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6 February 2021, 03:10 AM | #31 |
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I would consider looking into the Hodinkee insurance plan. They will insure your watches up to 150% of MSRP if the watch is highly sought-after. They have the best pricing and coverage imo.
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6 February 2021, 03:41 AM | #32 |
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I too have State Farm under their articles policy. The premium is 1% and any watch over $5K requires an appraisal. Under $5K and your purchase receipt can be used.
The one thing I like about State Farm is that they will insure your watch if it is ripped from your wrist. Some rider policies dont cover this act. Its best to find out what the coverage covers. A lot only cover theft from inside your house and not when the item has been taken out of the house.
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6 February 2021, 04:34 AM | #33 | |
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Quote:
Will have to call them now to find out... |
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6 February 2021, 05:12 AM | #34 |
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The other nice thing about State Farm is that they cover repairs from damage as well. On several occasions I have dropped a watch or slammed it up against something which required repair and they covered it fully. No arguments no questions. I submitted the receipt for a full repair and overhaul and they covered it. I am not sure if the other companies do that.
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6 February 2021, 05:33 AM | #35 | |
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Quote:
With Rolex's the replacement cost can differ from the rrp,if you have to go grey to avoid a long wait,so an original certificate of value from an AD would be of a lower price to what you may have to pay,your relationship with your insurer is important for this. I have never had secure storage specified for our policy for our jewellery, but have heard of companies that have. Insurance can be a mine field,and as values of property increases thy try harder to wriggle out of paying for loss.My experience is only UK based I hasten to add. |
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6 February 2021, 06:41 AM | #36 | |
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Quote:
I looked at that but found their mkt value quote was substantially higher than my current mkt value policy with USAA. Sent from my iPad using Tapatalk |
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6 February 2021, 07:00 AM | #37 | |
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Quote:
I took the OP up on his suggestion for Elite Time Pieces. They got me my 3 appraisals for insurance in just a few hours. Super nice professional and easy to work with. I’m thrilled. Thanks OP. You totally helped me out major here. Sent from my iPhone using Tapatalk |
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6 February 2021, 07:11 AM | #38 |
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I have some with JM and one with hondinkee sp? or something like that (the travel clock guy dating John Mayer) you know what I mean.
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6 February 2021, 10:15 AM | #39 |
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In the FWIW department:
I have a close friend, a senior independent property claims adjustor, who does mostly seven and eight figure claims: Chubb is the best company he deals with. They perform as agreed, and pay. Also, if anybody has reinsurance from Lloyds, watch out, he says. They've sustained big losses, and have become extraordinarily difficult. From another close friend, an attorney: When he gets a case insured by State Farm, he cringes, because they don't pay for months or years, until he's forced to claim bad faith. |
6 February 2021, 10:32 AM | #40 | |
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Quote:
This^^ I am an insurance agent and I both write and use for myself Jewelers Mutual. Great policies and can be purchased online. Sent from my iPhone using Tapatalk |
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6 February 2021, 10:38 AM | #41 | |
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Location: KY
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Quote:
Most of the contractors in my area won’t take claims work for any carrier with the word “state” in their title for this very reason. Sent from my iPhone using Tapatalk |
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6 February 2021, 10:59 AM | #42 |
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have all my watches insured through home insurance @ market value. recent purchase I have insured through hodinkee (slightly higher premium compare to home) but it's soo easy to insure (take few photos and you enter market value). highly recommend to others!!
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6 February 2021, 11:11 AM | #43 |
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This thread prompted me to call my State Farm agent yesterday and dig in a bit more. She in turn called the underwriters to further research, then called me back. Basically what she said was black and white is that they are committed to getting your item replaced in the event of a loss. What is more gray is what it costs them in dollars to do this. So as an example, I have watch X insured for $15k. It gets stolen. SF claims to have an extensive network where it can purchase such things, many at discounts. If they are able to buy the same watch, same condition for $12k, they will first offer to give me that watch, but if I instead say I want cash, then they will likely only pay me out $12k. But in the Hulk scenario, if the market is truly $20k, I'm not sure how they'd make the case that it can't be worth $20k. And if they can actually source one for $10k, who really cares? She stressed it really only becomes an issue when you are wanting cash instead of a replacement. Obviously this gets tricky with vintage pieces where the style of font can be +/- $10k. At that point you really just need to have a realistic appraisal and make sure they stay up to date. If you haven't updated your appraisals in 30 years and your 1958 never polished Pepsi is covered for $5k, you can't really complain if that's all they pay you when it gets stolen.
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6 February 2021, 11:29 AM | #44 |
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Don't know about the others, but Jewelers Mutual even pays if you lose the watch and don't know where it is.
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6 February 2021, 11:31 AM | #45 |
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Not if you have a personal articles policy it won’t raise your homeowner insurance. When you get in a car accident does that raise your homeowner insurance? Nope...
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7 February 2021, 09:07 AM | #46 | |
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Quote:
I am considering the same move. USAA hasn’t been easy to deal with regarding Rolex prices vs market value. |
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12 February 2022, 04:30 PM | #47 |
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A
A
Last edited by bigdecker; 12 February 2022 at 04:37 PM.. Reason: A |
12 February 2022, 04:56 PM | #48 | |
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Location: Georgia
Watch: 116500
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Quote:
USAA required an appraisal to increase the value from whatever the original purchase price was. bought my sub in 2018, paid 8550. to replace it today would cost ~15K. If i want to insure for 15K, i need to get a $200 appraisal for USAA to agree. No thanks, it's 2022. I also don't use fax machines. With Chubb, snap a few pics, type in your watch value, and they insure for up to 150%. Global coverage, including theft, loss, and damage. If your watch is stolen and they pay on it and later recover it, you have the option to buy it back for the price they paid out. Watches under 100K do not need appraisals. unregistered, New watch acquisitions are covered for 90 days, up to 25% of policy value (no more calling USAA in the AD to insure before walking out the door). I pay 1500/year for 113K in coverage @ Chubb. Major Metropolitan zip code.
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116610LN | 226570 Polar | 326934 Blue | 116500 White 2FA Enabled |
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13 February 2022, 03:19 AM | #49 |
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I use my home insurance policy as well. Unfortunately some of the companies suggested above (like Jewelers Mutual) do not have coverage where I live (Puerto Rico)
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Francisco ♛ 16610 / 116264 Ω 168.022 / 2535.80.00 / 310.30.42.50.01.002 / 210.90.42.20.01.001 Zenith 02.480.405 2FA security enabled |
13 February 2022, 11:29 AM | #50 |
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Thanks to all that contributed to this discussion.
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