how much to insure a cue?

[mikeiniowa]

I called my insurance compay to get a quote to insure my cue. I am phobic about something bad happening to it. For a 4200 cue it was/is going to be $7 per month. I did not think that was too bad. My wife on the other hand thought that was a bit much. Anybody else have theirs insured? What are you paying?

mike athens

 

[BAZARUS]

I called my insurance compay to get a quote to insure my cue. I am phobic about something bad happening to it. For a 4200 cue it was/is going to be $7 per month. I did not think that was too bad. My wife on the other hand thought that was a bit much. Anybody else have theirs insured? What are you paying?

mike athens

I pay $15.00 a month for everything that I got, that include up to $25.000 in stuff.

 

[TommyT]

I called my insurance compay to get a quote to insure my cue. I am phobic about something bad happening to it. For a 4200 cue it was/is going to be $7 per month. I did not think that was too bad. My wife on the other hand thought that was a bit much. Anybody else have theirs insured? What are you paying?

mike athens

My insurance agent is a friend and told me as long as you don't call it collectable, and simply a pool cue, it would be covered under the homeowners policy. I explained that I had over 50,000 worth of cues and he said I did not need extra insurance.
I think advice from a friend might be different than from someone who is tyrying to sell something. Your homeowners will not cover repairs but should cover theft.

TommyT

 

[td873]

My insurance agent is a friend and told me as long as you don't call it collectable, and simply a pool cue, it would be covered under the homeowners policy. I explained that I had over 50,000 worth of cues and he said I did not need extra insurance.
I think advice from a friend might be different than from someone who is tyrying to sell something. Your homeowners will not cover repairs but should cover theft.

TommyT

I would be concerned that when a claim arises, the insurance company will try to avoid paying for your cues since they are not listed on your homeowner's policy schedule. This is a common tactic for insurance companies for any type of claim. Keep in mind, that only your contract will tell you what is actually covered, and when you file a claim, if it appears that you are trying to lump a square peg (pool cues) into a round hole (normal household items), you might be up a creek.

Also, even though your agent is your friend, he won't be the one issuing the checks for a claim, or even doing the investigation. I think it would be safer to schedule your cues, and keep your insurance company up to date on their values, and just pay the extra amount.

Better safe than sorry.

Just my $.02

-td <-- doesn't think $84 a year is too much for peace of mind

 

[cuenut]

Insurance

My homeowner's policy only covers mine up to $500. Above that, I have to get a rider similar to that required if you want to insure jewelry, etc. I haven't looked into the cost, however. (BTW, I have Allstate).

 

[NaClBandit]

Always wondered this

Will insurance cover a cue for it's retail value or for the price it was purchased at? I got a great deal on mine and I was wondering how this would work out.

Thanks.

 

[Snapshot9]

Unless ....

Will insurance cover a cue for it's retail value or for the price it was purchased at? I got a great deal on mine and I was wondering how this would work out.

Thanks.

Unless you can off independent substantiated proof of the retail value of
the cue, it will be insured at what you paid for it.

Also, my insurance agent made it a point to tell me that when I had
renter's insurance, and my cue was covered under personal property,
that it would NOT be covered if it was stolen from my car, or outside
of the home.

 

[pawnmon]

Insurance

I have a lot of experience with this topic. I have been a personal property appraiser for over 30 years. Here's the scoop on insurance and insurance companies.

There are several types of personal property insurance policies. Personal property policies are usually handled as "riders" on an existing homeowners or renters policy. Make sure you have an all risk policy. All risk policies usually include all types of loss including mysterious disapearance and partial damage. Also check out any exclusions that may be listed (like loss due to flood, etc.).

Find out if your policy is a replacement policy or not. Replacement policies will reimburse you for the full price of a new replacement or they will provide you with an identical cue (in this case you get the cue, not the cash). This is great if you lose a McDermott that is still in production. If you've lost a one of a kind piece from a cuemaker who's passed away, this can be a huge gray area.

I have an agreed value all risk policy for my cues, since most of my sticks are either one of a kind or are no longer made. This costs a bit more than a replacement policy but it's a lot more clear what will happen if I have a loss. I have taken clear pictures of each cue and provided a detailed written description of each one to the underwriter. I have copies of all that documentation myself. Each is also assigned a value, which we are in agreement about. This costs about 1 1/2% of the total value per year. For example a $4,200.00 cue would cost about $63.00 per year to insure.

Insurance companies in general are pretty accomodating, but only within the terms of the contract you have with them. Make sure you understand the details of the insurance policy you are buying.

Pawnmon

 

[pawnmon]

I called my insurance compay to get a quote to insure my cue. I am phobic about something bad happening to it. For a 4200 cue it was/is going to be $7 per month. I did not think that was too bad. My wife on the other hand thought that was a bit much. Anybody else have theirs insured? What are you paying?

mike athens

Mike,
I agree it's a little high. Should be between 1% and 1.75% of the value/yr.\r depending on the policy.

Pawnmon

 

[cuenut]

insurance

My $0.02, for what its worth.

From the insurance company's standpoint, they need to know what it will cost to replace the cue, just like theft of a car. If you have a receipt from a dealer and show that as proof of the value of the cue to the company, I would assume you would get that value minus any deductibles applicable. I don't think there would be any depreciation.

As is the case in many instances, your question would be the same if you had traded to get the cue. How would you be able to prove to the insurance company that your cue was worth what you claim it to be. The easiest way would be to go back to the manufacturer or establishment where you bought the cue and get them to put in writing what the cue would cost to replace. The claims adjuster may also surf the net to find out what they could buy the cue for, and give you that value. I would think that they may even be inclined to look on the "sold items" on ebay for your particular brand of cue, if you are claiming any substantial amount that they may have reason to doubt. The average Joe on the street probably wouldn't believe you when you tell them that you have a cue costing anything over $1000. Thats why you would want to inform your agent, in writing, before any of this occurs. He would be hard pressed to deny you that value if cues are covered under your policy.

Also, you can find the rough retail value of any cue by surfing yourself on a number of websites. Some of my favorites include:

www.cueaddicts.com
www.classiccues.com
www.cueauctions.com
www.waltoncues.com
www.iconcues.com
www.cornerstonecustomcues.com
www.billiardcue.com
www.onthehill.net
www.billiardwarehouse.com
www.hawleys.com

For those of you that I missed, my apologies in advance.

 

[mikeiniowa]

Talking with my company I found it is $2 per 100 per year, hence the 84 bucks a year. I can live with that. What I am paranoid about is someone breaking into my car and stealing the cue. I can’t imagine a burglar taking it unless he was looking for it. That is why I am scared of being at a tourney, maybe leaving for a bit, and something happening then. Also the rider covers mysterious loss and that should cover everything. I wont mind if I pay a little too much for the peace of mind. I will be getting a valuation from the cue maker in a month so I am not worried about proving the value.

Mike

My $0.02, for what its worth.

From the insurance company's standpoint, they need to know what it will cost to replace the cue, just like theft of a car. If you have a receipt from a dealer and show that as proof of the value of the cue to the company, I would assume you would get that value minus any deductibles applicable. I don't think there would be any depreciation.

As is the case in many instances, your question would be the same if you had traded to get the cue. How would you be able to prove to the insurance company that your cue was worth what you claim it to be. The easiest way would be to go back to the manufacturer or establishment where you bought the cue and get them to put in writing what the cue would cost to replace. The claims adjuster may also surf the net to find out what they could buy the cue for, and give you that value. I would think that they may even be inclined to look on the "sold items" on ebay for your particular brand of cue, if you are claiming any substantial amount that they may have reason to doubt. The average Joe on the street probably wouldn't believe you when you tell them that you have a cue costing anything over $1000. Thats why you would want to inform your agent, in writing, before any of this occurs. He would be hard pressed to deny you that value if cues are covered under your policy.

Also, you can find the rough retail value of any cue by surfing yourself on a number of websites. Some of my favorites include:

www.cueaddicts.com
www.classiccues.com
www.cueauctions.com
www.waltoncues.com
www.iconcues.com
www.cornerstonecustomcues.com
www.billiardcue.com
www.onthehill.net
www.billiardwarehouse.com
www.hawleys.com

For those of you that I missed, my apologies in advance.