View Full Version : Insurance vs. monster safe
jg8422
06-29-2011, 12:12 PM
Is there any reason to spend $1500+ on a decent safe when you can get, according to collectinsure.com, a $50,000 policy for $216/year? Perhaps a safe would be cheaper in the long run?
Any reason to have both (a high-end safe and insurance)?
Thoughts? Opinions for personal experience?
Jaybird
06-29-2011, 12:14 PM
Safe deposit boxes work well, too.
If the cards are easily replaceable, the insurance is fine. But if you've got cards that aren't so easy to come by, the loss is much more painful. Cash only makes up for so much. I'd rather have the cards.
TO think about having to replace the ones that were missing makes my heart hurt.
Cardboard Junkie
06-29-2011, 12:26 PM
Safe deposit boxes are not safe! During the great depression, when banks locked the doors.....no one could gain access to boxes...also they are not covered by fdic. The best way to go is to have two safes..one filled with cheesy reprints and another secret hidden one filled with your treasures.
I say two safes because if threatened with harm, most would open their safe.
Ladder7
06-29-2011, 12:31 PM
"Listen up pal, The combination, or we kidnap your wife." :rolleyes:
smtjoy
06-29-2011, 01:18 PM
I have both a safe and insurance. I like the safe and so wish I had gotten a bigger one but its really just protection from a basic break in and/or a contractor or guest from stealing the low hanging fruit. The insurance covers my collection in case they are destroyed and need to be replaced, its bad enough to lose the cards but I at least want the value back on it. The insurance also covers mail, transport and other losses. I had cards stolen out of my truck 1.5 years ago and it was well worth it to get back the money for the stolen cards. I use CIS Insurance and have been very happy and I have done one claim.
I own a 1200 lb, monitored alarm safe and in addition keep my most valuable cards in a safe deposit box at the bank. For that $100 a yr I have a good peace of mind. It works for me....
"Listen up pal, The combination, or we kidnap your wife." :rolleyes:
Her name is Sue and she is hiding over there >
benderbroeth
06-29-2011, 01:44 PM
i need a more valueble collection for this to matter, although when i leave town i give my most valueble cards to a friend who keeps them in his safe for me.
benderbroeth
06-29-2011, 01:45 PM
Her name is Sue and she is hiding over there >
lol funny
BearBailey
06-29-2011, 01:53 PM
I would go with the safe. If you are willing to pay that for a safe, I would assume your collection is worth more than the 216 per 50,000, and in the long run the safe is a more reasonable option. Also some cards are irreplaceable even if you have the monies to purchase them.
steve B
06-29-2011, 03:52 PM
It's probably best to have both. If someone really wants something and has enough time they will find a way to get at it.
Am I the only one who has used a big pile of "junk" cards as security? At one time I had a cheap collection plus like 30 monster boxes of late 1980's - early 90's cards. I'd heard theives were looking for quickly findable valuable stuff, so when I went away for the weekend or longer I'd put the good stuff at the bottom of the pile. Plus my beater box was labeled "rare/better cards" and was always on top. Fortunately the system was never put to the test.
(And I gave away the 5000 + vg or worse 88 Donruss etc when the box got full)
Steve B
grundle20
06-29-2011, 04:10 PM
In regards to the safe, while they are a nice deterrent against theft, even a "fire-proof" safe can still reach somewhere between 150F-350F inside it, depending on the length of time all your other stuff outside of it is aflame. Also, the melting point of plastic is (generally) actually lower than what it takes to make cardboard catch fire. I'm assuming you have your cards slabbed if we're talking 50K of value.
With that said, I'm sure for six bucks a pop, PSA and SGC aren't exactly putting our stuff in the most melt-resistant plastic. That would be a neat experiment, actually. Call the dudes at Myth Busters.
It would be a shame for you to have the foresight to buy a safe, and then have a bunch of Shrinky-Dinks style cards after a fire. That makes me wonder, how much is a shrinky-dink PSA 6 1933 Goudey Lajoie worth? Hahahaha. Don't think I'd want to "crack that out" and resubmit.
To me, that's just another nod to have the stuff stored off-site.
Exhibitman
06-29-2011, 04:20 PM
"Listen up pal, The combination, or we kidnap your wife." :rolleyes:
I'm thinking...
http://static.tvguide.com/MediaBin/Galleries/Imported/BioPix/Ma/bio30/jack-benny1.jpg
iggyman
06-29-2011, 06:10 PM
Hmmmm, interesting topic. You just never know which direction a thread might end-up here on old Net54. I sure hope I'm never put to the test......................whether to keep my cards or keep my wife ;)(?).
By the way, there is a third option that is not being discuss as to where to place your valuables. It was working for Whitey Bulger.
Lovely Day...
calvindog
06-29-2011, 06:12 PM
Is there any reason to spend $1500+ on a decent safe when you can get, according to collectinsure.com, a $50,000 policy for $216/year? Perhaps a safe would be cheaper in the long run?
Any reason to have both (a high-end safe and insurance)?
Thoughts? Opinions for personal experience?
Insurance companies are businesses created to make money. Don't think it's always going to be so easy to get them to pay up.
ls7plus
07-06-2011, 02:06 AM
Jeff's got that one exactly right. Working generally with Plaintiff's with large personal injury type claims at both the trial and appellate levels, it is apparent that most insurance companies' business model includes taking in premiums, investing them to make more money, and perhaps distributing the income. Paying legitimate claims is seen as something to do reluctanctly, at best, and if paid, to minimize the amount paid out as much as possible, in any manner possible, with ethics of no concern. In Michigan, under the No-Fault law, insurance carriers are technically on the hook for payment of things like attendant care and medical expenses claims arising out of catastrophic injuries sustained in the course of a motor vehicle accident, such as a traumatic brain injury or quadriplegia, for the life of the claimant. And boy, you should see the dirty tricks they pull to try and avoid paying these kinds of claims as the dollar value rises, and the claims persist, year after year, as the injured person never regains function. There are a great number of insurance companies, who if they really were your "neighbors," would prompt you by their close proximity to build a moat around your house, buy all the fortifications you could afford, and invest in automatic weapons with a large stockpile of ammo on hand!
Some insurance companies process claims in good faith, but unless you're a litigation lawyer with a broad, active practice, it can be difficult to pick a good one. Caveat Emptor, in this area. I'll take a good, heavy safe with high temperature resistance. After all, how many house fires have you actually seen in your life?
Best wishes for "safe" collecting,
Larry
HexsHeroes
07-06-2011, 10:21 AM
Her name is Sue and she is hiding over there >
.
. . . just don't take my dog !!!
Exhibitman
07-06-2011, 11:24 AM
Insurance companies are businesses created to make money. Don't think it's always going to be so easy to get them to pay up.
Name a business that isn't.
I've had insured claims in the past--including a big one with the 1994 Northridge Earthquake--and very little trouble getting paid. Of course, that could also have to do with the letterhead...
My take on insurers is that they are the only business that exists solely to cheat the counterparty to a contract out of the benefits of the contract. When I realized that the best day I could ever have as an insurance defense attorney was to cheat an injured person out of their just compensation I switched sides. I haven't worked for insurers in over 15 years and haven't missed it at all.
Railroad Bill
07-07-2011, 11:21 AM
Any recommendations for a make and model?
ls7plus
07-09-2011, 06:40 AM
My take on insurers is that they are the only business that exists solely to cheat the counterparty to a contract out of the benefits of the contract. When I realized that the best day I could ever have as an insurance defense attorney was to cheat an injured person out of their just compensation I switched sides. I haven't worked for insurers in over 15 years and haven't missed it at all.
Ah, Adam, how it absolutely warms my heart to hear that! I always wandered how the defense lawyers for the insurers who obviously had a lot of good in them were able to sleep at night. It's no small exaggeration to say that at times I feared for their very souls, as they'd clearly sold them for material wealth and/or success. A hearty, belated welcome back from the dark side!
Sincerely,
Larry
Exhibitman
07-09-2011, 06:58 AM
"Wealth"? What wealth? Insurers' pay rates suck.
ls7plus
07-09-2011, 07:13 AM
My bad, Adam, my bad, although these days, a lot of lawyers I know here in Michigan are hurting, and just having income coming in as consistently as the bills is becoming enough to constitute "wealth" for them.
My hat is off to you still, as now I not only have your vast knowledge of Exhibits and other cards to respect, but true class and character too! A lot of these lay members have no idea what some carriers will do to minimize amounts paid out on even perfectly legitimate claims (my sometimes partner in personal injury actions, Michael Golding, and I accept no other kind). The higher the amount at stake in the litigation, the dirtier the tricks that one can expect to be pulled, and what goes on regularly in the seven to eight figure range is really mucky!
Glad to have you back in God's sunlight.
Larry
Cardboard Junkie
07-09-2011, 09:59 AM
Any recommendations for a make and model?
A Remington Model 870 12 ga. pump with extended magazine and pistol grip plus a few cases of 000 buck! ......aloha, dave.
Exhibitman
07-09-2011, 10:15 AM
My bad, Adam, my bad, although these days, a lot of lawyers I know here in Michigan are hurting, and just having income coming in as consistently as the bills is becoming enough to constitute "wealth" for them.
My hat is off to you still, as now I not only have your vast knowledge of Exhibits and other cards to respect, but true class and character too! A lot of these lay members have no idea what some carriers will do to minimize amounts paid out on even perfectly legitimate claims (my sometimes partner in personal injury actions, Michael Golding, and I accept no other kind). The higher the amount at stake in the litigation, the dirtier the tricks that one can expect to be pulled, and what goes on regularly in the seven to eight figure range is really mucky!
Glad to have you back in God's sunlight.
Larry
It wasn't easy...If you only knew the power of the Dark Side.
vintagetoppsguy
07-09-2011, 11:00 AM
A Remington Model 870 12 ga. pump with extended magazine and pistol grip plus a few cases of 000 buck! ......aloha, dave.
That is a good choice. Mine is a Super Magnum (shoots the longer shells). I removed the wood stocks and put the Remington RealTree camo stocks on.
However, if you want the pistol grip and extended magazine, you should go with the police model and trick it out with all the tactical accessories. Those are pretty cool.