Protect your chips! (1 Viewer)

To get your custom sets insured for what you feel they're worth if they've appreciated in value is tough. Your only hope would be a professional appraiser that is somewhat familiar in this pretty specialized collectible market. Call around and see what you can find locally and take it from there.
 
Very good point. I have some high dollar firearms. I took out a separate policy on them.

The firearms are insurance for the poker chips hehe ;)
 
chip values haven't ever declined that I'm aware
Well, then, that pretty much says you aren't aware enough to make finite statements about chip values. To maintain that chip values haven't ever declined is laughable, and shows your ignorance of chip values and the chip market, past and present.

Not saying that getting insurance isn't a good idea, but that your broad sweeping statements are just simply incorrect, and only serve to undermine your credibility.
 
Well, then, that pretty much says you aren't aware enough to make finite statements about chip values. To maintain that chip values haven't ever declined is laughable, and shows your ignorance of chip values and the chip market, past and present.

Not saying that getting insurance isn't a good idea, but that your broad sweeping statements are just simply incorrect, and only serve to undermine your credibility.

Again, just trying to help the community. This statement is completely uncalled for. Thanks for the feedback.
 
Again, just trying to help the community. This statement is completely uncalled for. Thanks for the feedback.

it's not helping the community by saying that chip values will almost certainly only go up over time.

it is helping the community to recommend insuring valuables, including chips.

get it?
 
it's not helping the community by saying that chip values will almost certainly only go up over time.

it is helping the community to recommend insuring valuables, including chips.

get it?

Damn, you guys are focusing on the one word or one statement out of all this? I changed the post to "could" does that make everyone happy? The critisizm for that one line is rediculous. @BGinGA thinks personal attacks are the right way to handle a disagreement over one statement. What a joke! If anyone else needs assistance or advice on this topic or any other insurance related topic PM me, I have 3 bachelors degrees, 6 insurance licenses, a MLO license, a series 6 and two professional designations. That should establish my credibility well enough.
 
No personal attack here. Pointing out your ignorance is not an attack (look up the definition if you don't believe me). It just means you don't know any better.

Tying to assist others in protecting their chip expenditures is helpful and cool. Maintaining that chip values rising is an absolute truth is neither.
 
Damn, you guys are focusing on the one word or one statement out of all this? I changed the post to "could" does that make everyone happy? The critisizm for that one line is rediculous.

...

What a joke! If anyone else needs assistance or advice on this topic or any other insurance related topic PM me, I have 3 bachelors degrees, 6 insurance licenses, a MLO license, a series 6 and two professional designations. That should establish my credibility well enough.

No personal attack here. Pointing out your ignorance is not an attack (look up the definition if you don't believe me). It just means you don't know any better.

Tying to assist others in protecting their chip expenditures is helpful and cool. Maintaining that chip values rising is an absolute truth is neither.

I'll side with @BGinGA on this (not that he needs my assistance).

@Chbyfngr : is it wrong for BG to focus on one word in that statement? In this instance, no -- BG is right in wanting it to be corrected. Let's put it this way: if BG (or another forum member) were to state that "homeowners' insurance will almost certainly cover casino chips in the case of a fire or other loss", you'd want to educate him about why what he said was incorrect. As an expert in insurance, you know that there are many things that could cause a policy to NOT cover them; therefore, you'd want him to change his language to "could cover" so that people wouldn't be misled.

This is the same thing: you're stating that casino chips "will almost certainly" increase in value. As someone who has expertise in the field, BG wanted you to correct your language because, as an investment vehicle, the value of casino chips fluctuate up and down according to demand and other reasons. It's not a personal attack -- it's a necessary clarification for any new members (or new people to the hobby) so they don't think that casino chips are surefire investment vehicles that only appreciate in value.

As for "personal attacks" et al... for someone who's trying to generate business, you're coming off very poorly. With all your insurance licenses and "professional designations", it gives you the expertise and knowledge to speak about insurance coverage / policies / legislation in your licensed jurisdictions. It does NOT mean you are an expert on investments (which is what you're trying to pass yourself off as by arguing with BG). Frankly, if this is how you react when people try to help you understand why what you said is incorrect, you're bound to piss off a lot more prospective clients than you'll gain.
 
Here's for a thread resurrection...

I am finally starting to really get "settled" in my new place, and I decided to look at getting my chips insured. I contacted my State Farm agent today and am starting the process... Wish I had done it sooner.

Only $175/year to cover $40,000 worth of poker chips. I was worried I'd have to prove my investment (many of those PMs, emails, etc., are long gone), but my agent said I can use current PCF classifieds as the source of my valuations. I just need to take screen grabs, and then summarize the breakdowns of the sets that I own.

Sourcing the values could be a little tedious given all the sets I own, but the peace of mind will be well worth it. Thanks for posting this @Chbyfngr!
 
Here's for a thread resurrection...

I am finally starting to really get "settled" in my new place, and I decided to look at getting my chips insured. I contacted my State Farm agent today and am starting the process... Wish I had done it sooner.

Only $175/year to cover $40,000 worth of poker chips. I was worried I'd have to prove my investment (many of those PMs, emails, etc., are long gone), but my agent said I can use current PCF classifieds as the source of my valuations. I just need to take screen grabs, and then summarize the breakdowns of the sets that I own.

Sourcing the values could be a little tedious given all the sets I own, but the peace of mind will be well worth it. Thanks for posting this @Chbyfngr!


If you have Paypal receipts or any others for that matter, send all of those with your screengrabs so that your agent has them on file too. Come claim time it's always better for all parties to have the same information on the outset.
 
There was a guy at the 2018 chip convention who had a table selling collectible insurance. I only glanced over it, seemed high but I was more focused on buying chips than insurance :)
Definitely something to consider if you find ankle deep in the chip rabbit hole!
 
There was a guy at the 2018 chip convention who had a table selling collectible insurance. I only glanced over it, seemed high but I was more focused on buying chips than insurance :)
In my limited experience you're almost always going to get a better price when it's a rider as part of a larger package of coverage with the same provider. Specialty insurance is more expensive. The one exception to that is life insurance, which can be quite competitive because of economies of scales and re-insurance.

I have a good relationship with my insurance man so I asked once why riders tend to be cheap as opposed to buying the same coverage on the open market. He said there's a couple reasons but the biggest, and it's also the reason they don't sell them separately is they're already making their money on your basic policy. Most riders aren't designed to be huge money makers. They're not loss leaders (insurance companies never take a loss on anything they sell) but they function that way to the customer - they encourage you to come in and stick around. On the other hand if you buy specialty insurance stand alone they have to make all their money on that policy.

Some quick math on what @justsomedude was quoted says they expect a loss event about once every 228 years. Just for fun I went to an online site and quoted general collectibles at $40,000 in Denver and they wanted $286. Either that insurer expect a loss event every 139 years or they have a higher profit margin built in. Actuaries tend to be pretty consistent across companies so I'm going with the latter.
 
Some quick math on what @justsomedude was quoted says they expect a loss event about once every 228 years. Just for fun I went to an online site and quoted general collectibles at $40,000 in Denver and they wanted $286. Either that insurer expect a loss event every 139 years or they have a higher profit margin built in. Actuaries tend to be pretty consistent across companies so I'm going with the latter.

My entire life is currently in State Farm, so I'm sure I'm getting some multi-policy discounts. Homeowners insurance, car insurance, business insurance, inland marine policy for all my photo gear, etc.
 
If you have Paypal receipts or any others for that matter, send all of those with your screengrabs so that your agent has them on file too. Come claim time it's always better for all parties to have the same information on the outset.

Yea, I think I have some of those PayPal receipts... just gotta dig deep.:p

My agent told me to use whatever has a higher value (purchase price or classifieds). With policies like this it's not about covering your investment, it's about covering the replacement cost. If you paid $1,000 for a set in 2004, but a current classified has it listed for $3,800 in 2018... you'd want to submit the more recent classified to cover your replacement cost in the event of catastrophe.
 
Timely bump considering there are over 500 forest fires currently burning in BC. I just keep a little spray bottle full of water by my bed so I feel pretty safe...
 
don't lose yours in car theft like i did. i left them in my car after a game at my friend's house (i know my fault 100%) and the next day a broken window and they were gone.
 
You have $40000 worth of poker chips?

Pics of the whole collection or it doesn’t exist. ;)
Some folks around here have pretty large and/or expensive collections.

I'm probably down to just 15 sets or so now, totaling around 18,000 chips. It was well over 30k chips at one point, and with current prices for high-demand mint clays, it all adds up pretty quick.
 
Some folks around here have pretty large and/or expensive collections.

I'm probably down to just 15 sets or so now, totaling around 18,000 chips. It was well over 30k chips at one point, and with current prices for high-demand mint clays, it all adds up pretty quick.

Bring on the "hoard-of-chip-pron"!
 

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