The problem with declaring a lower value or a "gift" is when there is a lost or damaged item. The insurance is only going to pay what is written on the invoice/receipt. If it's a gift, you'll have to prove your cost or the actual value of the item which can cause a major delay in getting repaid. That's probably the reason some people overvalue them. With unreliable shippers, you're always having to file claims and not get paid for your time. The paperwork can be a real pain....
