Insure Your Watch?

[santoshlv426]

I'm i the midst of renewing my insurance. The watches are listed. My question is do you insure based on the value at purchase or based on the current valuation which escalates the value annually with the regular price increases

[Phil8352]

Maybe this has been mentioned already, but all HO policies have internal limits for items like jewelry, electronics, guns, etc. $2,500 for jewelry is typical. If you’re banking on your HO policy covering you in the event of disaster, think again.

You need to add a rider to the policy specifically covering listed items. I have added my wife’s engagement ring and my Rolex for $175/year with $0 deductible and loss, theft, damage are all covered 100%.

Went with appraised value, not price actually paid.

[Benjack]

Originally Posted by jasonbellevue

Our watches and other valuables are all well documented with pictures and appraisals and fully insured partly for estate planning and peace of mind.

+1

[qtracer]

I just picked up a 116519LN, super excited.

Anyways, my current jewelry insurance policy is BriteCo, I was like okay, have other jewelry and had a higher end watch through them the past couple of years, no claims or changes in location or status. To my surprise, I go to add the new watch and I get denied, I am like wtf? So, I go back and forth with their support as there is no one to answer a phone call, just a text with a virtual agent that is worthless. I then email support, I get a response of we can't say why, it is a proprietary algorithm, blah, blah, blah. Watches are high risk, etc. So, I even lower my value, make sure to let them know I have a safe, etc and again, denied.

So, I am venting to my wife about the frustration with BriteCo, she says call other companies. Anyways, I find Hodinkee (underwritten by Chubb), what a pleasant and simple experience. I simply put my info, the watch year, reference number, value and a picture (took 5 minutes). Ended up being $530 for the year on a 40k value, even let me pay semi annual.

My opinion, BriteCo bad, Hodinkee good.

Thanks for letting me vent. Hopefully, I can save someone from experiencing my frustrations.

[Bozzie1982]

Originally Posted by Deepsea Florida

Waste of money.
It’s like setting the premium money on fire.

Odds are nothing will ever happen. If it gets stolen is your life going to change ?
Obviously the odds are greatly towards you will never need it. That’s the way the insurance company makes money.

Personally I take a pass.

That's the whole point of Insurance really..... You hope you never do need it however, nice to know if your collection gets pinched you're getting what you paid back. I'd rather that than nothing.....

[sampelligrino]

Anyone still using Jeweler's Mutual, and like it?

Looks like my options would be rider/personal articles policy from State Farm (my home insurance), Jeweler's Mutual, or this new Hodinkee offering that the thread linked prior made me think twice on as they probed literally every aspect of his life after he sadly had his watches stolen..

[dukie748]

Had JM for years, no complaints - but no claims either.

[L_S_SHOE]

I’m also curious about which carrier to go with?

State Farm is very expensive and has a pretty bad reputation when filing a claim, at least in my part of the world.


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[ArtNouveau]

Originally Posted by L_S_SHOE

I’m also curious about which carrier to go with?

State Farm is very expensive and has a pretty bad reputation when filing a claim, at least in my part of the world.


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I’m in my 3rd year with Hodinkee. Very simple procedure to sign up and the premium is based on “agreed value” that you get to choose. I have mine insured at the low end of “market value” so if one was lost I could replace it quickly if desired. I’d like to think my AD would help me replace stolen watches but it wouldn’t be quick.

[sampelligrino]

Originally Posted by dukie748

Had JM for years, no complaints - but no claims either.

I've used JM in the past as well, very simple after uploading the pictures and appraisal, but like you no claims. State Farm my insurer is stupid expensive to add the personal articles policy/rider... maybe don't fix what's not broken and just go back to JM..

[sampelligrino]

In people's experience, 2% of watch value for annual premium sound on par? Good or bad?

[MannyMann]

I have most of my watches covered under a separate jewelry policy it worth it.

[sunnygps]

I have all my watches insured with Hodinkee for over two years now. Never had any claims, so don’t know how good they are with their claims process.

[MDR143]

Curious if anyone has filed a claim through Hodinkee/Chubb and how that went?

When I did mine to my basically asked for nothing except a picture. No serial number etc

[ALS]

Originally Posted by sampelligrino

In people's experience, 2% of watch value for annual premium sound on par? Good or bad?

I'm not the right person to respond, but Hodinkee/Chubb came out to 1.6% of my inputted current-market-value.

I’ll probably cancel once the hype dies down and preowned/grey is around retail or slightly below. As it stands, it would be 48 years of premiums to pay for the retail price.

My entire life my family has pounded into my head “insurance is only for things you can’t afford to replace” and therefore “if you can’t afford to replace it, you can’t afford it.” This is the first thing I’ve ever insured that I wasn’t required to in some form or another.

[JSCP]

Originally Posted by worktolivelife

have my white gold daytona insured! costs me £8-9 month covers everything including accidential damage not just theft but loss or just pure idiot factor i drop it damage the case "new case" covered!! home and on holidays abroad. worth it it me! IMHO

steve

Which company do you use and is it USA?, sounds like a very low cost insurance per month premium.