Getting fair insurance value for your comic books

Most of us stopped collecting comic books once we became adults — which might have been a big mistake. Though the market for rare and valuable comic books has varied over the years, some books are currently worth millions of dollars.

Because of this, many serious collectors insure their comic books in case of theft, loss or damage. When it is necessary for a collector to make a claim, how does the insurance company evaluate the value of a comic book?

Claims Journal recently laid out how the condition of comic books is determined. The comics industry generally rates the condition of a book on a scale of one to 10. A 10 means the copy is in “Gem Mint” condition with no wear and tear.

The more stains, tears, yellowing and other damage the comic has, the lower its score. For example, a score of 2.0, or “good,” generally means the comic has significant damage but is still in readable condition.

Some classic issues of comics from the 1930s are so rare that even copies in “good” condition can be worth a lot of money on the market. If you are a collector and make a claim on a valuable book, do not be satisfied if the insurance company rejects your claim or makes an unfairly small settlement offer.

Bad faith insurers must be held accountable for their actions. A conversation with a bad faith insurance attorney will help you understand your rights and what your next move should be.