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Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 40 minutes
should I shell out for insurance?
    #28211438 - 03/02/23 06:27 PM (10 months, 21 days ago)

I was looking at insurence for my coin collection and bullion, I have about $4000 worth of precious metals

If I shell out $46 a year to join a coin club, they can get me Insurence that will cost 60cents for every 100 dollars insured

I figure including the cost of the annual coin club fee that will be about $30 a month

This insurence also protect against traveling to coin shows and back, but I dont know if I'll ever use that

Right now I just have my stash hidden, split in different locations, it may or may not fall under myparents home insurence, or at least what's there

If I insure it I will be moving it all to my friends house as I'm already over there more of the week then I'm at home, also due to how hermit like we both are, I feel her apartmwnt is safer, but if its insured I guess safety isnt as big of a an issue

But everyone and thier mother comes by my house , my parents share a lot of drugs and alcohol with people

Bit the plus side is there is ALWAYS someone home at my house, my friends place gets left empty sometimes

Back on track, think somewhere around $30 a month is worth the peice and mind of having my stash insured?


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For most of the normies out there, an operating system is just a bootloader for Google Chrome.

Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it.

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OfflinegeokillsA
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Re: should I shell out for insurance? [Re: gopher] * 1
    #28212282 - 03/03/23 10:08 AM (10 months, 21 days ago)

Absolutely not.  $30/mo to insure $4000 of value equates to a cost of 9% annually.  That is WAY too much to pay for insurance.


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Offlinegopher
Coffee Bean Extraordinaire
I'm a teapot


Registered: 11/22/17
Posts: 12,990
Loc: Canada
Last seen: 12 hours, 40 minutes
Re: should I shell out for insurance? [Re: geokills]
    #28212289 - 03/03/23 10:19 AM (10 months, 21 days ago)

Well $5 a month is the coin show member ship with its own perks

And $25 is the 60 cents for every 100 insured


What should I pay for insurence AND do you think 4k is worth insuring right this second when I find normalpriced insurence, or should I wait till my stack grows.more?

And if so, at what dollar amount should I get insurence


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For most of the normies out there, an operating system is just a bootloader for Google Chrome.

Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it.

My pronouns are He and Him, and my adjectives are Fat and Jazzy

:kratom:


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OfflinegeokillsA
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Registered: 05/08/01
Posts: 23,417
Loc: city of angels Flag
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Re: should I shell out for insurance? [Re: gopher]
    #28212493 - 03/03/23 12:48 PM (10 months, 20 days ago)

I've never received a quote for a precious metals insurance endorsement, but I've read that the cost is generally around 2.5% of the value insured.  I've also read that opting to store your metals in a secured & insured vault off of your own property can be cheaper than purchasing your own insurance endorsement for home storage.

As for whether or not insuring your $4K of metal is worth it, that's a very personal calculation that involves considering how devastating a total loss might be to you financially, in conjunction with how risky your storage situation may be.

For me, I wouldn't bother.  The only thing I make sure I have solid insurance coverage on are my homes, because the cost to replace them in the event of a total loss, especially here in California, is very high.  But I also ask for the highest deductible available to save on the annual premium, as I know I have enough guaranteed income &/or savings to cover several thousands of dollars in deductible, and I don't really plan to ever make a claim on the policy, so I'd rather minimize the running cost of carrying the coverage and just eat the deductible loss in the unlikely event I have a major claim to make.  I've already more than saved the amount of my deductible through the lower premiums I've paid over the past 10 years of owning my home.

Even on my cars, unless the total loss payment for the car is worth more than $20,000 (which only applies to one car I own because I always buy used and/or salvaged title vehicles), I won't bother with comprehensive coverage.  I'd rather save on the insurance premium by taking liability coverage only, and eat the loss on my own car in the unlikely event I am at fault for an accident, someone rips me off or some other weird shit happens like a tree falling on the vehicle.  I don't have to commute to a job and don't put many miles on my vehicle, it's parked in a gated driveway or garage regularly, so minimizing insurance on an item that isn't subject to frequent/high risk just makes smart sense to me.  If I end up losing on the bet, I can live with that... I've already saved more than $10K in insurance premiums over my life owning cars by utilizing this strategy, so a total loss at this point on my nicest car would still sting, but in the context of the money I've saved, wouldn't sting too badly.


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Invisiblebadchad
Mad Scientist

Registered: 03/02/05
Posts: 13,372
Re: should I shell out for insurance? [Re: gopher]
    #28228066 - 03/13/23 03:47 PM (10 months, 10 days ago)

At minimum, see if you can add it as a rider to existing insurance, or explore other options.  For example renters insurance covers a lot of stuff, and you can often add other items and types of insurance to a home policy.

Regardless you want to read the fine print to see what specifically is covered.  For example, "theft" might be covered from your home/residence, but it might not cover things stolen from a car, or hotel room etc. 

You could also look into a safety deposit box, but that depends on what you want covered.  However, as geo commented, that premium sounds a bit high for $4k of coins.  Shop around.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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