My raw collection of 1st Edition Pokémon cards was stolen. I claimed $40,000, assuming they were all PSA 9 or 10 quality. The insurance adjuster sent me a settlement offer for $8,000. He used eBay “sold” listings for “Played” or “Raw” condition cards, arguing that since I had no official grades, he had to assume “average” condition.
Key Takeaways
- The “Raw” Discount: Without a professional grade, adjusters default to “Raw – NM” (Near Mint) or even “Lightly Played” pricing, which is 10-20% of the Graded 10 price.
- Burden of Proof: You must prove the condition. High-res photos taken before the loss are the only way to argue for a higher grade valuation.
- Appraisal Clauses: If you and the insurer disagree on value, you have the right to demand an independent appraisal (the “Appraisal Clause”), but you have to pay for your appraiser.
- Agreed Value is Superior: This is why you list high-value raw cards individually with an “Agreed Value” on a specialty policy, so the price is set before the theft.
The “Why” (Subjectivity)
Card grading is subjective. An adjuster will never pay PSA 10 prices for a raw card.
“Actual Cash Value is based on the market value of the item in its current condition.”
“Current condition” is unverified, so they choose the cheapest comparable.
The Investigation: Valuation Tools
I asked adjusters what tools they use.
1. eBay “Sold” Listings
- Method: They search “Charizard Base Set.” They average the last 10 sales of raw cards. This includes scratched, bent cards sold by amateurs.
2. TCGPlayer Low
- Method: They look at the lowest listed price for “Lightly Played.”
3. Professional Appraisers (Your Weapon)
- Method: You hire a card expert. They review your photos. They write a report: “Based on these photos, the card was likely PSA 8 or better.” This forces the adjuster up.
Comparison Table
| Card State | My Valuation (Expectation) | Adjuster Valuation (Reality) |
| Raw (Mint) | $5,000 (PSA 10 hope) | $600 (Raw Average) |
| Graded (PSA 10) | $5,000 | $5,000 |
| Graded (PSA 8) | $1,200 | $1,200 |
Step-by-Step Action Plan
- Scan Everything: If you have high-end raw cards, scan them front and back in high resolution.
- Pre-Grade (Eye Appeal): Keep a spreadsheet noting “Candidate for PSA 9/10.”
- Fight the Comps: If the adjuster sends lowball comps (e.g., a damaged card sale), reply with: “This comparable is not ‘like kind and quality.’ My card was Mint. Here are comps for Mint Raw cards.”
FAQ
Can I use PriceCharting?
Yes, sending PriceCharting screenshots helps, but adjusters prefer “Sold” listings they can verify.