Shipping Insurance For Cards
 

Wanted to get peoples take on this:

Lets say you sell a card for $3000.

1) As the seller it is your responsibility to get the card to the buyer correct?

2) So the insurance to cover the card is to protect the seller in case something happens to the card vs. the insurance to protect buyer since the transaction is not complete if the card doesnt reach the buyer?

[QUOTE=Southpas2013;17600011]Wanted to get peoples take on this:

Lets say you sell a card for $3000.

1) As the seller it is your responsibility to get the card to the buyer correct?

[B]Yes.[/B]

2) So the insurance to cover the card is to protect the seller in case something happens to the card vs. the insurance to protect buyer since the transaction is not complete if the card doesnt reach the buyer?

[B]Yes.[/B]

[/QUOTE]

You are going to get a bunch of story about insurance doesn't work or hard to claim but basically it is for protecting the seller mostly for lost/damaged mail during transit.

I was curious about this, too. I just sent some high end things to an auction house and it would have cost me $2,000 to cover the value of the items!!! So, I just didn't insure the package, but did "overnight" delivery, figuring it's less likely to be damaged in transit (that was $260). So, I'm not sure what the best thing to do is, as I'm planning on selling my entire collection in a few weeks, and...I'm going to be annoyed by going to the post office all the time for different buyers, but...worrying about insurance, adds another element of annoyance.

[QUOTE=hche;17600048]You are going to get a bunch of story about insurance doesn't work or hard to claim but basically it is for protecting the seller mostly for lost/damaged mail during transit.[/QUOTE]


Thanks for the response

[QUOTE=Basketball B;17600062]I was curious about this, too. I just sent some high end things to an auction house and it would have cost me $2,000 to cover the value of the items!!! So, I just didn't insure the package, but did "overnight" delivery, figuring it's less likely to be damaged in transit (that was $260). So, I'm not sure what the best thing to do is, as I'm planning on selling my entire collection in a few weeks, and...I'm going to be annoyed by going to the post office all the time for different buyers, but...worrying about insurance, adds another element of annoyance.[/QUOTE]

Registered goes up to $50,000

You’re basically paying for peace of mind to protect you from the 1%. I don’t sell that often and don’t deal in high end but I’ve never had a single item lost in the mail. Just did a deal where I mailed my entire KPJ collection that we valued at a significant amount and I didn’t use insurance.

Essentially I’ve saved hundreds at minimum on not insuring my packages so it’s been worth the risk for me

[QUOTE=Basketball B;17600062]I was curious about this, too. I just sent some high end things to an auction house and it would have cost me $2,000 to cover the value of the items!!! So, I just didn't insure the package, but did "overnight" delivery, figuring it's less likely to be damaged in transit (that was $260). So, I'm not sure what the best thing to do is, as I'm planning on selling my entire collection in a few weeks, and...I'm going to be annoyed by going to the post office all the time for different buyers, but...worrying about insurance, adds another element of annoyance.[/QUOTE]

If it costs $2,000 to insure something I would guess that item should probably be insured.

[QUOTE=jcardstore;17600530]You’re basically paying for peace of mind to protect you from the 1%. I don’t sell that often and don’t deal in high end but I’ve never had a single item lost in the mail. Just did a deal where I mailed my entire KPJ collection that we valued at a significant amount and I didn’t use insurance.

Essentially I’ve saved hundreds at minimum on not insuring my packages so it’s been worth the risk for me[/QUOTE]

First off lower end cards are covered for up to $50 when using priority USPS. Secondly, when you sell high end cards it’s just smart to protect your transaction. Last thing you want to have happen is you lose the card and the money. It prevents some degree of being taken advantage of with fraud.

When you transact in values comparable to a car or house payment it’s wise to protect it as such too.

Anything above the $50 mark if using USPS is insured 100% of the time.

[QUOTE=Pat3ntP3nd1ng;17601536]First off lower end cards are covered for up to $50 when using priority USPS. Secondly, when you sell high end cards it’s just smart to protect your transaction. Last thing you want to have happen is you lose the card and the money. It prevents some degree of being taken advantage of with fraud.

[B]When you transact in values comparable to a car or house payment it’s wise to protect it as such too. [/B]

Anything above the $50 mark if using USPS is insured 100% of the time.[/QUOTE]

I don't get the whole value compared to a house/car payment thing. My car payment is like $300 something a month, not that much in the grand scheme. If I have to eat a $300 card 1% of the time I'll do it because insuring the other 99% is probably more expensive than the cost anyways.

Of course. Most of what I've sold/shipped is $50+ but very rarely into $xxxx.

I'm willing to save money on insurance to chance the 1%. It's a calculated risk. If it gets lost I'm out the cards and money and that's on me.

I see it the same as all those extended warranties you get offered on basically every electronic product. The chance that you'll need it is so incredibly low that I just don't see the point.

I would NEVER ship anything that is getting into the mid 5 figures tho. I'm getting in a car / on a plane and it's getting hand delivered.

Insurance is absolutely to protect the seller. The buyer is protected because they will just ask the seller for a refund.

That being said its very important to understand what is covered. Just because you pay for insurance doesn't mean your claim will be covered. Collectibles are not always covered.

If you decline insurance you are effectively self insuring. The money you save by declining the insurance 99 times out of 100 you should have enough saved to cover the 1%.

Just depends on the value of the transaction.

[QUOTE=chandman;17601701]Insurance is absolutely to protect the seller. The buyer is protected because they will just ask the seller for a refund.

That being said its very important to understand what is covered. Just because you pay for insurance doesn't mean your claim will be covered. Collectibles are not always covered.

If you decline insurance you are effectively self insuring. The money you save by declining the insurance 99 times out of 100 you should have enough saved to cover the 1%.

Just depends on the value of the transaction.[/QUOTE]

I was curious so I did a quick calculation. 100 packages at $300 insurance costs you $475. If you lost 1 of those cards you threw away $175 and that’s not including the time and hassle it takes dealing with a claim. I’d wager that the rate of actually lost packages that get paid out is much less than 1%.

Insuring everything over $50 is going to most definitely cost you significantly more in the long run than you’ll ever protect yourself. This is how insurance works. If it makes you feel better and you’d rather spend the extra to feel better that’s fine but from a numbers perspective it doesn’t make sense

[QUOTE=jcardstore;17601598]I don't get the whole value compared to a house/car payment thing. My car payment is like $300 something a month, not that much in the grand scheme. If I have to eat a $300 card 1% of the time I'll do it because insuring the other 99% is probably more expensive than the cost anyways.

Of course. Most of what I've sold/shipped is $50+ but very rarely into $xxxx.

I'm willing to save money on insurance to chance the 1%. It's a calculated risk. If it gets lost I'm out the cards and money and that's on me.

I see it the same as all those extended warranties you get offered on basically every electronic product. The chance that you'll need it is so incredibly low that I just don't see the point.

I would NEVER ship anything that is getting into the mid 5 figures tho. I'm getting in a car / on a plane and it's getting hand delivered.[/QUOTE]

Would you carry insurance on your car if you didn’t have to? How about your house? Do you insure your cards?

You’re speaking in terms of lower value cards in which not taking insurance or just opting to sell cards around the $50 mark might make sense so you don’t have to add more expenses. However, when you could potentially lose $10,000+ in a transaction then gambling with whether or not a card is likely to get lost/stolen or whatever is something I wouldn’t suggest doing.

[QUOTE=Pat3ntP3nd1ng;17602521]Would you carry insurance on your car if you didn’t have to? How about your house? Do you insure your cards?

You’re speaking in terms of lower value cards in which not taking insurance or just opting to sell cards around the $50 mark might make sense so you don’t have to add more expenses. However, when you could potentially lose $10,000+ in a transaction then gambling with whether or not a card is likely to get lost/stolen or whatever is something I wouldn’t suggest doing.[/QUOTE]

Yes(but not full coverage), Yes, and No.

I need my car (mostly), I need somewhere to live. I can't take my wife and daughters and go live in a homeless shelter. I don't have a few hundred thousand sitting around to buy a new house on a whim and neither my car nor my house are a sunk cost. There is absolutely no comparison between insurance on essential items vs a hobby.

Every single card I own is a sunk cost. If that ends up being $0 I'm no worse off. If my house burns down and my cars are destroyed I'm much worse off.

Again, if getting insurance on your cards to protect you from a statistically insignificant occurrence makes you feel better, there is no price to pay for your peace of mind. From a pure numbers perspective, insurance is not worth it.

[QUOTE=Pat3ntP3nd1ng;17601536]First off lower end cards are covered for up to $50 when using priority USPS. Secondly, when you sell high end cards it’s just smart to protect your transaction. Last thing you want to have happen is you lose the card and the money. It prevents some degree of being taken advantage of with fraud.

When you transact in values comparable to a car or house payment it’s wise to protect it as such too.

Anything above the $50 mark if using USPS is insured 100% of the time.[/QUOTE]

If you're sending cards under $50 priority mail and are adding insurance on cards $50-$100 you're throwing money out the window. If I sell 100 $100 cards and pay an extra $6 for priority mail and added insurance that's $600. My lost/damaged rate through USPS is <1%. It would have to be over 6% to justify paying insurance.

Insurance is absolutely for the seller. Not the buyer.

Insurance is also a giant waste of money

Spend the extra money for the more legit shipping method if you’re concerned

I’d rather overnight a card for $30 or whatever it costs as opposed to just loading up on insurance that might as well be a “steal me” sticker

[QUOTE=Basketball B;17600062]I was curious about this, too. I just sent some high end things to an auction house and it would have cost me $2,000 to cover the value of the items!!! So, I just didn't insure the package, but did "overnight" delivery, figuring it's less likely to be damaged in transit (that was $260). So, I'm not sure what the best thing to do is, as I'm planning on selling my entire collection in a few weeks, and...I'm going to be annoyed by going to the post office all the time for different buyers, but...worrying about insurance, adds another element of annoyance.[/QUOTE]

Call CIS, they insure collectibles. Tell they your situation and they'll give you a quote. It should be cheaper than using other insurance.

Something nobody has mentioned in here is that if you do an ebay sale you need to buy shipcover insurance and not USPS/UPS insurance. As others have mentioned, those companies will do everything in their power to not pay you out, it's borderline criminal honestly. However, the only 2 times I've made a claim through shipcover they paid out the full amount within 24 hours no questions asked. The first time I did it the buyer simply opened a case saying "package arrived empty" with no pictures or further information. I thought there was a 0% chance shipcover would payout, but they did, $1000 with no questions asked.

[QUOTE=Ericc5Bears;17603383]Something nobody has mentioned in here is that if you do an ebay sale you need to buy shipcover insurance and not USPS/UPS insurance. As others have mentioned, those companies will do everything in their power to not pay you out, it's borderline criminal honestly. However, the only 2 times I've made a claim through shipcover they paid out the full amount within 24 hours no questions asked. The first time I did it the buyer simply opened a case saying "package arrived empty" with no pictures or further information. I thought there was a 0% chance shipcover would payout, but they did, $1000 with no questions asked.[/QUOTE]

Whats strange is sometimes I'm disabled from using shipcover. I get a message saying the are unable to generate a label.