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Author Topic: Drake Line/s & Insurance.  (Read 5840 times)
ZL1BBW
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Posts: 402




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« on: July 13, 2013, 09:49:51 PM »

Our insurance is on a new for old basis.  So following discussions with the insurance co it has been suggested that I document my ham radio gear and its value on a replacement basis.

So how do I come up with a value for
DRAKE  R4B  T4XB  AC4

DRAKE R4C  T4XC  AC4

DRAKE TR4 RV4 AC4

As they are all individual units they really need valuing individually.

Now what would you say is a like for like replacement, lets say my 4 lines were bot nicked, what would I realistically replace them with?  TS590?   I think a K3 is a bit too far of an upgrade.
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ex MN Radio Officer, Portishead Radio GKA, BT Radio Amateur Morse Tester.  Licensed as G3YCP ZL1DAB, now taken over my father (sk) call as ZL1BBW.
K8AXW
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Posts: 3905




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« Reply #1 on: July 15, 2013, 08:54:52 AM »

A thought.  Are you going to have to prove to your carrier what these items are worth?  If so the only way you can do that is to research available units and opinions online and record your findings.

You're findings will provide you with a dollar value after which you can then decide what to buy to replace them. 

Assuming that you still have this gear, the value will probably continue to grow with time.  Insurance needs to be reevaluated periodically for this reason, rather it's your radio gear, guns, jewelery or your house, all of which grows in value with time.
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KS2G
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Posts: 428




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« Reply #2 on: July 15, 2013, 06:59:30 PM »

Don't know how your policy works -- but with the ham gear insurance through ARRL here in the States, you list what you have and give each item a "replacement" dollar value of your choosing, and pay a premium based on that dollar value.

If you make a claim, you document the loss and collect the stated dollar value (less applicable deductible) to purchase a "replacement" of your choosing (or not).

73,
Mel - KS2G
« Last Edit: July 15, 2013, 07:01:40 PM by KS2G » Logged
G4AON
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Posts: 542




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« Reply #3 on: July 16, 2013, 01:25:18 AM »

My guess is the insurance company would view the Drake gear as it would an antique, and pay out based on the reasonable market value of similar items. Clearly new for old is not applicable for something long since out of production.
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KD8IIC
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Posts: 159




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« Reply #4 on: July 16, 2013, 09:24:09 PM »

 A price guide is on the web site of WB4HFN Drake Pages. It shows High-Average and Low dollar values for all Drake gear. May be of some help to you. I also hope you never need to use the insurance by the way..73
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ZL1BBW
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Posts: 402




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« Reply #5 on: July 16, 2013, 11:16:13 PM »

A price guide is on the web site of WB4HFN Drake Pages. It shows High-Average and Low dollar values for all Drake gear. May be of some help to you. I also hope you never need to use the insurance by the way..73

Thanks for this site info, this is a great help.  For ZL you have to roughly double the US$ price to allow for freight and GST.

I certainly hope to never use it, but our neighbour was burgled last week, and many of the houses up our road have been done.  Rural area, many people work in town, luckily we work here, so not away many days.

Anyway upgraded Alarm system, got a humungous siren on the outside of the house and getting camera installed that will email pics to secure off site storage and also allow two way communications with intruders, now aint that neat, No not the Drake gear take the TS440 instead Smiley
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ex MN Radio Officer, Portishead Radio GKA, BT Radio Amateur Morse Tester.  Licensed as G3YCP ZL1DAB, now taken over my father (sk) call as ZL1BBW.
K8AXW
Member

Posts: 3905




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« Reply #6 on: July 18, 2013, 09:37:30 AM »

Quote
the ham gear insurance through ARRL here in the States, you list what you have and give each item a "replacement" dollar value of your choosing, and pay a premium based on that dollar value.

Quote
A price guide is on the web site of WB4HFN Drake Pages. It shows High-Average and Low dollar values for all Drake gear.

I think this is what I was trying to say.

Quote
If so the only way you can do that is to research available units and opinions online and record your findings.

If you think the insurance company is simply going to write a check for what you say your gear is worth, you have another thought coming!

While I have been fortunate in not being burgled or have to deal with a fire, I have friends who have.  While most insurance companies are easy to deal with, you will have to supply facts and figures.

A friend's house was burgled and all of his guns were stolen.  He had to supply quotes from gun dealers on the value of his guns.  When he submitted his findings the insurance agent asked him about the slings, swivels, telescopes, the cost of mounting the scopes and the list of details continued.

I point this out so that when you inventory your ham gear you need to calculate the cost of everything!  Cables, connectors, any insignificant accessory that you normally wouldn't consider.  Even the cost of paying someone to reassemble everything.  Yes, your time and labor are considered and valuable.

My friend was reimbursed for his guns in full plus labor costs for putting his replacement guns back to the original configuration.

Detailed records at this time are invaluable.

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KG8LB
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Posts: 240




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« Reply #7 on: August 21, 2013, 02:55:04 PM »

The fellow who mentioned ARRL coverage properly described an "Agreed Value" type policy .
YES , when a loss has been determined , the carrier cuts the insured a check for the pre-agreed amount . That is how it works .

  As for other type coverage, you simply document and substantiate recent sales of comparable gear . Your carrier then compensates in accordance with your policy conditions (deductibles etc.)
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KA5ROW
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Posts: 500


WWW

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« Reply #8 on: August 21, 2013, 05:54:06 PM »

If you want a high value do a watch on drake rigs on e-bay, and what they go for. Print off the final price.
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AC9EJ
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Posts: 10




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« Reply #9 on: June 29, 2014, 08:12:06 AM »

Reading this string with interest as we had a house fire two years ago.

I would just like to add, you need to KNOW how you are insured, how your insurance company handles claims.   Only your insurer can tell you that.  My experience was with State Farm and was truly over the top a positive experience and we were treated great.  I should say, I have been with State Farm since age 16 in 1977.  We have had basically no home owners claims, so, clearly, we are not a problem customer.  I do believe that makes a difference.

We paid for "actual replacement cost coverage".  This is not automatically the case with most insurance, you will get a depreciated value without this additional coverage.

In filing our claims, we were paid very quickly for the depreciated value just by documenting what we had.  They insisted on writing us checks for advances on what they knew would be a huge claim..  Once we purchased the replacement, we would be reimbursed for the difference between the depreciated amount and the cost to replace.    Most things were just not questioned, only on a couple of things did our claims agent ever disagree with our stated replacement cost.   Your purchase of the replacement IS your proof of the actual value.  At least it was in our case.   Getting paid is all on you, if you don't submit it, you don't get paid.  A large claim will be a year of part time effort.  We are just wrapping up details and it's going on two years !

It's certainly important to document what you own, AND to make your agent your friend.  Ask about add ons for guns, jewelry, ham gear, antiques..... you cant cheat the insurance company, but, you might be cheating yourself by not insuring for actual value.

If it's something you built, it's up to you to put a value on that.  I had a very large custom built wood slot car track that took up a entire room.   I gave them a fair value for my time and materials and they paid me, no questions asked.  Custom radio gear etc. I assume would be the same with a good insurer.   Many other hobby items, scuba, RC flying.....  and they simply used our values, values that we gave them by looking up the cost of new as best we could.   Again, buying that replacement, thats what really sets the value. 

I know they look at your home, your electronics, your appliances, window coverings, floor coverings, brand of furniture,,the kind of clothes in your closet.  Do you shop at Wal Mart or high end clothiers..... ?  If everything in your closet came from Wal Mart, and you replace all your clothes on a shopping spree down Rodeo drive, your going to have a problem.   Unless your claims agent is a ham, they are going to have to rely on you and the information you give them.

I hope such things never happen to any of you.  If they do, I hope your experience can be as positive as was ours.  It meant a lot to be treated so well at such a terrible low point in one's life.

cheers,

j.   AC9EJ

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