Insurance for Rolex Watches

[ian6988]

I have no idea if the qoute they gave me is a fair deal? This is a completely separate policy from my homeowners insurance. Premium seems reasonable. Any input is appreciated.

Anyone have any experience in claiming a loss, theft or damage of their watch through State Farm?

Here’s the list:

1. Rolex GMT Master II - 116710BLNR - $8950
2. Rolex Submariner Date - 116610LN - $8550
3. Rolex Oyster Perpetual 39 - 114300 - $5700
4. Rolex Datejust II - 279173 - $9150

State Farm’s annual premium quote for all 4 watches:

· $201 per year - $0 deductible
· $179 per year - $250 deductible
· $158 per year - $500 deductible

This covers all perils and damage.

[Mystro]

Does this cover while you are wearing the watches?? Many cover them but not while being worn. No joke.

[ian6988]

Originally Posted by Mystro

Does this cover while you are wearing the watches?? Many cover them but not while being worn. No joke.

Yes, I was told this covers all perils even away from my residence.

[Flyinghunter]

Originally Posted by Mystro

Does this cover while you are wearing the watches?? Many cover them but not while being worn. No joke.

This is news to me...very interesting, - as I'm considering additional insurance.

[Mystro]

Originally Posted by Flyinghunter

This is news to me...very interesting, - as I'm considering additional insurance.

I wanted to add that my Allstate homeowners initially covered my jewelry for a very low price BUT, it covered it being stored in a home vault and not wearing. I inquired who and why get insurance on jewelry you can’t wear??
My new “wear it” price through Allstate was higher but not more than other policies with the amount of $$$ jewelry. This was a additional insurance coverage plan through my homeowners. I am a “very good” customer with no claims.

The moral is...don’t assume anything and give them a hypothetical scenario how and what real world risks you might have with your watch. Let them explain what they would do and pay in that particular scenario if something were to happen.

[Rad22]

Wow. That sounds pretty good. I’m paying $85 for my dj41 $11400. However I’m not sure if there is a deductible, it’s with my home insurance


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[doboy007]

Originally Posted by ian6988

I have no idea if the qoute they gave me is a fair deal? This is a completely separate policy from my homeowners insurance. Premium seems reasonable. Any input is appreciated.

Here’s the list:

1. Rolex GMT Master II - 116710BLNR - $8950
2. Rolex Submariner Date - 116610LN - $8550
3. Rolex Oyster Perpetual 39 - 114300 - $5700
4. Rolex Datejust II - 279173 - $9150

State Farm’s annual premium quote for all 4 watches:

· $201 per year - $0 deductible
· $179 per year - $250 deductible
· $158 per year - $500 deductible

This covers all perils and damage.

Seems about right. I paid $117 recently for $19700 coverage for BLNR and LVc (+ taxes) through State Farm. This is for $0 deductible and separate from my home insurance.

[Stuk]

For comparison best I could get in Australia:

2017 DateJust 41 $12,000AUD (= $9,360 USD @78c)

Premium $375.73AUD (=$293USD)
Excess $50AUD

Very good comprehensive specialist Jewellery/watch policy.

[Fabrice M]

Home owner insurance typically do not insure high end jewelry/ watches.

[JacksonStone]

Originally Posted by Fabrice M

Home owner insurance typically do not insure high end jewelry/ watches.

Not under the standard policy for the home, but if you take out a rider for the specific pieces, you can get coverage under the policy. You pay an additional premium, and only the listed pieces are covered.

[Fabrice M]

Originally Posted by JacksonStone

Not under the standard policy for the home, but if you take out a rider for the specific pieces, you can get coverage under the policy. You pay an additional premium, and only the listed pieces are covered.

Correct

[ian6988]

Originally Posted by Fabrice M

Home owner insurance typically do not insure high end jewelry/ watches.

Yes, my agent told me that my current homeowners insurance will only cover a maximum of $2500 for jewelry, that’s why I’m looking into adding more insurance.

[TitanCi]

Originally Posted by ian6988

Yes, my agent told me that my current homeowners insurance will only cover a maximum of $2500 for jewelry, that’s why I’m looking into adding more insurance.

I have a Personal Articles Policy with SF. Your quote seems right. I'd opt for the 0 deductible. 201$ for a year is nothing and look at what they're insuring. I pay $3xx for more coverage than you and think that's very fair.


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[perryj]

Call jewelers mutual

[ian6988]

Originally Posted by perryj

Call jewelers mutual

I just went to Jewelersmutual website and looked up the cost, it’s $364 annually compared to State Farm’s $201, both no deductibles.

[doboy007]

Originally Posted by ian6988

I just went to Jewelersmutual website and looked up the cost, it’s $364 annually compared to State Farm’s $201, both no deductibles.

Yeah, JM wasn’t cheap. It was similar to what AAA wanted to charge me for a rider.

[Justindo]

That seems like a pretty good premium. It's about 1/6th of the cost of Jewelers Mutual based on their website.

[JR16]

I had a blue YM stolen while insured w State Farm. They were a HUGE pain in the ass to deal with. They investigated my finances, interviewed me in person, sent someone to hotel where it was stolen (I of course had a police report ) and 6 months later when they were satisfied I wasn’t trying to defraud them I got a replacement watch. It wasn’t pleasant. I’ve since switched insurers.


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[Seekthefinest]

I recommend Jewelers Mutual as well... I am paying $159 per year for $13k of coverage with a $250 deductible.

[bjr011]

Jewelers Mutual is hard to beat. Unfortunately I had to make a claim about a year ago with them and they were extremely easy to deal with.

[hbombkid]

That seems like a good price. I only have one watch insured but a good amount of my wife’s jewelry is insured. I have close to your total cost insured and I pay like 210 a year for a policy with travelers, no deductible and covers everything.

[Rocket_Man]

That seems like a good deal. I'm paying about JewelersMutual rates on a homeowners rider through USAA.

[DocHorton]

That's a good price. I have JM and pay 1.5% of value for my yearly premium with a $100 deductible.

[Max16013]

Looks right to me.

Good for you for insuring them.

[TJMangum]

I have a State Farm rider for watches, jewelry and musical instruments and it sounds similar to my cost per thousand. I called when I sold an 11k watch and they said it was covered in transit too.

[56scooter]

I have my watches insured through State Farm here in New York and I pay 1% of the appraised value, no deductible. When I requested a quote from JM they quoted me 1.5% of appraised value again with no deductible. Your quote seems very reasonable and appears that State Farm takes into account your geographic location! I must Live in a high crime area!! LOL

[mattedialdoc]

Originally Posted by 56scooter

I have my watches insured through State Farm here in New York and I pay 1% of the appraised value, no deductible. When I requested a quote from JM they quoted me 1.5% of appraised value again with no deductible. Your quote seems very reasonable and appears that State Farm takes into account your geographic location! I must Live in a high crime area!! LOL

I’d like to jump on this thread with a question that others may have also:

How does one get an appraised value on a vintage Rolex?

I don’t know anyone in my region that has the expertise to generate an appraisal of a vintage 1675, 5513, 1680, etc. And while modern pieces depreciate out the door, my vintage pieces have appreciated massively in the last couple years. I had one AD say they would just list whatever a “comparable modern Sub” would cost..?!!

Does anyone have experience with getting vintage appraisals and dealing with Insurance coverage?
Thanks


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[Brian HCM#1]

Originally Posted by mattedialdoc

I’d like to jump on this thread with a question that others may have also:

How does one get an appraised value on a vintage Rolex?

I don’t know anyone in my region that has the expertise to generate an appraisal of a vintage 1675, 5513, 1680, etc. And while modern pieces depreciate out the door, my vintage pieces have appreciated massively in the last couple years. I had one AD say they would just list whatever a “comparable modern Sub” would cost..?!!

Does anyone have experience with getting vintage appraisals and dealing with Insurance coverage?
Thanks


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I had an appraisal done on my vintage DayDate. I had it appraised/insured for full current replacement value. The value of the watch is $9-$10K, I have it insured for over $31K.

[r32nissan]

Originally Posted by 56scooter

I have my watches insured through State Farm here in New York and I pay 1% of the appraised value, no deductible. When I requested a quote from JM they quoted me 1.5% of appraised value again with no deductible. Your quote seems very reasonable and appears that State Farm takes into account your geographic location! I must Live in a high crime area!! LOL

Would you mind sharing your agent? I’m here in NYC and have been considering getting my wife’s jewelry and my watches insured.

[Rolex addict]

You got a very good deal. My premium with State Farm is ~1% of the insured value covered. My Platona is with JM for ~1.4% of insured value.