Agreed value or New For Old Rifle Insurance

[EddieArran505]

Hello all, I have a semi-custom rifle which has components varying in age from a one year old barrel, a five year old chassis stock to a fourteen year old action. There are then the usual accessories of scope, moderator, bipod etc. again all of varying ages. I want to insure it on a `New For Old` basis or `Agreed Value` basis. Replacement cost would be in the region of £7,000.
Most insurers will only insure it for `Current Market Value` which would see me at a significant loss in the event of a claim. One company, Newmoon Insurance, endorsed by BASC have quoted £130 for this agreed value so not too terrible but I have other rifles as well so a hefty premium to get them all insured on a `New For Old` basis.
Anyone got any advice on this?
Thanks.

 

[kingstonandy]

My rifles and scopes are named high value items on my NFU home contents insurance.

 

[Essexsussex]

what would be the damage that you are insuring against? I assume it won’t be lost, surely any damage would only be one element (ie broken stock etc). After paying the premium and an excess I’m not sure I’d bother?

Edit I hadn’t seen you had included a scope which probably would be worth insuring.

 

[EddieArran505]

Thanks for your replies. I`ll check NFU again.
As regards the cover I was looking for total loss including inside and outside the home ie. theft etc. I sometimes travel with these firearms so just wanted all bases covered.

 

[Spear Chucker]

Hello all, I have a semi-custom rifle which has components varying in age from a one year old barrel, a five year old chassis stock to a fourteen year old action. There are then the usual accessories of scope, moderator, bipod etc. again all of varying ages. I want to insure it on a `New For Old` basis or `Agreed Value` basis. Replacement cost would be in the region of £7,000.
Most insurers will only insure it for `Current Market Value` which would see me at a significant loss in the event of a claim. One company, Newmoon Insurance, endorsed by BASC have quoted £130 for this agreed value so not too terrible but I have other rifles as well so a hefty premium to get them all insured on a `New For Old` basis.
Anyone got any advice on this?
Thanks. within the limits of the unspecified

Get a verfified independent valuation from a qualified person for the rifle. He will no doubt give consideration not only to the value of the rifle on a commercial basis but also a utility basis. You need to be clear when comissioning the valuation that you are looking for a value for insurance purposes that will afford you a like for like in terms of quality and utility. List that under the personal belongs section as a specified item.
Insure the glass separately by itemising it, if it is over the single article limit for unspecified personal belongings.
This is a typical problem for people who want kit that is non standard and all good (not aggregators) insurers should be able to handle this.
You should confirm that kit damaged while in use is not excluded by your insurer, so if you drop the rifle while shooting or it is damaged while being fired, this would be covered. Many run of the mill household covers exclude damage for sporting equipment while in use. The Public liability cover on your household insurance with the better insurers will also cover your public liability while engaged in private pursuits. This will normally include shooting, fishing or hunting, provided you are not doing it for hire or reward.

 

[EddieArran505]

Thanks again Spear Chucker, what you have kindly detailed is pretty much what I had reckoned on but the main issue is finding an insurer that will provide sufficient personal belongings (all risks) cover up to that £7k single item value without a silly premium while still giving the necessary home and buildings cover. Should be simple really but insurers are increasingly compartmentalising their policies and anything outside the box they either won`t insure or they simply quote ridiculous premiums. The £130 Agreed Value quote I mentioned is a stand-alone policy specifically for the one rifle.
Onwards!

 

[EddieArran505]

My rifles and scopes are named high value items on my NFU home contents insurance.

NFU just quoted £200 above my current insurers home and contents policy but without many additional items that I have on the current policy - that`s before we discussed the guns etc. so cheaper to get a separate policy rather than use them. Thanks anyway- worth a try.

 

[Spear Chucker]

Thanks again Spear Chucker, what you have kindly detailed is pretty much what I had reckoned on but the main issue is finding an insurer that will provide sufficient personal belongings (all risks) cover up to that £7k single item value without a silly premium while still giving the necessary home and buildings cover. Should be simple really but insurers are increasingly compartmentalising their policies and anything outside the box they either won`t insure or they simply quote ridiculous premiums. The £130 Agreed Value quote I mentioned is a stand-alone policy specifically for the one rifle.
Onwards!

No problem. NFUM are actually pretty good, and if you are dealing with your LOCAL AGENCY (NOT THE CENTRALISED CAR WRECK THAT IS THE CALL CENTRE!!) they will have no problem listing items well over £20k. They insure a pair of SGs for me well over that figure. If you go onto the interweb click on search for your local agency. Call them between 9am and 430pm and you will speak to a native to whom this stuff is routine. You will be begging for mercy at the end of the interminable list of questions, but unless there is something very unusual about your case they can usually help.
Unfortunately I am told they are putting all personal lines covers through the call centre from Sept. They are like the Borg up there, but if you get your local office, reason should prevail.
Always confim cover applies if damage occurs while in use. Also, remember that if stolen from a vehicle you will revert to a sub limit which with NFUM used to be £5k. Mind you, if that happens, insurance is the least of your worries. Gluck!!