Quote:
Originally Posted by train-time
You and I definitely would have insured a $75K watch, perhaps with a fairly high deductible, but nonetheless we would have insured it especially if we were attempting to sell it assuming it would be covered in that circumstance.
I mention that because Jewelers Mutual revised their policies years ago by adding a "Voluntary Parting Clause" to the policy. With the advent of the internet and on-line watch sales they decided the risk that something could go wrong is too great. So, if you are selling the piece and something goes wrong with payment, robbery, lost in shipping, etc, since you are parting with the object, it is not covered.
Other insurance companies may cover it, but not Jewelers Mutual.
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This is interesting.
I'm insured with State Farm Personal Articles Policy. I pay $6.05 per $1K of insured value per year. So, for $338K of coverage, I pay $2,048 per year.
I had a watch stolen 10 years ago and they paid out $7.5K at a $0 deductible with no issues. 2 years ago, I dropped a watch and broke the crystal requiring a full service and crystal replacement and they would have covered that as well (I paid out of pocket so as to avoid any issues with a smaller claim).
They have asked me before whether I buy and sell as a business and, I wonder if this is part of the reason why. I wonder if there is an exclusion if I am trying to sell.
If I look at my highest value watch, if something happened to it, replacing it would cost ~20 years of premiums. While I recognize that the probability is low, I do like the peace of mind that it gives me to be insured.
If my premiums were as high as what some have posted (~4x what I pay), I'd probably think differently about it and would also manage my collection differently.