without pictures no one can give you a value.
I AM NEW TO THIS SITE--located and old model 94 in 25-20 while searching for information I located this site. I have a 1895 in 45-70 I bought new in 74 because I wanted a 45-70 for long range lobing . I shot it 2 times cleaned it and returned it to the arms chest. I assumed it would not be a really accurate firearm in this cal. I was into 222"s -243-and 25-06 for my long range shooting. I was amazed at the report of one hole groups at 50 yards. As my eyes restrict me to scopes now (age 75 ) and I really hate to change anything (sights) on this nice old rifle-I guess I will fondle it for a couple of evenings then oil it and return it to the chest. (Question) For insurance what should I value this ? (1895 45-70 Gov made in 1974 new in the box) I don't target shoot much any more and do all my deer hunting with my( super accurate 6mm Remington )( already taken 4 this year.) THANKS in advance for estimate of value.
Last edited by ches75; 11-26-2019 at 10:34 PM. Reason: to add information
without pictures no one can give you a value.
Welcome from SW Ohio.
Insurance values are intended to reimburse the cost of replacing the insured item.
Usually such items are insured for about 125-150% of the present selling value. Such an amount is typically reimbursed without complaint by the insurance company. The difference can be justified by costs of locating the item, shipping, transfer, etc. However, insuring for more than twice the item's value will raise eyebrows and cost more than necessary.
What would it take for you to buy another 45-70? Unless you really have something special there, 1000.00 insurance value should replace it. It's a JM, pre safety, but not an antique. Rifles of that description go for 600-800 in my area. You would be buying a used rifle in good condition, but probably not one in "mint" condition.
Having said that, speak to your insurance agent. Many policies will include firearms as an included category to a certain value. It's usually about 5000. If your fire arms collection is worth more than that, you will need a rider to cover them. Such riders can be purchased in any amount necessary. You will need to provide models, descriptions, and serial numbers of the insured fire arms. Depending upon the numbers and value of your collection (very large collections), there may be required conditions, such as storage in a safe, alarms, etc.
That list should be kept current at least annually. You should keep your own list in a safe place, apart from your fire arms.
Last edited by HIKayaker; 11-27-2019 at 09:05 AM.
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THANKS This is exactly the information I was looking for. Nice to meet someone who can give you an explanation and reason that I can understand. THANKS AGAIN
Welcome from South Florida and great advice from HIkayaker!
PICTURES are necessary and you will want a gun dealer’s APPRAISAL and you will need a REPLACEMENT-VALUE policy, otherwise you will receive a depreciated value for them. Also, a homeowner’s policy will not provide proper coverage unless you’re willing to accept that approx 3% of your policy will be the DEDUCTIBLE you will have to pay out of your loss.
Yes,...it’s good advice to actually talk to your insurance agent rather than believe what you will get on the internet.
Maybe a good time to mention to those who might not know, if you have any reasonable gun collection, you would be wise to discuss enhanced homeowners insurance, or some type of rider on your existing policy, or even a separate policy for your guns. When I realized I had a fairly valuable (collectively) firearm collection a few years ago, I thought I should talk to my ins. agent about it. I now have an enhanced homeowners policy that will be sure to cover my collection, including unique firearms such as JM Marlins.
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I think an insurance company is only going to give what it would cost to replace it, that is just my opinion. The best answer will come from an insurance broker that deals in firearms insurance, or has that in the policies they write. Any information you get here or from any forum is going to be an opinion. There are no insurance experts here. Do yourself a favor and call a real expert. Don't short change yourself when it comes to your prized firearm's. Good luck.