Firearms Insurance?

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Firearms Insurance?

Post by LACEYZ » 26 May 2014, 6:19 pm

* Admins: Please move to correct part of forum, I wasn't sure where to post this. If it's already been asked, delete? *

Hey everyone,

I want to get my firearms insured. But not sure who to go with or if I should put them under my current home insurance...
I know some home and contents policies can/will cover them, but is there any companies that only insure firearms?

And I want them covered in the car as well, so would I have to insure them under my current car insurance as well?
Can I insure a firearm that isn't in my name? (My fiance's)...

I have read that the SSAA has standalone firearm insurance, is anyone with them? Are they good??
Can anyone recommend a company or give me a head's up on who to steer clear of?!?

Not sure what to do, and need some advice! :( :?

Thanks in advance, Lacey. :)
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Re: Firearms Insurance?

Post by Rocker » 26 May 2014, 6:43 pm

Can I just say you are rocking that purple Lacey :lol:
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Post by Lorgar » 26 May 2014, 7:59 pm

They may already be covered by your existing home and contents insurance.

I'm with RACV here in VIC and queried this with them... covered in full by the insurance I already had.

Pays to double check that though as some policies will only cover up to X amount on some things.
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Re: Firearms Insurance?

Post by Lorgar » 26 May 2014, 8:00 pm

Sorry misread something in your post...

To clarify, on my policy they're covered in full in the house. Not travelling.

I would have to have added them as a portable item and paid extra.
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Post by pip » 26 May 2014, 9:57 pm

Been there too, my family member does all my insurance at his insurance shop. I am covered under my personal property cover under household. Mine covers all personal property, cameras sporting goods jewelry etc. 24/7 worldwide. Guns too , anywhere , in car , but not while in use eg , on the rack during a sporting clays event. Its a must have since I collect and use Belgium brownings and they are all 5k plus guns.
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Post by The Brass » 26 May 2014, 10:04 pm

LACEYZ wrote:And I want them covered in the car as well, so would I have to insure them under my current car insurance as well?
Can I insure a firearm that isn't in my name? (My fiance's)...


They won't be covered by your car insurance. I've gone through a few policies and they always cover only the car and a limited about of stuff inside.

Up to a maximum of $100 cash and that sort of thing.

Same for sunnies, wallet, jewellery, phone and on and on.
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Re: Firearms Insurance?

Post by VICHunter » 26 May 2014, 10:08 pm

Check with your insurer of course, but I'm confident you'll find they're covered under your home contents as is.

The $ limit on certain things applies to jewellery, cash and common stuff like that. I've had 2 policies and like the blokes above everything was covered at home in full.

You just need to get a quote for the items as portables, then you've covered while out.

I don't believe the paper ownership of it matters? You're paying them to insure you against losing item X for amount X, that's it AFAIK.
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Post by Lyam » 26 May 2014, 10:10 pm

LACEYZ wrote:Not sure what to do, and need some advice!


Honestly first thing to do is call your current contents insurer and find out where you stand.

Without that were just throwing out maybe's, if's and but's...

I agree with the guys you're likely covered at home already.

Confirm that - get a quote for insuring them during travel - then work out what extra's required.
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Re: Firearms Insurance?

Post by buster » 27 May 2014, 9:48 am

I added mine to my AAMI contents insurance.

Covered at home. Cost was reasonable compared to others I got quote from.
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Post by Klem » 27 May 2014, 9:50 am

I had to have mine listed on the policy, but added to my GIO contents insurance no problems.

Cost a little extra at the time I think? But bugger all from memory, not enough to put me off...
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Post by winton » 07 Nov 2018, 10:58 pm

Correct me if I'm wrong, but you don't have to list firearms with AAMI unless you Want them added to extra cover for outside use.
And there is no limit on them. They are covered to the full insured amount
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Re: Firearms Insurance?

Post by yoshie » 08 Nov 2018, 1:23 am

Mine are covered under my house insurance but i had to list them as extras as their cost was over a certain amount just like engagement rings, etc.
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Re: Firearms Insurance?

Post by winton » 08 Nov 2018, 9:45 am

What insurer are you with @yoshie?
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Post by yoshie » 08 Nov 2018, 7:05 pm

ANZ, they're listed under sports equipment.
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Post by RoginaJack » 08 Nov 2018, 7:29 pm

OK, to put the cat amongst the pigeons!
I found that SSAA was by far the cheapest - $30 per year for up to $25,000 coverage, including scopes mounts, slings etc and at home, travelling yes, overseas too and in the car.
I found that with household coverage, only while in the safe, needed separate listing and was just too expensive.
Anyway my 2 cents worth.
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Post by Sergeant Hartman » 08 Nov 2018, 7:46 pm

They SSAA have changed the policy it used to be new for old (or money eqv) now it's replacement value if older than 2 or 3 years. Also since abe underwrite the policy ssaa are up s**t creek as after mov whe will not renew any policies related to firearms. But I expect the policy might go up next year for us.

Also it only covers accessories attached to the firearms nothing else like reloading press, or spee that you haven't put on rifle etc
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Post by Stix » 08 Nov 2018, 9:46 pm

winton wrote:Correct me if I'm wrong, but you don't have to list firearms with AAMI unless you Want them added to extra cover for outside use.
And there is no limit on them. They are covered to the full insured amount


Im guessing the fine print in AAMI's product disclosure statement has changed somewhat in the last 4-n-a half years...
But then it could still be the same... :D
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Re: Firearms Insurance?

Post by winton » 09 Nov 2018, 9:54 am

RoginaJack wrote:I found that with household coverage, only while in the safe, needed separate listing and was just too expensive.
Anyway my 2 cents worth.


You mean the SSAA $30 insurance doesn't cover guns at home in a safe?

Ziad wrote:ssaa are up s**t creek as after mov whe will not renew any policies related to firearms. Also it only covers accessories attached to the firearms nothing else like reloading press, or spee that you haven't put on rifle etc


Thats not good news. SSAA insurance are bound contractually to cover our losses as it arises.

BTW your presses are covered by your home contents insurance if you have it. I called the SSAAIB and I get the impression that if you lose your guns at home, they won't cover it if they think you've got contents insurance with someone else.

Stix wrote:Im guessing the fine print in AAMI's product disclosure statement has changed somewhat in the last 4-n-a half years...
But then it could still be the same... :D


I'm not 100% sure Stix. I've read it recently and I think your firearms are covered but of course there is just one sticking point and that is the definition of "Collection" I don't consider our firearms as a collection going by their terms. If thats the case, then its not a limited item that needs to be listed. But of course, I'm only 70% sure.

What's your opinion? Does AAMI cover it or not?
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Re: Firearms Insurance?

Post by winton » 09 Nov 2018, 9:56 am

yoshie wrote:ANZ, they're listed under sports equipment.


Did you have to pay an extra premium?
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Re: Firearms Insurance?

Post by RoginaJack » 09 Nov 2018, 3:52 pm

Update - SSAA General Insurance Brokers (SSAA GIB) currently have facilities in place with QBE and will remain with QBE until 31st March, 2019. However SSAA GIB have already been able to place members firearms insurance etc with another insurance agency under the same terms, endorsements and conditions as QBE.

This is to be effective from 1st Feb., 2019 and all should be in place well before the 31st March deadline.
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Hi Winton, Sorry, SSAA Insurance does cover firearms stored in an approved safe or storage facility. :D
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Re: Firearms Insurance?

Post by yoshie » 09 Nov 2018, 4:11 pm

winton wrote:
yoshie wrote:ANZ, they're listed under sports equipment.


Did you have to pay an extra premium?


I think so, when we re-newed a few years back we did an add up of everything and put our "amount covered" up $20,000. They limit individual items over $1000 unless listed separately like jewellery, big screen TVs, pool tables, pinball tables, art work and sculptures. I think the amount went up but not buy that much. Read the fine print about SSAA insurance, they assume all of your valuables (guns) are covered under existing contents insurance. SSAA olny cover where your content insurance doesn't.
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Re: Firearms Insurance?

Post by RoginaJack » 09 Nov 2018, 8:52 pm

yoshie wrote:. Read the fine print about SSAA insurance, they assume all of your valuables (guns) are covered under existing contents insurance. SSAA only cover where your content insurance doesn't.


?? Where abouts did you find that?

When I was getting quotes from a few companies, firearms where NOT included under contents or Sporting goods insurance and had to be listed and valued separately.
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Re: Firearms Insurance?

Post by winton » 10 Nov 2018, 12:08 am

RoginaJack wrote:
yoshie wrote:.When I was getting quotes from a few companies, firearms where NOT included under contents or Sporting goods insurance and had to be listed and valued separately.


Look up the AAMI PDS. It doesn't specify firearms as content that is excluded. Much like furniture. It does say however that it does not cover unlicensed and unregistered firearms. So one can only interpret that as if you have a license and all your firearms are registered and that you have complied with the laws regarding firearms regulations, cause it doesn't cover illegal activities (eg. illegal storage) then its covered.
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Post by Sergeant Hartman » 10 Nov 2018, 6:18 am

Wait what makes you say that ssaa insurance expects that the firearms are covered by contents policy at home?

As all of their advertisement say the rain you would get ssaa insurance is that it had 100 dollar excess while contents insurance can have excess of 500 or more
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Post by RoginaJack » 10 Nov 2018, 10:12 am

Yes but Winton, does it specify that firearms are covered? You see, that's the problem I encountered - firearms had to be listed separately but if you're happy with AAMI go for it.

The point I'm trying to make is that my inquiries revealed that when the insurance companies were asked "does content insurance and/or sporting goods insurance cover firearms, the answer was No", had to be listed separately and insured as such.

I had firearms covered under contents insurance (so I thought) for many years but when the policy was reviewed & updated, I was advised that contents or sporting goods did not include firearms.
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Post by TassieTiger » 10 Nov 2018, 1:29 pm

I recently had to claim with SSAA insurance (was only with them 6 months!!)and it was easy as could be and absolutely zero stress. For the outlay, excess and service - I’ll be a long standing customer.
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Re: Firearms Insurance?

Post by marksman » 10 Nov 2018, 4:19 pm

TassieTiger wrote:I recently had to claim with SSAA insurance (was only with them 6 months!!)and it was easy as could be and absolutely zero stress. For the outlay, excess and service - I’ll be a long standing customer.


that is good to hear
I think its pretty well known what I think of the ssaa but after looking around for firearms insurance they were pretty good for what I needed as a recreational hunter although there are a couple of things about it that still makes me worry eg.... for there to be an accepted claim there has to be an event? :unknown: so I take my shotgun out to use, that has always worked perfectly fine but when I try and shoot there is a click, a broken firing pin, no lead up to it and no event :unknown: is there still a claim :unknown:

this actually happened to me, I rang them and got the information about "there has to be an event" but that's as far as it went
luckily when I rang my smith about the repair he talked me out of claiming because it was a fairly cheap fix, the splatter gun is in being repaired now :thumbsup:
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Re: Firearms Insurance?

Post by winton » 12 Nov 2018, 3:33 pm

RoginaJack wrote:Yes but Winton, does it specify that firearms are covered? You see, that's the problem I encountered - firearms had to be listed separately but if you're happy with AAMI go for it.

I had firearms covered under contents insurance (so I thought) for many years but when the policy was reviewed & updated, I was advised that contents or sporting goods did not include firearms.


@RoginaJack
The AAMI PDS doesn't specify that "firearms" are covered, but it doesn't say that about clothes or furniture also.

But it does specify that unlicense and unregistered firearms are "Not" covered, so the opposite must be true in my interpretation.

When you speak to the call centre people, they really don't know whats in the PDS itself. They had to go into it there and then and make their own interpretation which I wouldn't rely on anyway.

If your contents insurance PDS says specifically that firearms are not part of sporting goods nor content, then it isn't and its not covered unless there are other qualifying reasons.

In a weird kind of way, the PDS is your friend, cause when you know it, you know what your covered or not covered for cause these things are written in pretty plain english and I think this is where alot of people including myself get caught out, espcially when we don't read it.

I've hardly ever read mine except for recently when I took and interest in getting a non fire rated safe for my firearms since I can't justify the expense of getting the much more expensive safe. I' want to rely on my insurance now.
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Re: Firearms Insurance?

Post by RoginaJack » 12 Nov 2018, 6:30 pm

Hey Winton, AAMI PDS Page 16 para 1 specially mentions furniture and clothes and I also think from memory that Contents are defined by law. Also, the Insurance mobs I spoke with had limits on sporting goods; like max claim, intotal was $5,000 and some had max. claim per item was $1,000 and did not cover sporting goods outside the premises (?). Bit had to surfboard in the lounge room.
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Re: Firearms Insurance?

Post by winton » 12 Nov 2018, 8:07 pm

Your right roginajack. But it does say what they cover is not limited to furnishing or clothing.

However, there's debate whether firearms are or are not Classified as sporting good. Ill have to dig a little deeper.

Edit: my thoughts: firearms can be considered a sporting good if not used for commercial purpose. Ie hunting and recreational shooting. and I'm leaning towards that definition. Checking on aami pds, there doesn't seem to be a limit so that's good.

I guess only way to be sure is to list them. Not really safe, from privacy standpoint.
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