Insuring my 4 Rolex watches

[Brady2117]

Hey there peeps! So I tried to find the thread but couldn't, it was about insuring our Rollies and would insurance Co take retail appraisal or market value..?

I have State Farm and they gladly took my appraisal from Elite Time pieces, their insurance appraisal is the way to go.
They research that particular model and send back a current market value appraisal. ie my 2019 Hulk box/papers $20k appraisal.

So just a FYI for anyone who cares or wants to insure their rolex for the actual value.

Thx!

[Jmbarrack]

This is great. Thanks. I need to get mine insured but getting the appraisal is half the problem.

[rolexest]

Please change Rollies to Rolex before people on this forum lose it on you lol.
Thanks for the tip! My insurance company only insured for retail value so I will check this out for sure.

[Nodzex]

Originally Posted by rolexest

Please change Rollies to Rolex before people on this forum lose it on you lol.
Thanks for the tip! My insurance company only insured for retail value so I will check this out for sure.

Hahahaha

[77T]

You can pay a premium based on any documented appraisal. You will pay based on $20K for that Hulk.

You collect based upon actual value stated by the underwriter if you ever have a loss. You will not get $20K for that Hulk.

I am insured by State Farm - had a burglary - lost Rolex models among other things - and have gone through their claims process.


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[Nodzex]

What was the premium for all 4 if it is not too much to ask?
Thanks!

[Panader]

Yea what is your monthly payment or annual payments?

I decided to get a box at my local bank for safe keeping. It is not as fun wearing the same watch all week but at least I know they are safe.

[Rogerab]

Premium is typically 1% per year. So a $10k watch is $100 to insure annually.

[HiBoost]

Originally Posted by Brady2117

Hey there peeps! So I tried to find the thread but couldn't, it was about insuring our Rollies and would insurance Co take retail appraisal or market value..?

I have State Farm and they gladly took my appraisal from Elite Time pieces, their insurance appraisal is the way to go.
They research that particular model and send back a current market value appraisal. ie my 2019 Hulk box/papers $20k appraisal.

So just a FYI for anyone who cares or wants to insure their rolex for the actual value.

Thx!

I have State Farm as well... are you putting these under your homeowner's or do you have a separate personal articles policy? I'm using the latter but it's not the cheapest thing in the world. As I plan to grow the watch collection I've been wondering if there was a cheaper way to go. Seems a bit silly to pay as much for watch insurance as I do for my entire homeowner's

[Brady2117]

You're right LOL I meant Rolex NOT Rollies.
I need to correct myself and then answer the question about how much..

So I got my 2020 DJ41, blk sub date and 2019 Hulk appraised and insured. I held off on my 2020 Explorer II polar because they seem to be climbing in value.

For the 3 it came out to $248 a year, plus I have autos, home and life. I don't think personal articles get discount for above policies.
Hope this helps..

[hutch300]

I’d recommend researching insurance here on the forum. A lot of people recommended Jewlers Mutual. I have all my watches with them and it’s pretty easy. They charge about 1% annually like said above. They offer free quotes.

[Paul7]

Originally Posted by HiBoost

I have State Farm as well... are you putting these under your homeowner's or do you have a separate personal articles policy? I'm using the latter but it's not the cheapest thing in the world. As I plan to grow the watch collection I've been wondering if there was a cheaper way to go. Seems a bit silly to pay as much for watch insurance as I do for my entire homeowner's

The problem with this is if you have a watch claim it can raise your homeowner's rates, that's why I use Jeweler's Mutual.

[kieselguhr]

Originally Posted by 77T

You collect based upon actual value stated by the underwriter if you ever have a loss. You will not get $20K for that Hulk.

This is what was explained to me by JM rep when I inquired if I should use market value or sticker price. So I went with sticker price, doesn’t make sense to throw away money.

[Benzsiam]

I would rather insure for the cost that I paid for. The higher value to insure, you will have to pay for higher premium.

[JoseR]

Originally Posted by Paul7

The problem with this is if you have a watch claim it can raise your homeowner's rates, that's why I use Jeweler's Mutual.

Correct. I also use Jeweler's Mutual.

[GADNYC]

Hodinkee has a partnership with Chubb - I haven't used, but it looks simple and you can insure mkt value. #notanendorsement
https://insurance.hodinkee.com/

[HippoPAPAmus]

Originally Posted by kieselguhr

This is what was explained to me by JM rep when I inquired if I should use market value or sticker price. So I went with sticker price, doesn’t make sense to throw away money.

This is interesting. I heard the opposite from my JMI rep. Was concerned after Hulk was discontinued so I got it appraised, resubmitted at $20k and the rep said that was fine and they’d cover for that amount since I was paying the higher premium and could never replace for $9k MSRP.


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[HippoPAPAmus]

Originally Posted by Panader

Yea what is your monthly payment or annual payments?

I decided to get a box at my local bank for safe keeping. It is not as fun wearing the same watch all week but at least I know they are safe.

I strongly recommend getting insurance. I still keep mine in a safe at home, but I wear every single watch I have without worry. Watches are made to be worn and insurance is great peace of mind. Safe deposit box does nothing for you when they are your wrist either.


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[214270Explorer]

Jewelers Mutual also gives a discount if you have a home alarm system.

[iTreelex]

I insure my Rolex, at retail value. idk what rollies are. $20k is steep for a hulk lol

[Brady2117]

Hey HiBoost! I put it under my personal article policy along with my wife's ring.
Btw...a few ppl here said to try Jewelers Mutual. I called them and for my 3 (2020 sub/date, DJ41 and 19 Hulk) they quoted me $743 for 12 months and State Farm got me $248..HUGE difference.

Hope this helps

[HippoPAPAmus]

Re: JMI v. homeowners insurance -

I use JMI despite the fact that they are significantly more expensive than the coverage I can get through my homeowners insurance. Get the actual policies and look at what is covered and what is not. I found that JMI’s definition of a covered event to be significantly more expansive than my homeowners’ policy. For instance, JMI covers lost watches, my homeowners insurance did not.


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[LanceMan]

Have any of you gone thru a claim with JMI? Wondering if they treat their insureds fairly or make them fight for coverage.

[JodyHighroller]

Originally Posted by 77T

You can pay a premium based on any documented appraisal. You will pay based on $20K for that Hulk.

You collect based upon actual value stated by the underwriter if you ever have a loss. You will not get $20K for that Hulk.

I am insured by State Farm - had a burglary - lost Rolex models among other things - and have gone through their claims process.


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Were your watches under their personal article policy? What’s your thoughts on their claim process?

[77T]

Originally Posted by JodyHighroller

Were your watches under their personal article policy? What’s your thoughts on their claim process?

At the time of the burglary I didn’t have a PAP but I do now. It was HO-5 policy. I was flipping regularly, inventory turning often, selling on eBay and a couple here - my agent advised a business policy was needed.

For lots of reasons I didn’t do the biz policy. Now I’ve stopped the flipping so HO-5 + PAP fits my needs.

The claims process on the watch for which I filed a claim was 2 steps on the standard HO-5. They paid a depreciated value in step 1, and then the replacement value when I produced receipts showing the value paid for the replacement.

My first claims rep wasn’t very helpful - I escalated and got one who had better handle on flippers. Ultimately I was satisfied.



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[jrs146]

State Farm explicitly told me that I can insure for fair marker value with a valid appraisal. However they reserve the right to find the same model for less. If they can’t Hough you have up to your insured amount to locate one.


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[shakeb0x]

I have state farm as well and my watches are insured under my personal articles coverage. The appraisal is based on how much I paid, which is retail from the AD. They created an appraisal for me at the end of transaction. I haven't asked State Farm if they will approve the market amount or finding someone to do it for me if they wont.

[EconTigerOrange]

You need the valuation to be on Agreed Value. Avoid Stated Value as it allows the insurer to pay the lesser of Actual Cash Value (ACV) or the Stated Value. Replacement Cost is fine for my SD43, but if I had a Daytona, Pepsi, etc. I’d go with Agreed Value.

[Michael T]

I recently moved from USAA to Jewelers Mutual. Premium is near 1.5% to include my wife’s jewelry. I needed to spend $200 on an independent appraisal on a new DayDate40, that process at USAA drove me away after 30 plus years. My premium went down about 10% in the move.

[T01]

Always use Jewelers Mutual and my appraisals come in at retail from my AD.