Rolex Insurance?

[PepsiBezel]

Originally Posted by Cwillis0001

Mind if I ask why? I'm using a homeowners rider now.

Easy to use, and easy to insure current models at their market replacement cost.

[77T]

Originally Posted by HarryFlashman

Easy to use, and easy to insure current models at their market replacement cost.

That is an advantage. My personal articles policy company won’t go above retail if it’s a current model. Also, they won’t payout more than they can do a replacement. Difficult for Rolex, PP, AP, etc hard-to-get models in today’s hyper market state.

[phez]

Originally Posted by Harry-57

I've been looking at this. It's complicated.


I have a professional indemnity policy with Hiscox so they were my next port of call. They wouldn't do valuables only cover, but would do a high value home and contents policy. I've stuck a pin in that and may return at some point. I then got into a long series of discussions with a broker, again offering high value home and contents policies which would pay the current market replacement cost. We were talking in the region of £3-5k premium per year, lots of paperwork, appraisals, independent assessments etc. It sounded expensive and complicated.

I use Hiscox for house and contents insurance. They are very good and the only company who would cover my platinum Day/Date given the market value. Their premium is very good and only require the watch to be kept in an approved safe if not worn, plus an approved alarm system

[strafer_kid]

Originally Posted by Harry-57

I've been looking at this. It's complicated.

First port of call was to my current insurer (M&S) with who I have an unlimited policy but valuables (including watches) are covered at £15k per item and £50k total. This will recover the purchase cost of any of my watches but won't cover all of my Rolex watches for immediate repurchase. M&S would not add additional cover, even if I paid for it. It's just not in scope for them. I further discussed this with my AD last week and their Rolex buyer said that insurance companies are tending to be realistic about reacquisition costs above MSRP but there will usually be a limit on what you can claim. The essential take away at this point is that if I lost my entire collection I would not recover the full value. If I lost one when I was out and about, I would be covered on MSRP and may get back the full cost to repurchase.

I have a professional indemnity policy with Hiscox so they were my next port of call. They wouldn't do valuables only cover, but would do a high value home and contents policy. I've stuck a pin in that and may return at some point. I then got into a long series of discussions with a broker, again offering high value home and contents policies which would pay the current market replacement cost. We were talking in the region of £3-5k premium per year, lots of paperwork, appraisals, independent assessments etc. It sounded expensive and complicated.

I had another chat with my AD who to their credit, would not firmly recommend a supplier, but spoke in generalities and told me who to avoid. I'm now going forward with a plan. I have two discontinued watches that are in my AD for appraisal. When I get a value on them I will get them separately covered with Ripe. The rest of my collection will be covered under my existing home contents insurance up to £15k per item, which is the majority of them. The risk of losing the whole collection is finite but very low compared with losing one when out of the house.

If I become nervous about any other watches in my collection being unreplaceable at their present level of cover I will shuffle them over to Ripe. In the longer term, I will have a chat with Hiscox about a high value policy to cover everything. It's not an urgent requirement, I can mull it at length and Hiscox have a good reputation.

Anything I am not wearing, regardless of its value, and with one exception is locked in a safe, bolted to my office floor and wall. I have battery operated winders in the safe and battery powered lighting. I also have a Wolf winder on prominent display with the cheapest watch I own sitting in it (when it's not on my wrist - they all get a turn). I have no idea if this would make a difference and I hope I never have to find out.

I expect that a lot of insurance companies will only over up to retail price and not the inflated prices that some of these watches are going for. This surely presents something of a conundrum if you happen to land a highly sought after and way above retail price item?

[vh2k]

Originally Posted by KathleenL

Why have you split between two companies? Why not all watches with one company?

The collection insured with Hodinkee is all the hot appreciating models (Daytona, BLRO, BLNR, etc.)… and Hodinkee made it super easy to insure for market value without jumping through a bunch of administrative hurdles.