Valuation of custom guns

[memilanuk]

So... recently received my first full custom built gun. I'd spec'd and ordered almost all of the parts, and when I finally had them all together (the stock took longer than expected) I shipped them off to the gunsmith for him to do his magic. When I got it back, I sat down and added everything up - all the parts, and all the services. Since I'd gathered the various pieces over a period of time, I knew it was expensive but I'll be honest, I blanched a little at the total once I add the scope and some other necessary bits.

Which brings me to the question here: when putting together a dollar value for a full-tilt custom gun build, whether it's for insurance or for something else like a police report, what all do you include? Is it as simple as parts + services, assuming it's not something collectible? I'm guessing they want something more than "custom rifle, $XXXX". I'd presume photos are a given? With good optics running $2-4k, and sometimes having their own serial numbers - and being somewhat swappable - do you list them separately?

 

[Catfur]

For insurance purposes, I'd use actual replacement value, I.E. how much it would cost to get another. This would be the sum of all parts and labor.

 

[6.5 forever]

The purpose of declaring the value is to establish a replacement cost.

 

[memilanuk]

What kind of value do you put on the year plus of lead time?

 

[Catfur]

What kind of value do you put on the year plus of lead time?

None. Parts and labor value is justifiable to an insurance company. Lead time is gonna get the side eye.

 

[cmysix]

and asking your insurance agent would be out of the question?

 

[FNSafari]

The purpose of declaring the value is to establish a replacement cost.

From an insurance perspective declaring a value just gets some $ value on an insured item. It might ne the acv or the replacement cost. If ur looking for replacement cost coverage someone has already answered that for you.

 

[FNSafari]

and asking your insurance agent would be out of the question?

Only if they are an established appraiser of firearms values. Most would decline to recommend a $ value. That’s why appraisal services exist.

 

[cmysix]

You can buy an insurance policy for anything and any value you want, if your willing to pay the price, it's not a joke when you here a Hollywood stair had their legs or boobs or face , hands were insured. they were. you tell your INS. agent you have a gun and you want to insure it for say $8000 he/she will find an underwriter. it's that simple.

 

[stork]

What kind of value do you put on the year plus of lead time?

No way to put a value on that.
Also, make absolutely sure that your carrier is going to pay your documented value. DON'T GO BY WHAT YOUR AGENT MAY SAY-GO BY WHAT THE WRITTEN POLICY STATES. That's what an adjuster is going to go by.
Did the insurance gig for 34 years. Have seen this scenario more than once.

 

[D-4297]

Collect and SAVE ; ALL the receipts , for everything . Including every little screw , nut and bolt . The total value is the TOTAL VALUE ! As someone else said , What it would cost to replace it .

 

[FNSafari]

You can buy an insurance policy for anything and any value you want, if your willing to pay the price, it's not a joke when you here a Hollywood stair had their legs or boobs or face , hands were insured. they were. you tell your INS. agent you have a gun and you want to insure it for say $8000 he/she will find an underwriter. it's that simple.

Yes but if it’s not worth 8K you won’t get 8K unless it’s a valued policy.