I bought the Union Jordan 1s for $1,800. I wore them to dinner—literally cart to table, car to table. A week later, my house was robbed. The adjuster found a photo of me wearing them on Instagram and reclassified them from “New/Deadstock” ($1,800) to “Used Footwear” ($600). That one wear effectively cost me $1,200.
Key Takeaways
- The “VNDS” Myth: To a sneakerhead, “VNDS” (Very Near Deadstock) is 95% of the value. To an insurer, “Used” is 50% of the value. There is no middle ground in their depreciation tables.
- Agreed Value Protects Usage: If you have an Agreed Value policy, the value is locked regardless of condition (unless destroyed).
- Replacement Cost Coverage: You must have “Replacement Cost” coverage on your policy. This forces them to buy you a new pair to replace the old one, rather than paying you the depreciated value.
- Social Media Investigation: Adjusters will check your IG. If you claim “Deadstock” but have a fit pic wearing them, that’s insurance fraud.
The “Why” (The Trap): ACV vs. RCV (Again)
- ACV (Actual Cash Value): Replacement Cost minus Depreciation.
- Shoe Life Expectancy: 5 years.
- Age: 2 years.
- Depreciation: 40%.
- Payout: 60% of retail, not resale.
- RCV (Replacement Cost Value): Cost to buy a new item of like kind.
- Payout: Cost to buy a specific Union Jordan 1 today ($1,800).
The Trap: Many renters policies default to ACV for clothing. You must check your policy.
The Investigation (I Called Them)
I asked: “How much does one wear devalue my claim?”
1. Lemonade (Standard)
- Answer: “Clothing is depreciated based on age.”
- Impact: Even if worn once, if the receipt is 2 years old, they deduct 2 years of ‘life’.
2. Wax Insurance
- Answer: “We insure the market value. If you wear them, the market value drops slightly (e.g., StockX Used price), but we don’t apply a generic depreciation table.”
- Impact: Fairer payout based on real market data.
Comparison Table
| Condition | Standard Policy (ACV) | Standard Policy (RCV) | Collector Policy |
| Deadstock | Depreciated Retail | Full Resale Price | Agreed Value |
| Worn Once | Depreciated Retail | Full Resale Price (Best option) | Market Value of Used |
Step-by-Step Action Plan
- Check Your Policy: Does it say “Replacement Cost on Personal Property”? If not, add it immediately. It costs maybe $20/year extra.
- Be Honest: If you wore them, list condition as “Excellent / Like New.” Do not say “New.”
- Fight the Depreciation: If they offer you $600, send them 3 listings from Goat “Used” section showing the shoe selling for $1,600.
- Argument: “The fair market value of this specific used item is $1,600, not $600. Here is the market data.”
FAQ
Q: I only tried them on inside. Are they used?
A: No. “Tried on” counts as Deadstock/New in the sneaker world and generally in insurance. Just make sure the soles are clean.
Q: Does untying the laces make them used?
A: No. But it might remove the “Factory Laced” premium for some collectors. Insurance doesn’t care about lace knots.
[IMAGE: Screenshot of Goat “Used” listings showing high prices, contrasted with a generic “Depreciation Table” for footwear.]