Q about replaceing a Handgun..!!

[FITH]

Ok talk about the Broken Glock has reminded me of a Question that is un answeredas of yet.....
We live in a state were our handguns are NON-replaceable..(with in reason)
So your Colt,Glock, Kahr,..which ever is stolen..destroyed in fire ...how does the insurance cover that? What is the value of a gun you can NO longer get in this state?..........lets here the opinions!!!

 

[Mikey]

Fair market value, which I would assume does not take into account such things as MA highly inflated Glock prices. But also when I did my insurance I stated the value of my guns and that was recorded, not sure if they would work around that though.

 

[Len-2A Training]

Ask your insurer to know for sure.

Otherwise, my guess is that Mike is correct.

 

[KMaurer]

"Fair market value" as used by the insurance industry seems to be a term of art intended to reflect the lowest price mentioned within the past 10 years anywhere on the planet. As used by economists and most normal people, it would indicate the actual price at which sales take place here and now, considering all current local conditions such as artificial restrictions on supply.

Ken

 

[dbhn]

I've been told that insurance usually works on replacement value. For example, I was told it is useless to insure your wife's diamond ring for the 2x inflated appraisal value you got when you bought it. Your just wasting your money. If it gets lost or stolen they will send someone to figure out what it would cost to buy another similar ring and ignore your appriasals.

As for MA restricted guns????? Maybe you can set the replacement value with some policies. i.e. insure your Glock for the $800 you paid for it not the $450 it would cost to buy in NH. They would have to be specific add ons to your policies or their own policies. I know you can do this with classic cars and custom bikes, you pay based on the insured value you set.