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  #1  
Old 07-08-2013
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Default Where to buy Insurance?

I have a few questions for all seller

1. Where do you buy insurance for Amazon item if you print USPS label direct from Amazon ?
2. Between Signature confirmation and Insurance, which one is better for $100 item?
3. What is "Declared Value" on the Amazon Shipping Services page?

Thank you very much.
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Old 07-08-2013
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1. If you use a different 3rd party such as Endicia to buy postage, it is cheaper than Amazon, they also provide insurance at a much better rate than most others.
2. In my opinion, insurance. If USPS really DOES lose your package, a signature conf aint gonna do crap.
3. I'm not really sure since I have never actually gone ahead and used Amazon's buying/printing of postage.
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Old 07-09-2013
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If the item is expensive, I would use BOTH signature confirmation AND insurance.

In the event the buyer claims "not received" signature confirmation can help you to win the case. In the event of a lost or damaged package, the insurance would help.

If you send an item and the buyer just says they did not receive it, I do not believe the insurance would pay for that unless they could see the package was lost.

I agree that Endicia is the way to go for lower cost insurance. The USPS charges a fortune. Of course, it depends on how many expensive packages you send. I only insure the expensive stuff, not the cheaper stuff.

It costs $1 or so to insure an item up to $50. My loss rate is about 1 out of 400 packages. So, it would cost $400 to insure them all. I'd rather take the $25 - $50 loss, as it is cheaper than the insurance.

But if you are shipping an item that costs $1,000 it would cost $8 to insure it. To me, that is worth it, as I don't want to take a chance on losing $1,000. These types of items are few and far between for me. If they were all I was selling, I would self-insure, as the insurance on 400 packages would cost $3,200 and my loss rate is 1 out of 400 packages, so it would be cheaper to take the occasional $1,000 loss.

It all depends on your business model.
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Old 07-09-2013
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What do you use to to ship for Amazon? I found this free Free iabol for Amazon | Endicia but only for Priority Mail and Express Mail.
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Old 07-09-2013
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Shipstation.com
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Old 07-09-2013
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Thank you Jeff, my items range from 80-100.
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Old 07-09-2013
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Quote:
Originally Posted by TonyAlmeida View Post
Thank you Jeff, my items range from 80-100.
And, on average, how many packages go missing? It would cost about $1.80 to insure a $100 package. So, if you insure 100 packages, it would cost $180. At that rate, it would only pay to insure packages if your loss rate is more than 1 out of 50.
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Old 07-09-2013
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Just have one lost item over like 200 packages. But some time the customer's address look weird and I can't find it on Google maps make me wonder.

On the ShipStation.com, What is the discount for Express1?
Thank you
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And, on average, how many packages go missing? It would cost about $1.80 to insure a $100 package. So, if you insure 100 packages, it would cost $180. At that rate, it would only pay to insure packages if your loss rate is more than 1 out of 50.
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I have no idea what Express1 is. I only use UPS and USPS. And if there is a package you are unsure of, then it may pay to insure it. The thing is, anytime you are in business there are going to be risks. There is no way to eliminate all of the risks, you can only do your best to MANAGE them, so that a big loss does not tank your business.
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Quote:
Originally Posted by jeffweico View Post
And, on average, how many packages go missing? It would cost about $1.80 to insure a $100 package. So, if you insure 100 packages, it would cost $180. At that rate, it would only pay to insure packages if your loss rate is more than 1 out of 50.
Or if your loss + scam rate is more than 1 out of 50. If a customer says they didn't receive it because they're scamming you, at least they're willing to sign something stating that they indeed did not receive it.

Also if you do happen to get the item back that was actually lost, you very well could get the insurance money and your expensive merchandise back.
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Old 07-09-2013
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Quote:
Originally Posted by n8zzz View Post
Or if your loss + scam rate is more than 1 out of 50. If a customer says they didn't receive it because they're scamming you, at least they're willing to sign something stating that they indeed did not receive it.

Also if you do happen to get the item back that was actually lost, you very well could get the insurance money and your expensive merchandise back.
Not sure I would want that rate with scams.

Between ebay & amazon, I tend to go overboard with addresses etc.

I insure as often as possible. Items over $120 are always insured.
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Yeah GB, my uncle (in the business much longer than me) also swears by it. He says he has actually "come out ahead" with it. In other words he has spent less in insurance than he has received in claims!
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@n8zzz

We were taught 'trading' and 'business' like that by our Dad and our Uncle.

I enjoy hearing how others found out about making money etc.

Thank you

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Old 07-09-2013
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Quote:
Originally Posted by TonyAlmeida View Post
Just have one lost item over like 200 packages. But some time the customer's address look weird and I can't find it on Google maps make me wonder.
I like doing this for orders pre-shipping and doing signature and insurance on the few orders that appear like this.
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That is a good point, rsot. Always gotta google map them addresses =D

Nice GB! Having a Dad who effectively taught you how to make a living is ultimately always a great dad. My uncle kind of sees me as the competition. So while I was inspired a lot by him, I had to basically learn everything for myself from the ground up.

I got a bit of flack from my family however when I dropped out of UCLA at the end of my degree to do this instead. Mathematically, it made sense and still does. If I always did what others thought was a good idea, I'd be way worse off in life
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Quote:
Originally Posted by n8zzz View Post
That is a good point, rsot. Always gotta google map them addresses =D
Thanks n8zzz - also depends on volume of orders - I dont deal with high 50+ orders anymore so I do have capacity to look up
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That is what I currently do and will stay this way

Thank you everyone for your input.

Quote:
Originally Posted by rsot View Post
I like doing this for orders pre-shipping and doing signature and insurance on the few orders that appear like this.
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Old 07-09-2013
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Quote:
Originally Posted by TonyAlmeida View Post
3. What is "Declared Value" on the Amazon Shipping Services page?
Seems like a cashgrab from Amazon for declared value.
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Quote:
Originally Posted by rsot View Post
Seems like a cashgrab from Amazon for declared value.
Amazon is not actually providing the insurance themselves. The declared value just determines what the maximum insured value of the package is and thus determines how much you pay for the insurance.

Also, as an FYI, if you have to file a claim, you do not automatically get the declared value amount. The insurance company will want something to establish the value of the item - a receipt, an appraisal - something along those lines.
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Old 07-09-2013
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Quote:
Originally Posted by rsot View Post
Seems like a cashgrab from Amazon for declared value.
Nothing like that at all.

Where did that come from?

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