Shipping your valuable coins is risky. There's a lot that can happen between point (a) and point (b). Rare coins or coins of historical significance, such as gold coins, silver coins, or walking liberty half dollars can be lost in transit or stolen before delivery to the recipient. That's why there's a golden rule to follow to make sure you're not putting your collectibles at risk.
What's this "golden rule," you ask?
It's to always, always insure your collectible coin shipments.
If you are selling and shipping collectible coins, you need to make sure you have the right insurance. Many coin collectors or coin dealers ship their valuable coins through the United States Postal Service (USPS). They may purchase shipping insurance for the value of their shipment only to find that when they have a claim, they don’t have adequate coverage. When you read the fine print on the USPS insurance documents, it states that the USPS does not insure coins. However, another section on the USPS agreement does indicate “coins of numismatic value,” or collectibles can be protected.
Ensure That You Properly Insure Your Coins
USPS documents clearly indicate a difference in shipping money versus collectible coins. While collectible coins are supposedly covered by the insurance, the cost of getting that insurance is much more expensive through the postal service. The claims process through USPS is also known to take longer. It requires extensive documentation as they conduct an in-depth investigation to determine if the claim will be paid.
As an example, the USPS will insure Priority Mail at the cost of $0.24 per $100 of coverage with the maximum coverage amount available being $10,000. If you ship through a private carrier, such as UPS or FedEx, you might end up paying out even more for insurance coverage that your specific collectible coin requires. FedEx Two Day charges $0.26 per $100 of coverage and allows as much as $15,000 in coverage. UPS Ground rates are also $0.26 per $100 of coverage up to $15,000.
Additionally, many people think they are completely covered by the carrier's insurance simply because they paid for it but this is simply not true. Often times the package is only partially covered and only for specific scenarios where the carrier is completely liable. Depending on the fine print and amount of coverage purchased, your collectable coins could be dangerously underinsured. Here's some of the fine print scenarios where you wouldn't receive any money back:
Things to Consider When Selecting a Shipper:
- The shipper might not cover coins.
- The shipper might not offer the full declared value coverage.
- The shipper will charge more for the insurance.
- The shipper’s insurance claims handling process is challenging and complicated.
- The shipper may only cover very specific and limited scenarios of loss.
Consider These Aspects of Shipping Coins
When you are shipping state quarters, rare coins, proof sets, a coin minted, or precious metals, you need to make sure you have the right coverage; never assume that you do. As a coin dealer or coin collector, you understand silver dollars and collectible coins can reach astronomical amounts. As an example, when you get prepared to ship valuable coins, you will be asked to state the value. You might be able to declare the coin’s worth to be $100,000, but that doesn’t mean the USPS has insured your shipment for that amount.
When you send a package of coins by Registered Mail, you must always declare a value. Regardless of the value of your shipment and what you claim, your shipment will be insured up to $50,000 and not a cent more. That means that they will accept your package valued at $100,000 and send it out on its way, but should it be lost or stolen, they will only cover $50,000 of the damages. That would leave you facing a $50,000 loss through no fault of your own.
Many coin shippers fail to read the fine print and never realize that if their coins are lost, their claim will not be paid in its entirety.
This is the reason for the coin shippers’ golden rule: Always insure it!
This is where Cabrella enters the picture.
Make Sure You Have the Right Insurance
To make sure your valuable coins are protected should they be misplaced, destroyed, or stolen, you need numismatic and jewelry shipping insurance from an independent third-party. Third-party companies, like Cabrella, are separate from the delivery service providers, such as FedEx, UPS, or USPS. They provide the coverage that you need when you ship collectible coins anywhere in the world.
Cabrella has been providing clients with the customizable shipping insurance coverage they need for over 7 years. Cabrella’s shipping insurance software allows customers to manage all their packages in one spot. Packages can be quickly registered for shipping insurance. You can check for real-time tracking updates, view transaction information, and if necessary, file a paperless claim because of a damaged, destroyed, lost, or stolen package.
One of the main benefits of insuring your shipment of collectible coins with Cabrella is that you get adequate coverage. You can rest assured that you have successfully covered the complete value of your coin shipment. Coins are pieces of history, and many of these pieces are very rare and sometimes irreplaceable. Don’t put your assets at stake. Instead, purchase the coverage that you need from Cabrella.
How does Cabrella stand out?
- You can get higher coverage limits – up to $150,000.
- Insures nearly any carrier, including USPS international shipments.
- Insures international shipments to over 180 countries.
- Discounted pricing of as much as 90% less than common carriers.
- Fast and simple tracking.
- Easy package registration.
- Ease of purchasing insurance coverage through a user-friendly software.
- Fast, paperless claims filing and professional claims handling and adjustments.
If you are shipping collectible coins, Cabrella Shipping Insurance Intelligence and their shipping insurance software makes the process simple and fast. Offering shipping insurance solutions for all kinds of businesses, including coin sellers and collectors, Cabrella takes coin insurance a step further than the basic offerings of couriers and delivery companies.
Click the link below for a quick quote to see how much Cabrella can save you. You can also call us at (844) 422-2735. Our insurance specialists will be happy to answer any questions you may have about our customized shipping insurance.