Where do I go for an appraisal for insurance reasons? 3 3

[NoMan]

2 minutes ago, grebal said:

For authentication, picture of your gem with some identifying criteria couldn't hurt, and might even be sufficient for a renewal or update by a carrier who's already seen the item in person.  Noman uses newspapers any more, so find recent mail (?) that shows the USPS date stamp, and include all three items -all in the same pic- the comic w Cert #, your drivers license, and the mail?

Though I suppose given the availability of deep fake photography even that might be inadequate.

 

I'm confused, G-Man. Don't I just need some pro to say, yeah, it's worth $2,500.00 or whatever in today's market. Is your point just take a photo of book with your corosponding data points and send it around? But to whom? 

[ADAMANTIUM]

10 minutes ago, NoMan said:

I'm confused, G-Man. Don't I just need some pro to say, yeah, it's worth $2,500.00 or whatever in today's market. Is your point just take a photo of book with your corosponding data points and send it around? But to whom? 

Maybe getting or subscribing to gpaanalysis.com would provide data points if they would accept that, it's worth a shot to ask them 

 

[NoMan]

24 minutes ago, ADAMANTIUM said:

Maybe getting or subscribing to gpaanalysis.com would provide data points if they would accept that, it's worth a shot to ask them 

 

I got you. And I appreciate the help. I have thought of that (GPA) , however, one in my grade hasn't sold, well, since I bought mine. A couple in a higher grade, lots and lots in a lower grade so how do i figure out value, hence the hiring a pro.

[NoMan]

Perhaps let me rephrase the question as I can be a bit confusing: Anybody know any appraising services for comics?

[grebal]

1 hour ago, NoMan said:

I'm confused, G-Man. Don't I just need some pro to say, yeah, it's worth $2,500.00 or whatever in today's market. Is your point just take a photo of book with your corosponding data points and send it around? But to whom? 

Best way to establish FMV is to sell it. ; )  An actual sales is pretty credible.

But I think you're on right track.  A couple of estimated valuations done by 'experts' is best you can do. Don't know any personally.

Power sellers like GAtor or filter81 (are either still around here?) or sellers who annually do big-volume & big-dollar should suffice as experts.

[Brock]

55 minutes ago, NoMan said:

Perhaps let me rephrase the question as I can be a bit confusing: Anybody know any appraising services for comics?

I was certified as an expert witness in a court case centred on comic values for the courts in Ontario, based in part on being an Overstreet advisor. Of course, my side was suing the insurance company for failing to pay out adequately on a policy...

it seems to me that the question is really “who will your insurance company recognize as an expert?” If you can get some sense of qualifications from them, I’m sure there are boardies who would meet the criteria. I’d be happy to help, but I also assume there are others, closer to where you are, that might be better suited.

[NoMan]

50 minutes ago, Brock said:

I was certified as an expert witness in a court case centred on comic values for the courts in Ontario, based in part on being an Overstreet advisor. Of course, my side was suing the insurance company for failing to pay out adequately on a policy...

it seems to me that the question is really “who will your insurance company recognize as an expert?” If you can get some sense of qualifications from them, I’m sure there are boardies who would meet the criteria. I’d be happy to help, but I also assume there are others, closer to where you are, that might be better suited.

Thanks Brock. Let me check what insurance wants and get back to ya

[marvelmaniac]

You are making this way more complicated than it needs to be...   

[NoMan]

34 minutes ago, marvelmaniac said:

You are making this way more complicated than it needs to be...   

agreed! It’s just my way. Cant help it. Turns out insurer didn’t need an appraisal and I just arrived at an insured value based on comparables (as best I could). May increase or decrease based on some future conversations 

[theCapraAegagrus]

8 minutes ago, NoMan said:

agreed! It’s just my way. Cant help it. Turns out insurer didn’t need an appraisal and I just arrived at an insured value based on comparables (as best I could). May increase or decrease based on some future conversations 

[NoMan]

12 minutes ago, theCapraAegagrus said:

[Dr. Love]

That's cool. But what gives you assurance that your insurer would pay out a claim on an expensive comic and not fight you like Brock's case. Not throwing shade particularly, cant really figure why youd buck the advice of the boards, so strongly too. 

And being a guy that complicates things, or at least does his homework, why wouldnt you get at least one other quote yeh? So how did CIS' rate compare to your insurer?

[valiantman]

1 hour ago, Dr. Love said:

That's cool. But what gives you assurance that your insurer would pay out a claim on an expensive comic and not fight you like Brock's case. Not throwing shade particularly, cant really figure why youd buck the advice of the boards, so strongly too. 

And being a guy that complicates things, or at least does his homework, why wouldnt you get at least one other quote yeh? So how did CIS' rate compare to your insurer?

/begin jaded internet conspiracy theory

The insurer is a new agent related to the wife, which is why she's reminding him to support her relative.

The new agent really doesn't know what they're doing, but this is family, so you don't point that out.

Jumping on to the CGC board to discuss the "problem" means you can provide a "solution" that might also work for other people on the board.

Wife is happy when new agent relative trying to build up clientele gets advertising and possibly additional business from other board members.

Other solutions (like using CIS) are ridiculed and questioned because they're not part of the nepotistic goals.

/end jaded internet conspiracy theory

Edited June 15, 2021 by valiantman

[GeeksAreMyPeeps]

21 hours ago, NoMan said:

So I can just arbitrarily say my Dazzler #9 is worth a million dollars? 
 

has anybody ever tried to collect from these cats?

If you arbitrarily say your Dazzler #9 is worth a million dollars, expect to pay the premium to insure a million dollar book, but also don't be surprised if you go to make a claim and the insurance company just buys another Dazzler 9 to replace the book for you rather than make the payout.

[NoMan]

30 minutes ago, valiantman said:

/begin jaded internet conspiracy theory

The insurer is a new agent related to the wife, which is why she's reminding him to support her relative.

The new agent really doesn't know what they're doing, but this is family, so you don't point that out.

Jumping on to the CGC board to discuss the "problem" means you can provide a "solution" that might also work for other people on the board.

Wife is happy when new agent relative trying to build up clientele gets advertising and possibly additional business from other board members.

Other solutions (like using CIS) are ridiculed and questioned because they're not part of the nepotistic goals.

/end jaded internet conspiracy theory

Not exactly. But the wife does find the insurer guy at the insurance place  attractive. What else was in your post?

Edited June 15, 2021 by NoMan

[Artboy99]

15 hours ago, NoMan said:

Thanks Brock. Let me check what insurance wants and get back to ya

that's what I said earlier. Ask them what they will accept, and most likely it will be an appraisal from a recognized comic store 

[fantastic_four]

21 hours ago, NoMan said:

22 hours ago, MattTheDuck said:

So your insurer won't accept the receipt for what you paid as the insurable value?  Or did you get a great deal and the book's worth more?

It’s increased substantially. Want to insure at new value. 

Which is why using homeowner's insurance for collectibles is worthless for 99.9% of collectors.  What, we're going to keep getting our entire collection appraised annually?  It's impractical to keep doing that.

[marvelmaniac]

22 hours ago, NoMan said:

agreed! It’s just my way. Cant help it. Turns out insurer didn’t need an appraisal and I just arrived at an insured value based on comparables (as best I could). May increase or decrease based on some future conversations 

"It's just my way"...

I understand completely, I also have OCD tendencies, as long as you are satisfied/happy/content with your decision, that is all that really matters.

The best insurance in the world is insurance you have but never have to use, using it means something went wrong so hopefully you never have to use it.

[Upgrayedd2]

USAA recommended America Collectors Insurance out of New Jersey - Don't Waste Your Time with Them.

I had to submit a photo for any comic over $2,000. In addition, I submitted an excel sheet with the entire inventory including grade and replacement cost. Once they saw some of the $2k comics were slabbed, they said all other comics over $2k had to be appraised. After extensive conversations, the underwriters said they would only insure slabbed comics (greater than $2k). They admitted their policy did not require "slabbing" but the appraisers have the final word and can add any condition. They would not accept a letter from any comic book business. I hung up the phone.

What started out as a great exchange quickly went down the tubes. America Collectors Insurance does not understand comic books. I could tell based on the questions they asked. And...the representative told me she didn't know anything about comic books. Her expertise are cars.

I am not interested in slabbing my comics. I like them RAW.

[Upgrayedd2]

On 6/14/2021 at 10:11 AM, NoMan said:

So I can just arbitrarily say my Dazzler #9 is worth a million dollars? 
 

has anybody ever tried to collect from these cats?

Yes, hypothetically you can insure Dazzler #9 for a million dollars and proceed to pay the premium. However, when your Dazzler disappears, the insurance company will pay you the replacement cost.