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Old 05-17-2017, 06:25 PM   #1 (permalink)
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Value on Custom Rifle for insurance

How do you put a value on a custom rifle?
There are none like it on auction sites.
It is a Pac Nor built 22-243 on a 700 action. Full diameter of action Stainless bull barrel about 32 inches long. Custom laminated stock with wide flat fore-end for use with bags and thumb hole grip fully bedded to action. I think it is worth about $3500.00 but how can I provide documentation of that value?
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Old 05-17-2017, 06:41 PM   #2 (permalink)
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I'd imagine a receipt if there's nothing else to compare it to and your insurance makes you prove value. If not you may be able to get a gun shop to write up an appraisal/offer to put it on consignment. I doubt the insurance co. would bring in their own "expert witness" to dispute anything in writing.

Not to rain on your parade, but I'd consider that a $2,000 gun at best. You've got a $400 action, $400 barrel blank, $400 in chambering it, truing the action, etc. Add a $200 trigger and that still leaves $600 for a laminated stock, it's not exactly AA Claro walnut.

I asked my homeowner's insurance what they required for proof of guns and value, and they said they just take my word for it up to the limits of our personal property coverage.

Don't imagine it will be that easy if I ever need to file a claim, but hopefully it would be.

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Old 05-17-2017, 06:53 PM   #3 (permalink)
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Thank you, you are likely right on the value. I doubt if I could sell it for more than that.
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Old 05-17-2017, 07:15 PM   #4 (permalink)
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USAA just asked for model, serial and what I thought they were worth. No proof necessary even though I have receipts for almost all of them.
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Old 05-17-2017, 07:31 PM   #5 (permalink)
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My home owners policy fell pretty short so I put all of my guns on a separate personal articles policy. I gave them pictures, serial numbers, and value when I set up the policy.

For a value they said it was up to me, as that would be the amount they would give me if the needed to pay out. To come up with the number, I thought about what it would cost me to replace it. Some of my guns I bought for pretty good deals that I likely wouldn't get again.

I'd say to determine value on your 700, call Pac Nor and get a quote to build another one. That's what it will cost to replace it.
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Old 05-17-2017, 07:54 PM   #6 (permalink)
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Get a quote to build another.

I have an extra addition to my renter's insurance. I don't have anything especially valuable, but if they stole the safe it would suck. They claim to pay replacement value, but I hope to never need it.
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Old 05-18-2017, 12:16 AM   #7 (permalink)
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Good Idea on the quote, don't know about the stock, I bought a blank and had it done at another shop. I'll get a quote from them too.

Thanks.
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Old 05-18-2017, 05:16 AM   #8 (permalink)
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1750-2k unless it has some other goodies.
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Old 05-18-2017, 05:16 AM   #9 (permalink)
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I have a personal property rider on my homeowners insurance.

Which reminds me, I need to update that for the new guns, and for the new tools
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Old 05-18-2017, 06:48 AM   #10 (permalink)
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Quote:
Originally Posted by santa V2.0 View Post
USAA just asked for model, serial and what I thought they were worth. No proof necessary even though I have receipts for almost all of them.
What do you do for 80% stuff?
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Old 05-18-2017, 08:16 AM   #11 (permalink)
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state farm agent just asked for declared value.

I went on the high side of reasonable.
he said OK, done.
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Old 05-18-2017, 11:12 AM   #12 (permalink)
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Quote:
How do you put a value on a custom rifle?
What it would cost to replace it.

Not what it cost me or how much the parts cost but "turn key" replacement cost.

Insurance is a gamble, your betting on loosing your stuff and they are betting that you don't. Over value your stuff and you loose every month hoping for the big pay out. Under value your stuff and you pay less unless they win by not having to spend what the acual value is. The rate you pay is the odds they give you and your stuff. Low rates are from the odds being low of a claim, I could get prenatal insurance on myself for the cost of the paper because there's no way a man is getting pregnant, a 16 year olds car insurance is more of a "sure thing" so rates are higher.

He correct question to ask would have been, at what value does the rate change and by how much?

Last edited by jmorrismetal; 05-18-2017 at 11:21 AM.
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Old 05-18-2017, 11:31 AM   #13 (permalink)
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Glad this was brought up. I realized how much I have tied up in guns, tools, welding equipment, jewelry, etc. If I got ripped off there is no way i could afford to buy it all back. Just emailed my insurance guy to see what he needs to cover it all for replacement value.
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Old 05-18-2017, 01:41 PM   #14 (permalink)
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Most insurance companies have very low payouts for firearms unless you have a rider. I think my limits are $1,500. If you get a rider, it will likely be a stated value type policy where you give them a value and they calculate the cost of the coverage based on that. Similar to a buggy.
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Old 05-19-2017, 11:43 AM   #15 (permalink)
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Quote:
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What do you do for 80% stuff?
What 80% stuff
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Old 05-19-2017, 02:27 PM   #16 (permalink)
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Quote:
Originally Posted by santa V2.0 View Post
What 80% stuff
Exactly what I was thinking.
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