Читать книгу Coin Collecting For Dummies - Neil S. Berman - Страница 79

Insurance is a risk-based business, sort of a bet between you and the insurance company that something will or won’t go wrong. The bet includes odds that affect the size of the bet (the premium you pay to the insurance company) and the size of the payoff (the amount the insurance company pays you after a loss). In other words, the more risk you’re willing to live with, the less your insurance will cost and vice versa. A higher deductible may reduce your annual premiums, for example, but you receive less in the event of a loss.

Every insurance company treats coins differently, so be sure to discuss your needs with a professional insurance agent. Make sure you understand what you’re buying and how your coin collection will be protected.

When you sit down with your insurance agent, ask the following questions:

 Will my insurance policy cover my coin collection? Unless you purchase special coverage, your coin collection will be insured only for its face value. In other words, you get a buck for that silver dollar you purchased last year for $3,000! Buy coin insurance.

 Am I required to get an appraisal of my collection? You may be required to have an outside independent appraiser prepare an official evaluation of your collection. This evaluation can be expensive, so find out what kind of information the insurance company requires, whom it’ll accept as an appraiser, and how additions to and subtractions from your collection will be treated.

 Will I be required to protect my collection? Your insurance company may require you to install a home security system, a safe, or some other security method. If you already have such things in place, ask whether they’ll help reduce your premiums.

 Are the coins in my safe-deposit box covered? Typically, the answer is no — not unless you pay extra. Be sure to ask whether special coverage is required.

 What about transporting my coins? Are you covered when you take coins from your home to your bank’s vault? How about when you take coins to and from a coin show? Your insurance company may place limits on the value of the coins you transport, and it won’t pay you if you leave your coins unattended, even to go to the bathroom. It will place restrictions on how you transport the coins as well.

 What will the insurance cost? Every insurance company is different, but expect to pay based on a cost-per-value basis.

 What about deductibles? A deductible reduces the amount of money you receive in the event of a claim. If you have a deductible of $500, and your loss was $3,000, you receive $2,500. Sure, you can get a nondeductible policy, but those policies are the most expensive kind. Generally, the higher the deductible, the lower your annual premium. Your job is to find a balance between the two that makes you comfortable.

Shop around, and expect to find a wide range of pricing and coverage options. Choose the company and policy that are right for you, and you’ll sleep better, knowing that if anything happens to your collection, you’ll be covered.