt get;

1) Over the previous period of twenty years or whatever we hadnt made a claim - so surely you've got to look if someone is making a claim all the time to determine if its a one off event or a compulsive claimer. After all if nothing ever happened to anyone you wouldnt need insurance!

2) The presumption that I'd want to do business with an organisation that had just turned me down to even not quote when it didnt suit them is a bit arrogant!

Having heard a lot of good things about NFU I can officially state that did not endear me to them and the fact that they cant do it online and store the details for next year is a double negative

D

Edited July 12, 2021 by Downforce

[Scully]

6 minutes ago, Downforce said:

 

I actually went through the pain of the NFU oldskool quoting process to be told that the underwriters thought that because we'd made a claim about 2 years ago they didnt want to know but next year they'd be prepared to provide a quote so they'll keep me on record and contact me then.

Now I'm not normally sensitive about being told such things but I must admit there were two things I didnt get;

1) Over the previous period of twenty years or whatever we hadnt made a claim - so surely you've got to look if someone is making a claim all the time to determine if its a one off event or a compulsive claimer. After all if nothing ever happened to anyone you wouldnt need insurance!

2) The presumption that I'd want to do business with an organisation that had just turned me down to even not quote when it didnt suit them is a bit arrogant!

Having heard a lot of good things about NFU I can officially state that did not endear me to them and the fact that they cant do it online and store the details for next year is a double negative

D

Quite. When the woman who sorted mine ( she is a friend )  left, I did too. 
Since then I have asked for a quote for my Landrover, from a very nice lady, who was most regretful she couldn’t get it to be cheaper than the more than double the price I was already paying through another insurer! 
🙂

[BinaryB]

I have used Gunplan for the last 5 years and had cause to make a claim a few years ago. Top class service and I can highly recommend. 

[Dave at kelton]

1 hour ago, PhilR said:

My guns are insured on my household policy with NFU as specified items and have been for over 30 years.

The policy isn't cheap but the support I've had from my local office and head office when I've had to make claims has been first class. 

NFU refused me because it was a collection of guns. Although classed as antique, muzzle loaders etc wouldn’t have it.

[Downforce]

7 minutes ago, BinaryB said:

I have used Gunplan for the last 5 years and had cause to make a claim a few years ago. Top class service and I can highly recommend. 

 

7 minutes ago, BinaryB said:

I have used Gunplan for the last 5 years and had cause to make a claim a few years ago. Top class service and I can highly recommend. 

 

7 minutes ago, BinaryB said:

I have used Gunplan for the last 5 years and had cause to make a claim a few years ago. Top class service and I can highly recommend. 

OK Ill check it out

[London Best]

In answer to the other original question about BASC liability insurance:

I have a friend who tragically lost his son in an accident in which he managed to shoot himself. BASC  insurance paid out a substantial amount straight away.

[Dougy]

If your referring to gun insurance for loss damage etc i have mine insured through Saga at £38 per year on top of my household insurance. 

[Downforce]

10 hours ago, Dougy said:

If your referring to gun insurance for loss damage etc i have mine insured through Saga at £38 per year on top of my household insurance. 

 

We are limited on who we can insure with so for this year at least may go with gunplan but they use the phrase "indemnity value" for guns over 3 years and I dont know what they mean by that.

D

11 hours ago, BinaryB said:

I have used Gunplan

 

[BinaryB]

In my case I had to produce original proof of purchase (which luckily I had as it was a long time ago) and also a valuation from an RFD of current replacement value and the payment was settled by return. 

[Dave at kelton]

12 minutes ago, Downforce said:

 

We are limited on who we can insure with so for this year at least may go with gunplan but they use the phrase "indemnity value" for guns over 3 years and I dont know what they mean by that.

D

 

Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it. This is its market value, not the written down value.

[Downforce]

Just now, Dave at kelton said:

Indemnity basis means that the insurance will only pay for the second hand value of the item i.e. what you might get if you sold it. This is its market value, not the written down value.

Okay well that doesnt help me after all - the most expensive gun I own is a Browning B25 and it was previously damaged so I had it repaired with a new wood forend from a blank from Belgium and basically completely overhauled by Browning's Master Gunsmith at Abingdon - they quoted a tad under £3k to do the work but ended up doing it at a discounted rate of around £2K so whilst it is a stunning gun I doubt the market value would reflect its actual condition, whatsmore it nulifies the point - my insurance will cover £3K but a new B25 will run £12-20K so if its "new for old" on my home insurance the new replacement value is too much and if its "market value" then thats probably too low.

The absolute last thing I want to do is have an issue with the Browning and then be arguing for months over the value - I'll talk to them and see if they will agree a fixed value or something.

D

[Downforce]

19 minutes ago, BinaryB said:

In my case I had to produce original proof of purchase (which luckily I had as it was a long time ago) and also a valuation from an RFD of current replacement value and the payment was settled by return. 

Who was the insurer and what was the (ballpark) market value if you dont mind saying - I think if you are in the hundreds or possibly low thousands you might be good but theres likely to be a threshold - Im guessing £5-10K - where they start to scrutinize in great detail and a loss adjuster that doesnt know diddley squat about guns finds the cheapest gun with the equivalent name on the market

D

[Dave at kelton]

37 minutes ago, Downforce said:

Okay well that doesnt help me after all - the most expensive gun I own is a Browning B25 and it was previously damaged so I had it repaired with a new wood forend from a blank from Belgium and basically completely overhauled by Browning's Master Gunsmith at Abingdon - they quoted a tad under £3k to do the work but ended up doing it at a discounted rate of around £2K so whilst it is a stunning gun I doubt the market value would reflect its actual condition, whatsmore it nulifies the point - my insurance will cover £3K but a new B25 will run £12-20K so if its "new for old" on my home insurance the new replacement value is too much and if its "market value" then thats probably too low.

The absolute last thing I want to do is have an issue with the Browning and then be arguing for months over the value - I'll talk to them and see if they will agree a fixed value or something.

D

The claim I have just submitted is a similar problem. Nice old Charles Lancaster side lever hammergun which to replace will be 5-6k. But….the barrels are Teague lined and therein lies the problem. I wouldn’t replace with such even assuming I could get one but value is less than 3K. Add to that the possibility that the barrels will become distorted in the repair process and the gun is scrap. Fingers crossed on the repair!

[Downforce]

I just spoke to GunPlan and they explained how they get the indemnity valure is a deduction of 5% each year so a £2K gun in 1975 would be worth £180 today by that calculation. OMG getting nowhere on this.

D

[London Best]

13 minutes ago, Downforce said:

I just spoke to GunPlan and they explained how they get the indemnity valure is a deduction of 5% each year so a £2K gun in 1975 would be worth £180 today by that calculation. OMG getting nowhere on this.

D

In 1975 new guns were increasing in cost by 20% each year, about the only item rising faster than houses!

[wymberley]

1 hour ago, London Best said:

In 1975 new guns were increasing in cost by 20% each year, about the only item rising faster than houses!

Those were the days. I pounced on an AyA 26" beavertail Yeoman for use on Findhorn which was on offer in Dickson's of Edinburgh. I used my newish thingy called Access to pay for it and the rate of inflation was higher than their interest rate - I managed to pay it off before that changed.

[mowdy]

my guns are covered on my house insurance with Hiscox had one clam yrs ago and paid out the full cost of repair no bother  

[NoBodyImportant]

On 12/07/2021 at 14:13, London Best said:

At one time I had my gun insured separately but the cost became so prohibitive (about £1500 if I remember correctly) I just packed it up. Now I don’t bother with insurance for my guns.

I know a man whose insurance for his Purdeys (plural) rose to £15,000 before he sold them and bought Silver Pigeons.

That’s probably fair.  Over here I my Home insurance only covers up to $5000 on guns.  I have a collector insurance come out and my guns appraised at $70,000 but I have them spread out over several of my houses. So I only carry $50,000 of coverage as the chance of 3 houses being destroyed the same day are slim. It works out to $100 per 10,000 of coverage so I pay 500 a year.  I know one fine shotgun can cost 100k so if he had multiples that could actually be fair.