Trading knives and insurance

[Railsplitter]

I keep all of my receipts from knife purchases in case I need them for insurance purposes.

But let's say that I traded, for example, a $100 knife for one of equal value.

What would you folks recommend for proof of the knife's value in case of an insurance claim?

I know this is an unusual question but it is just something I have been wondering about lately.

What do you guys do under these circumstances?

[Paladin]

Your insurance adjuster or insurance company will not be very interested in the trade info. The knife or knives will pretty much have to stand on their own as to value. That is not to say that documentation is not important because it is. If the knife you traded a $100 knife for turned out to have a value of $80, then they will not likely allow you more than the $80. What if the knife you traded a $100 knife for turns out to be worth $200? Then you did well on the trade and your claim should be $200.
Photos provide some of the best documentation available. Take 'em and save 'em along with any applicable receipts.

[Railsplitter]

Thank you for the response, Paladin.

I have photos of most of my knives but I need to do some catching up on that.

Thanks for the advice.

[philco]

In addition to what Paladin has said I would add that many insurance policies limit the amount of coverage for collections. If your knife collection is very valuable at all you will be well served to check your policy or discuss this issue with you agent now before you have a claim situation. You may need to obtain additional scheduled coverage for your knife collection.

Phil

[gmusic]

What would you folks recommend for proof of the knife's value in case of an insurance claim? What do you guys do under these circumstances?

For knives that will book (unlike many customs) I like to use book value, it's always high!

[Paladin]

Phil nailed it on that one. I live in a state where collections are not limited but many states do limit the loss to collections. In those states it used to be limited to $2500, and that is not a lot. If your homeowners policy has a limit on collections you definitely should buy the extra coverage.

[Railsplitter]

Thanks for the tips, guys.

It was a few years ago but I have asked my insurance agent about coverage of my collection but she just said it was covered. But my collection was much smaller then. I will call her tomorrow and ask about any limitations or other specifics. Excellent advice and I appreciate the help.

[johnnierotten]

I wonder if you had an appraisal....if that would help?

[BIGHEAD]

Well Sable you got some advice from an insurance guy on this thread so I would go with it.