TABOO: Value

Hey fellas, I have a razor that I will be shipping that I think might be pretty valuable, so I want to insure it. My question is: Since valuations aren't done here on the forum, where would one go to get an appraisal for insurance purposes? I've tried to research the value of some comparable razors, but honestly, I've been at this less than a year and just don't know enough to feel comfortable making that kind of determination. Also, I'm assuming if something did happen, and I were to file a claim with the postal service, they would require some sort of 'official' documentation-- I don't think they'll just take my word for it, right? So, if someone out there could point me in the right direction, I would really appreciate it. Thanks.

USPS is only going to insure it for what it cost you or the whomever the buyer is to purchase it. They are funny that way, Unless you have an official valuation done by an established company of course. So it's really up to you.

I think it's best to ask USPS what kind of documentation establishing the value they will recognize in case of an insurance claim. Sales receipt would certainly do it, but it seems that you think the razor is more valuable than the receipt you can provide.

If it's a collectible you will need a valuation by someone authorized to do such. With some things there are specific credentials people can get with other stuff it would have to be someone who is a recognized authority or has a business involving such things. Either way if it's lost you will have a fight on your hands.

So, if I buy a $100 razor on ebay for $12, I can only insure it for $12? That's crazy...

i say you take it to the antiques roadshow.. they always give you a number at the end.

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Originally Posted by thebigspendur

If it's a collectible you will need a valuation by someone authorized to do such. With some things there are specific credentials people can get with other stuff it would have to be someone who is a recognized authority or has a business involving such things. Either way if it's lost you will have a fight on your hands.

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So, is there anyone that specializes in appraising straight razors? Or, can I just take it down to an antique dealer and have them value it?

as for a more serious answer.. insure it for whatever value you like.. if you insure it for $200 and they lose it.. you get $200..

$2000 and they lose it.. .you get $2000

isn't that how insurance works?

back when i had life insurance.. i was worth $100,000..
now that i don't have life insurance.. i'm worth about the cost of my wristwatch...

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Originally Posted by vthomlinson

as for a more serious answer.. insure it for whatever value you like.. if you insure it for $200 and they lose it.. you get $200..

$2000 and they lose it.. .you get $2000

isn't that how insurance works?

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Yes, that's how it works, except that USPS doesn't bother to check on the worth of the item until it's time for a claim. They will certainly be happy to refund you the amount you overpaid, so if you can prove your item was worth $200 they'll pay you back the $200 and also refund you the extra $10 or $20 that you paid for the additional $1800 coverage.
Works the same with life insurance too, you simply cannot buy coverage over certain amount that the insurance company thinks is over your 'value' and 'risk' (dependent on things like your health, your income, your hobbies, etc.). But that'll usually be established at the time you buy the insurance, although there are likely to be clauses that amend the policy if you have failed to disclose something important and have skewed their valuation to their detriment.

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Originally Posted by chay2K

So, if I buy a $100 razor on ebay for $12, I can only insure it for $12? That's crazy...

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If you buy a razor on ebay you can't insure it at all. The seller can and they can insure it up to any value, but when it comes to a claim they have to be able to convince USPS that that's what the razor is worth.
If the razor doesn't make it to you all you can get is your $12 plus the shipping charges.

Just as an aside, if the USPS decides that the packaging was insufficient to protect the item and it is damaged in transit, that lets them off the hook. Always save the original packaging if you have to make a claim. If you are the shipper a box with bubble wrap is probably better than a padded envelope.

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Originally Posted by chay2K

So, if I buy a $100 razor on ebay for $12, I can only insure it for $12? That's crazy...

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If you buy a razor for $12 it is worth $12.

If at a future point you sell it for $100 then it is worth $100 when that transaction occurs.

Just think how fast insurance companies would go broke if $12 items suddenly became $100 items just by stuffing in them in an envelope. It's not as if there would be any scammers who would try to take advantage of that.

As a practical matter if you buy an item and ship it and insure it they will pay you what your receipt says as long as it's not out of line. If it's a collectible you will have to prove to them the enhanced value probably by showing them other items the same and what they sell for. I'm not aware of any experts on razors out there. Just make sure you take photos before shipping. You also have to be careful with certain items they classify as basically not insurable. You need to go to their website to read the fine-print. Their agents don't have a clue.

It's true that you can insure for whatever you want and they will gladly accept your money but when the item is lost then the claim is scrutinized closely and if there is an issue they will cheerfully refund your insurance premium.

It's a well know fact that when you insure something and get an appraisal for insurance purposes the values are hugely inflated.

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Originally Posted by JimmyHAD

Just as an aside, if the USPS decides that the packaging was insufficient to protect the item and it is damaged in transit, that lets them off the hook. Always save the original packaging if you have to make a claim. If you are the shipper a box with bubble wrap is probably better than a padded envelope.

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Save the original packaging? Then what do you ship it in?

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Originally Posted by leadduck

Save the original packaging? Then what do you ship it in?

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He meant if it comes in damaged, save that packaging to prove to the USPS how well it was packed.