Submariner 116610LV HULK valuation

[gocsan]

Hi all

I've always insured my Submariner 116610LV 'Hulk' since I've bought it 8 years ago. In the previous years, everytime Rolex adjusts the RRP price I've always updated the value when renewing my contents insurance.

However, the 116610LV has been discontinued, and I guess it would be wrong to use the RRP of the newer 126610LV as it's not exactly the same model.

I see on Google that 116610LV is fetching in excess of £20k. What is the best way to guarantee the value of my discontinued watch in case anything happens to it? Do I get it professionally valued with a certificate that can be used in case of a claim? If so, who do you use that is approved by insurers? Typically how much it costs to have it professionally valued?

Thanks

[op41gottacatchemall]

go with average watchfinder price to replace

[padi56]

You can value anything to any price but will insurance pay out the inflated value price thats the big question

[Flyer737]

This is an issue for insurance in the UK at least, where many home insurance products will only insure for what you paid for it and not the market value. I think Hodinkee have a good insurance offering but think it’s only available in the US.

[dpt.calvin]

Originally Posted by padi56

You can value anything to any price but will insurance pay out the inflated value price thats the big question

Isn’t that literally the point of his question? How to get his watch appraised so he can insure it for that value?

[Xtralarg]

Originally Posted by gocsan

Hi all

I've always insured my Submariner 116610LV 'Hulk' since I've bought it 8 years ago. In the previous years, everytime Rolex adjusts the RRP price I've always updated the value when renewing my contents insurance.

However, the 116610LV has been discontinued, and I guess it would be wrong to use the RRP of the newer 126610LV as it's not exactly the same model.

I see on Google that 116610LV is fetching in excess of £20k. What is the best way to guarantee the value of my discontinued watch in case anything happens to it? Do I get it professionally valued with a certificate that can be used in case of a claim? If so, who do you use that is approved by insurers? Typically how much it costs to have it professionally valued?

Thanks

Take it to a jeweller that does valuations on watches and ask them for one, they are in most towns and cities. It should cost £30-£80

[dpt.calvin]

OP - this is a question for your insurance company. Simply ask them if it’s possible and if so, if there’s a list of companies that they will accept an appraisal from.

[ChrisLB1]

I added mine individually to the house insurance and specified a value - my Hulk is insured for £25k
They specify the reference on the policy and my premium increases as the value of the watch increases…. so should cover it ��

[cryptowalkway]

Originally Posted by gocsan

Hi all

I've always insured my Submariner 116610LV 'Hulk' since I've bought it 8 years ago. In the previous years, everytime Rolex adjusts the RRP price I've always updated the value when renewing my contents insurance.

However, the 116610LV has been discontinued, and I guess it would be wrong to use the RRP of the newer 126610LV as it's not exactly the same model.

I see on Google that 116610LV is fetching in excess of £20k. What is the best way to guarantee the value of my discontinued watch in case anything happens to it? Do I get it professionally valued with a certificate that can be used in case of a claim? If so, who do you use that is approved by insurers? Typically how much it costs to have it professionally valued?

Thanks

Finding an insurer who will actually pay out the inflated price in the UK is like finding hen’s teeth. They talk a good fight to get the higher premium and then wriggle out of it

[cryptowalkway]

Originally Posted by ChrisLB1

I added mine individually to the house insurance and specified a value - my Hulk is insured for £25k
They specify the reference on the policy and my premium increases as the value of the watch increases…. so should cover it ��

I’m almost certain they won’t pay that as your receipt will say £7k or whatever it is you paid for it.

[Mystro]

As long as your home insurance has its $25k agreed upon value you should be OK. Your rate is set by that agreed amount. You absolutely need to confirm this when it’s a separate jewelry policy on your home policy.

[BigTasty]

If it's based on your original receipt then that's f****d me for my Ming dynasty vase!

[marc12]

Originally Posted by BigTasty

If it's based on your original receipt then that's f****d me for my Ming dynasty vase!

hahahahahahahaha


@OP use EliteTimepieces, they gave me fair market valuations for my insurance company

[Randy9999]

Originally Posted by cryptowalkway

I’m almost certain they won’t pay that as your receipt will say £7k or whatever it is you paid for it.

That's not the way property insurance works. You insure your property for "fair market replacement value" — not for its original cost. That's why if your house burns down, it is likely insured for what it would cost to replace it rather than for only what you paid for the home 15 years ago.

[28mm]

Sure it's inflated price but try getting watches for the 'deflated' prices.

If I have a loss on most any of my watches, how am I doing to replace any of them for less than inflated prices? they are all mint condition, one owner with box and papers.

Easier said than done.

My insurance is agreed upon value. The insurance company required appraisals on some of the watches but I supplied them for all.

I know it's different in the UK.

[Jshim]

It’s worth noting that generally insurers will expect proof of purchase (receipt) or a valuation either of which need to be within the last 2/3 years to support a claim. If you only have the purchase receipt from many years ago, you’re going to have a battle to get fair market value when you claim.

Check with your insurer for their exact expectations but it is worth having your pieces valued every few years and retaining that to support insured value.

Google will help you find a jeweller suitable to provide insurance valuations and I’m sure you could ask your insurer for any networks/partners they recognise.

[bigdecker]

A rare appearance:

Elite Timepieces com insurance appraisals are conducted to evaluate items at the value they should be replaced in the current market at the exact time of replacement. This could be more than the original MSRP for scarce watches. -RD

[lava flow]

i have had both my Hulk and Ceramic Daytona insured at current market value

my AD provided a 'true market value replacement' which has been accepted by my insurers but i had to pay a premium (not too much) and i have to have an annual inspection of the bracelet clasp (to stop claim of it fell off, lol)

think the Hulk is £20K plus and the Daytona £35K plus

Hulk is pretty much mint and the Daytona is unworn apart from bracelet adjustment - all with papers and bought from AD at RRP

documents are in the safe and cannot be arsed to get them out - sorry

there are some insurance conditions - watches must be in an approved safe (safe installed to UK rules) when not being worn plus the annual clasp inspection by AD

[speedbird]

Originally Posted by lava flow

i have had both my Hulk and Ceramic Daytona insured at current market value

my AD provided a 'true market value replacement' which has been accepted by my insurers but i had to pay a premium (not too much) and i have to have an annual inspection of the bracelet clasp (to stop claim of it fell off, lol)

think the Hulk is £20K plus and the Daytona £35K plus

Hulk is pretty much mint and the Daytona is unworn apart from bracelet adjustment - all with papers and bought from AD at RRP

documents are in the safe and cannot be arsed to get them out - sorry

there are some insurance conditions - watches must be in an approved safe (safe installed to UK rules) when not being worn plus the annual clasp inspection by AD

Sounds very thorough ! Which insurer are you with?

First time I have heard about an annual clasp inspection! Didn't realise an AD offered that. Do they sign a receipt to say 'clasp is OK'?

[lava flow]

Originally Posted by speedbird

Sounds very thorough ! Which insurer are you with?

First time I have heard about an annual clasp inspection! Didn't realise an AD offered that. Do they sign a receipt to say 'clasp is OK'?

in the UK my broker placed my watches and original art through Artsure Home Plus

the AD just inspects the clasp and signs a document saying it is functioning as designed -takes about five minutes

as i said its just to stop fraudulent claims of 'it fell off my wrist' - but i don't see it has any value because you can still make that claim and it cannot be disproved

i lost an Air King in a deep river when fishing from a boat - playing a fish and somehow line got behind the clasp and watch disappeared into the water never to be seen again

[Sprezzatura!,]

Originally Posted by gocsan

Hi all

I've always insured my Submariner 116610LV 'Hulk' since I've bought it 8 years ago. In the previous years, everytime Rolex adjusts the RRP price I've always updated the value when renewing my contents insurance.

However, the 116610LV has been discontinued, and I guess it would be wrong to use the RRP of the newer 126610LV as it's not exactly the same model.

I see on Google that 116610LV is fetching in excess of £20k. What is the best way to guarantee the value of my discontinued watch in case anything happens to it? Do I get it professionally valued with a certificate that can be used in case of a claim? If so, who do you use that is approved by insurers? Typically how much it costs to have it professionally valued?

Thanks

Insurers are aware of the bizarre Rolex secondary market situation. However, underwriters of policies and claims teams won’t facilitate paying out an inflated price over the retail cost.

I suggest you update the value to the latest variant of your watch.

[1665fan]

Originally Posted by lava flow

i have had both my Hulk and Ceramic Daytona insured at current market value

my AD provided a 'true market value replacement' which has been accepted by my insurers but i had to pay a premium (not too much) and i have to have an annual inspection of the bracelet clasp (to stop claim of it fell off, lol)

think the Hulk is £20K plus and the Daytona £35K plus

Hulk is pretty much mint and the Daytona is unworn apart from bracelet adjustment - all with papers and bought from AD at RRP

documents are in the safe and cannot be arsed to get them out - sorry

there are some insurance conditions - watches must be in an approved safe (safe installed to UK rules) when not being worn plus the annual clasp inspection by AD

Sounds like your really enjoying those watches!

[bigdecker]

Have it appraised at the secondary market value to replace the watch on the exact day you appraise the watch. This is most likely going to be more than the original MSRP because of the Rolex supply problem.

[lava flow]

Originally Posted by 1665fan

Sounds like your really enjoying those watches!

snide remark?

i rotate my other three Rolex watches

you are not in the UK so i will forgive your ignorance of the covid situation over here?

i'm vulnerable and not been out in social environments - when things get better and i'm out and about the Hulk and Daytona will be worn as appropriate

but thanks for your interest

[scooba]

Originally Posted by gocsan

Hi all

I've always insured my Submariner 116610LV 'Hulk' since I've bought it 8 years ago. In the previous years, everytime Rolex adjusts the RRP price I've always updated the value when renewing my contents insurance.

However, the 116610LV has been discontinued, and I guess it would be wrong to use the RRP of the newer 126610LV as it's not exactly the same model.

I see on Google that 116610LV is fetching in excess of £20k. What is the best way to guarantee the value of my discontinued watch in case anything happens to it? Do I get it professionally valued with a certificate that can be used in case of a claim? If so, who do you use that is approved by insurers? Typically how much it costs to have it professionally valued?

Thanks

I notice you mention fetching in excess of £20k . Do people really buy them at £20k+ ?

[lava flow]

Originally Posted by scooba

I notice you mention fetching in excess of £20k . Do people really buy them at £20k+ ?

quite simply yes, and prices are rising

look on Chrono24 and some are for sale for over £30K - do they sell? must do as there would not be so many for sale at these prices

also on Chrono 24 ceramic 'Panda' Daytona many asking well over £40K

BUT

it must be in 'perfect' condition with all paperwork/tags/boxes etc

and Daytona prices are still rising as well and probably some way still to go?

its simply the law of supply and demand - its a vicious circle

some are saying the so called 'bubble' will collapse but i see absolutely no sign of this happening any time soon

i know on this forum there is a lot of bollocks talked that watches should only be sold to enthusiasts whatever they are?

we in the West live in a free market economy and i say good luck to anybody who can buy a watch at RRP and sell it to make a profit - think its called business?

[mhester]

It all depends on your insurance policy. I ended up using a broker as most retail insurers don’t cover the value of my watch collection. Hiscox was double what I ended up paying.

My insurer accepts market rate valuations but they must be within the last three years. With the price inflation I may end up valuing some of them twice a year!

I used valuemystuff and got three of them valued this latest renewal for £75. It’s all done online and takes 48 hours to turn around.

[lava flow]

Originally Posted by mhester

It all depends on your insurance policy. I ended up using a broker as most retail insurers don’t cover the value of my watch collection. Hiscox was double what I ended up paying.

My insurer accepts market rate valuations but they must be within the last three years. With the price inflation I may end up valuing some of them twice a year!

I used valuemystuff and got three of them valued this latest renewal for £75. It’s all done online and takes 48 hours to turn around.

i use a broker for everything because they can tailor a policy to my exact needs be it cars/watches/original art or unmentionable things , lol

yes, it can cost more but at other times its actually cheaper

i'm just about to update the value of my Hulk and Ceramic Daytona