Question about firearm insurance

[dreever]

Let's say the worst happens your guns are stolen. You are insured, the insurance company pays. You use the money to help replace your guns.
A year or more later the police recover your guns. I'm sure they are not in the condition they were in when stolen. My question is if the police return them to you are you responsible to pay back the insurance company, or can you just let the insurance company have them since you already replaced them with the insurance money?????????

 

[doc gordon]

our locals here do return them to owner! dont think it is chiseled in stone though .

 

[tonedaddy]

Once the claim is paid the guns are no longer yours, they belong to the insurance co, you may be able to buy them back from them though for what they paid you for each in the claim if they are recovered.

 

[dreever]

That's what I thought. They'd probably be scratched and dinged up, not to mention what other abuse they may have endured, so I probably wouldn't want them back since they hold no sentimental value.

 

[taxman]

I went through this a few years ago, rifle was never found. The insurance company paid pennies on the dollar for value as my policy was written poorly. This is a topic to discuss directly with your agent and company and make sure to read the policy closely to make sure you are covered as well as you can be. Hard lesson to learn after the fact.

 

[dreever]

Taxman I have my firearms insurance through the NRA it pays replacement value. Never had to use it. knock on wood.
I chose it because :

It's the NRA
No serial numbers required
Description only for those valued over $2500
It was less expensive than a homeowners insurance ryder.

Insurance companies are always ready to take your money so perhaps anyone who has the NRA optional insurance and has had to use it will chime in and let us know how the experience went.

 

[tonedaddy]

I have property floaters on several of mine what are worth 2k and up. For 10k ins it only runs me about $10 a month. It is an all risk policy, if I lose them they are paid for! But I had them appraised also.

 

[taxman]

I just joined the NRA again this year, I learned my lesson the hard way. Having all firearms appraised for insurance purposes is a good idea as well.