Message:

<p>[QUOTE=&quot;GDJMSP, post: 898556, member: 112&quot;]I have no idea. That&#039;s why I said that you&#039;d need to contact the insurance company and <u>ask them</u> what they would accept as proof of ownership.</p><p><br /></p><p>Just imagine, a guy takes out a policy for $500,000. The insurcance company won&#039;t blink an eye as long as you pay the premium.</p><p><br /></p><p>But a year later, the guy calls th einsurcance company and says his entire collection was stolen and files a claim.</p><p><br /></p><p>Do you think they are going to just send him a check for $500,000 on his say so ? The guy might not have owned any coins at all. Such attempts at fraud happen.</p><p><br /></p><p>So you are going to need receipts to prove that you bought the coin. Or, some other form of proof of ownership that is acceptable to the insurance company. They can tell you what they will accept or not accept.</p><p><br /></p><p>Most people who buy coins do not keep the receipts - this is far more common than you might think. It is also probably the biggest mistake that a collector can ever make. You need to keep detailed records for every coin you own. That includes receipts, who you bought it from, the date you bought it, records of any and all coins you have sold, who you sold it to and for how much and when. </p><p><br /></p><p>All of this is extremely important, not just for insurance, but for tax purposes as well. Think about it, you file a claim, get your check, you can count on it that the IRS is going to contact you. And you better be able TO PROVE everything there is about your coins. Or you&#039;re gonna have one heck of a tax bill.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in