Do you insure your coins when you send them off to grading services? And if you do, do you insure them for how much you think they're worth? Or how much you spent on them?
I insure mine with my Hugh Wood policy (HWI), which I have access to through the ANA. I use registered mail when shipping to NGC and CAC. They are covered by HWI from me and to me, but by CAC and NGC when in their hands. Read these previous posts for alot of good info. SEE HERE AND HERE AND ONE MORE HUGH WOOD I insure them for replacement cost, or what I think they are worth based on market prices and any premiums (like toning premium). I use full NGC and PCGS "retail" prices.
I try to never buy insurance unless it is mandated by law. It is almost never in your best interest to do so especially over time. That being said I sent my Kennedy's registered insured for $1000, even though they retailed for $6,204.95. I am leery of insuring things the hilt, it kind of puts a bullseye on it. Registered mail in an a smaller flat rate box well packed, labeled, and PAPER taped gets it there 99.5% of the time.
I've just gotten back from mailing my Kennedys back to the mint, so this is relevant to my interests. I don't follow your logic here at all. If you insure them for $1000, and they disappear, you'll get $1000. What's the point in insuring them for only $1000, instead of 0? Do you really think that $6200 makes the bullseye that much bigger than $1000? I'm guessing that anybody who thinks they can get away with stealing a registered package probably isn't the brightest star in the firmament to begin with, and is probably unsuccessful enough to view a $1000 windfall just as eagerly as a $6200 one. The Mint seemed to assume that I would want to ship them back UPS, but shipping them insured by UPS Ground would've been something like $67. (UPS claims that they charge 35 cents per $100 for insurance; I'm not sure how they think that math works.) Shipping them back Registered, insured for the full $6200, was $37.95 -- and they promise to get them there Saturday, instead of next week.
ANYTHING going registered mail is a target, as people only ship RM for very expensive AND/OR very important things. So, you should either do the full amount or $0, IMHO (to save money). Your method of one foot in, one foot out probably wont fool anyone...
The two most important things I have learned from cointalk is 1) Hugh wood 2) bidnapper (sniping ebay app)
The $1000 was an arbitrary number to be honest I packed it up with the intension on not insuring at all but when I had a $6200 package I figured I want to "layoff some of my action" if you will. Had I done it over registered along is good enough IMO
It may be a target but it also is under the tightest security and carries the biggest penalties for messing with it. So it almost NEVER goes missing. You are much more likely to have any other form of shipping go missing. Even the private insurers recognize this. When you look at their rates for different package shipping methods, the rates they charge for packages shipped by registered mail are a fraction of the rates for any other method.
The last time I sent something registered and insured the employee told me people would be fired if there was a problem with a package insured at the level it was ($3500).
Fired, possibly imprisoned and they have to make restitution. Fired is the least of their worries. They have to be signed for every step of the way and the last person to sign for the package is the one held responsible. So if you are handling registered mail you make darn sure to get signatures when you hand it off. because if you don't and the next guy steals it (cause he didn't sign for it) YOU are the person that gets blamed and pays the penalties.
RM with insurance is the way to go, don't skimp was my point to the OP. I agree I have had no issues with RM, except their lack of middle scans. You get all the entry point and destination scans, with a big unknown in the middle.
Yes, RM can be frustrating as it takes much longer than an insured priority package. If my coins are not super high value....like over $1000, I sometimes use an insured priority small fixed rate box. It tracks more through the system and I have never had a problem with it. But when the value gets higher, it's RM all the way....or I am now looking into a Hugh Woods insurance policy that would cover all shipments to and from using FexEx or whatever.
