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#181 |
"TRF" Member
Join Date: Jul 2023
Real Name: Santosh Gunpat
Location: South Africa
Watch: Dunhill DM7
Posts: 68
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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
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#182 |
"TRF" Member
Join Date: Aug 2011
Location: USA
Posts: 120
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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. |
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#183 |
Banned
Join Date: Nov 2017
Location: USA
Posts: 88
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#184 |
2024 Pledge Member
Join Date: Jul 2024
Real Name: Chris
Location: PNW
Watch: 116519LN in route
Posts: 8
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New Hodinkee Policy
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. ![]() |
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#185 | |
"TRF" Member
Join Date: Oct 2020
Location: Liverpool UK
Posts: 231
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Quote:
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..... |
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#186 |
"TRF" Member
Join Date: Sep 2012
Location: USA
Posts: 1,119
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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.. |
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#187 |
"TRF" Member
Join Date: Dec 2014
Location: Here + There
Posts: 731
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Had JM for years, no complaints - but no claims either.
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#188 |
"TRF" Member
Join Date: Oct 2019
Location: Tennessee, USA
Watch: 16800
Posts: 526
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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. Sent from my iPhone using Tapatalk |
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#189 |
2024 Pledge Member
Join Date: Jan 2013
Location: NWA, USA
Watch: BLRO/Daytona/OP41s
Posts: 5,209
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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.
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#190 |
"TRF" Member
Join Date: Sep 2012
Location: USA
Posts: 1,119
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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..
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#191 |
"TRF" Member
Join Date: Sep 2012
Location: USA
Posts: 1,119
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In people's experience, 2% of watch value for annual premium sound on par? Good or bad?
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#192 |
"TRF" Member
Join Date: Jul 2017
Location: Chicago
Posts: 74
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I have most of my watches covered under a separate jewelry policy it worth it.
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#193 |
2024 Pledge Member
Join Date: Jul 2014
Location: Texas
Posts: 1,144
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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.
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#194 |
"TRF" Member
Join Date: Sep 2021
Location: CA
Watch: 126710 BLNR
Posts: 64
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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 |
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#195 | |
"TRF" Member
Join Date: Feb 2015
Location: Arizona
Posts: 10
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Quote:
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. |
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#196 |
"TRF" Member
Join Date: Apr 2010
Location: USA
Watch: RolexPatekCartier
Posts: 2,356
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Which company do you use and is it USA?, sounds like a very low cost insurance per month premium.
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