My grandfather had an old Ithaca side-by-side shotgun?

Question

At least 100 yrs old with loading pins that pop up when the gun is loaded. Should i get it appraised?

Answer 1

Keep it for 100 more years and see what its worth....

0.o

Answer 2

YES !!!!!  Do get it appraised if nothing else, to insure it. My father had a turn of the century side by side that was stolen and b/c it wasnt appraised, we got $500 on insurance.

Answer 3

Contact your insurance agent.

Tell him you need to schedule a firearm on your policy.

He will give you the name of an appraiser. Use their appraiser and get your own appraiser. Or they may have you get 3 and then use the average as the agreed value.(this is most common)

If they declare the value and you can show that your appraiser came in higher then in court you will win and they will have to pay your appraisal.

But do get it appraised and scheduled.

Insurance Lesson:

A scheduled item on a home owners policy is a declared/agreed upon value for a given item.

In this case a firearm. Lets say its value is 2,500.00

If it is lost or damaged by a covered peril (cause of damage insured against) then they will pay to replace, repair, or pay for the loss of value.

So if its stolen and you have a 1,000 deductible you will get a check for 1,500

Now you can also get what is called a fine art policy for firearms. You insure it for the agreed amount of 2,500 and you agree on a deductible of 250 then if its stolen you will get 2,250.

Keep in mind the cost of the policy goes up as the risk goes up.

$10,000 coverage with a $100 deductible will cost a lost more than with a $1,000 deductible

In any case, negotiate the agreed value based on the appraisals , find a deductible that you can live with and insure it.

Some insurance companies will give a major discount on firearms if you give them the serial number and a photo of your safe.

If you do insure it you will need to have it appraised every couple of years. The insurance company may require it or if you want to see if its value has gone up.

My example:

I have an Ithaca 37 collection

I keep them in my safe except when I oil them

My Fine art policy has all of the 37's on the policy.

Total policy at risk is just under 12k

I have a 500 deductible

Theft is only covered if the arms are in the safe and the safe is broken in to. all other perils are in or out of the safe.

My policy costs 350 + change a year