Analyzing NRA Gun Insurance and Alternatives
You’ve lived half a lifetime or more collecting firearms. You’ve lived the same going on incredible hunts. Maybe those were just around home. Or maybe they were abroad. Regardless, they mean something to you. And to lose those would be terrible. Fortunately, Cole Cushman, CEO, and founder of Gun & Trophy Insurance wholly understands this topic. He’s an expert in comprehensive gun and trophy policies, such as NRA gun insurance, for hunters, sportsmen, competitors, collectors, and more.
What Does The NRA Gun Insurance Policy Cover?
A lot of gun owners are familiar with the NRA gun insurance policy. If they don’t already know everything that it covers, they at least understand the basic elements of it. “It covers several causes of direct physical loss or damage,” Cushman said. “Common things are breakage, most theft, transit (to some extent), they’ll cover.”
NRA Gun Liability Insurance
According to a recent posting from The Trace, the NRA ended its Carry Guard Insurance Program. At one time, The Trace says the multi-tiered insurance program offered policies with up to $150,000 of criminal defense reimbursement and up to $1 million in civil liability coverage.
NRA Gun Insurance Cost
The NRA gun insurance cost is affordable, but more expensive than some market options. “The program partner, Lockton Affinity, lists a $1.25 per $100 rate of insured value on their website which is comparable to what a standard homeowners company charges,” Cushman said.
Does NRA Membership Include Gun Insurance?
While you can obtain gun insurance with your NRA membership, it is not automatically included. According to CCW Now, you can get $2,500 of ArmsCare coverage with your NRA membership. They say this plan covered insurance firearms, air guns, and bows and arrows against theft, accidental loss, and damage. That said, NRA members must be current active members on the membership list.
Analyzing NRA Gun Insurance Alternatives
While you can get certain types of gun insurance through affiliation with the NRA, there are additional options on the market. Gun owners should look through all market options and select one that best fits their needs.
Gun and Trophy Insurance: While the NRA insurance covers a lot, there are alternatives. “We offer a policy with some named exclusions, for individual firearms anywhere in the world” Cushman said. “The primary claims we see involve theft of a firearm, house fire, breakage, damage or loss in shipment or transit.”
Gun and Trophy offers several other advantages. Cushman said the following:
- Our off-premises limit is $500,000 and is worldwide. I think [NRA’s] is limited to $10,000.
- We don’t require itemization or scheduling of a firearm, unless it’s over $10,000, whereas I believe they require items over $2,500 to be scheduled.
- As far as theft, I believe we both have locked vehicle warranties, where the vehicle must be locked with visible signs of forced entry for a theft to be covered. We remove the limitation while at a shooting event or while being shipped, like via FedEx.
- We cover earthquake and flood loss, whereas I don’t know if they do.
- I’m not sure what they cover on breakage, but we do.
- We also cover newly acquired guns up to $25,000 per item (that are acquired during the policy period).
- On scheduled guns that are itemized, we’ll give an additional 25% of the scheduled value, in the event that it’s insufficient to replace at that limit. It’s basically an additional replacement cost.
- Our carrier, or company that backs our program, is Hanover Insurance Company, which is holds an “A” rating by AM Best.
“We’re one of the only companies in the U.S. that values trophies (taxidermy) more as fine art,” Cushman said. “We assign values that are more in line with the cost of the hunt, and what went into acquiring the trophy. Whereas a typical homeowner’s policy might just pay the depreciated taxidermy costs in the event of a fire, flood, theft, wind, or vandalism. Again, ours covers the investment that went into the hunt.”
According to Cushman, North American animals, especially whitetails, are difficult to assign value to. The cost to hunt deer ranges so much throughout the country. “On whitetails, it’s between $3,500 and $5,000 per mount.”
The rates are all the same between firearms and trophies. That said, depending on total coverage needed, Cushman says, in general, they charge around 15 and 31 cents per $100 rate of insured value.
“For example, $50,000 in coverage for guns and/or trophies, you’re looking at $175 for the year,” Cushman said. “At $500,000 of coverage, it’s $925 per year.”
Admittedly, Cushman says their deductible is slightly higher than some others. “Our lowest deductible is $500 per claim, per occurrence,” he said. “Whereas some of the other competitors might have either no deductible or a $250 deductible. That would be where they are better than us. But most of our clients would save enough in the first or second year that they’d recoup that deductible anyway.”
Collectibles Insurance: “They are very similar to us in what they’re covering, and technically a competitor of ours,” Cushman said. “They do most collectibles including firearms, but not trophies. Their rates are almost double what we charge. They have limitations that we don’t, as far as when a gun is being shipped, as well as when a gun is off-premises, where we give broader coverage while traveling or at temporary locations.” According to Cushman, they also exclude flood and quake damage. But these are the primary differences between Cushman’s company and Collectibles Insurance.
SIAI Gun Insurance: “They charge $1.25 per $100 as their set rate, which is the same as Lockton or the NRA-endorsed program,” Cushman said. “Again, ours is between 15 and 31 cents per $100. So, you’re between 75% and 90% less (with Gun and Trophy Insurance). Usually, they offer less (coverage) than what we offer. And they require that every firearm be itemized. They don’t have an option for blanket or unscheduled coverage. I believe they have limited automatic pickup for newly acquired firearms and exclude guns on loan to friends as well as bursting or bulging of a barrel. Those are the key differences.” Core-Vens Insurance: “Core-Vens is closer to where we are,” Cushman said. “Their rates tend to be slightly higher than what we charge. I believe their starting policy is $100,000 in coverage for $350 per year. So, they are at a higher entry point. But they are a reputable company covering individuals as well as dealers and have been around for a long time. I haven’t reviewed their coverage forms recently, but I think it’s fairly similar to what we do.”
Final Thoughts On NRA Gun Insurance
All things considered, who should purchase a gun and trophy insurance policy? “It’s all about their tolerance for loss and what they’re willing to self-insure,” Cushman said. “How much do they have and how much are they willing to risk? Really, anything over $15,000 worth of firearms is worth considering it. Certainly, if you’re traveling a good bit, you’re a competitive shooter, or have higher dollar firearms and optics.” Basically, if you’re the type to purchase something more expensive than a traditional $800 gun, and you have a lot of them, it’s worth considering an insurance policy.
It’s a similar situation for trophy insurance. “How emotionally attached are you to the lifetime of memories you’ve collected in trophies?” Cushman said. “If you were to lose that collection, would monetary recovery, and the ability to go back on some of these hunts if desired (without it coming out of pocket), provide peace of mind? How’s your loss tolerance to those trophies?”
To learn more about Gun and Trophy Insurance, visit their website for additional information.