Robbery Robbed of Rolex Day Date 40 228206 in Southern California

[LFFL]

Originally Posted by 1665fan

Damn dreadlock loser gonna buy a platinum DD…. What were you thinking????

Is this type of response allowed on the forums? What an ignorant statement

[Michael T]

Originally Posted by 1665fan

Damn dreadlock loser gonna buy a platinum DD…. What were you thinking????

A pretty racist comment.

I hope the OP has a favorable outcome. I think it is good to share this experience not just to catch the criminal here, but to remind us of the caution towards face to face, and they may not be of lesser risk.

[yankeeromeo]

Not sure how it translates in the U.S. but i believe cops can take on private work in many statea

In the late 90s, early 00s my dad did some rather large legal cash deals.

You can hire intermediaries/fixers or just plain old bug lumps of a human specimen.

It's really not expensive as you'd think.

[psv]

Sad story. I hope the catch him, and I do hope your watch was insured.

[WilsdorfNDavis]

Originally Posted by EEpro

Because at $1,500 per year it's like having a platinum watch get stolen in your lifetime either way.

My insurance just doesn't cover theft; it covers accidental loss and even partial damage.

That and it'd be about $900/yr for me to insure a $75K watch so well worth it for the piece of mind.

[achenator]

Originally Posted by Deepseadog

What's it like having to go home and tell your wife you just lost $75k? Yikes!

She would be like "well at least you didn't blow another engine in the race car"

[saltyandwet]

Originally Posted by culvercity

I'd suggest doing any kind of large transaction like this in California at a Police Station or Sheriffs Station.

Would the po po really let you conduct private business in the precinct?

[Bstewart]

Originally Posted by saltyandwet

Would the po po really let you conduct private business in the precinct?

Yes, many polite stations have special areas even for these types of transactions.

[Solo118]

Originally Posted by saltyandwet

Would the po po really let you conduct private business in the precinct?

Does not matter. People have no shame these days.

The latest scam is where the buyer shows you an envelope full of cash, then as you take your eye off of it for one second he switches the envelope with one that has papers in side cut the same size as cash.

Sorry to say, this hobby is not as safe as it once was. I prefer to work with people i worked with before, or I just take the hit and trade/buy/sell with our trusted dealers.

[WheresCassAt?]

Originally Posted by lffl

is this type of response allowed on the forums? What an ignorant statement

+1

[Daytonaman799]

Really sorry to hear….best of luck.

[JRell]

How one doesn’t insure any Rolex, including theft, is beyond me. If one can afford a platinum daytona, the insurance premium should be peanuts.

[EEpro]

Originally Posted by JRell

How one doesn’t insure any Rolex, including theft, is beyond me. If one can afford a platinum daytona, the insurance premium should be peanuts.

I surely don't. I think the risk is exceedingly low.

I bought a serious vault many years ago for them while off wrist and don't wear in dangerous places or meet to show them off etc.

$900 a year is like getting 2 subs stolen in 25 years. If it was a good deal for you the insurance companies wouldn't be cutting that deal. They know the risk profile vs price is profitable.

Second reason is the junior front-of-the-office summer intern / new grad clowns at Allstate would be getting a detailed property list they may mention to a cousin who has a buddy etc.

[JRell]

Originally Posted by EEpro

I surely don't. I think the risk is exceedingly low.

I bought a serious vault many years ago for them while off wrist and don't wear in dangerous places or meet to show them off etc.

$900 a year is like getting 2 subs stolen in 25 years. If it was a good deal for you the insurance companies wouldn't be cutting that deal. They know the risk profile vs price is profitable.

Second reason is the junior front-of-the-office summer intern / new grad clowns at Allstate would be getting a detailed property list they may mention to a cousin who has a buddy etc.

To each their own, but I think it’s nuts not to. Again, who cares about $900 a year. If you have a Rolex that is nothing. Also need to shop around. Mine are insured with all my other insurance premiums. I don’t even notice the monthly change when I add. It is like dollars of difference a month.

I really feel for the OP. This is the bad guys fault not his. It is a life lesson and health and happiness are more important. Let’s learn something here on this forum, let this be a lesson for all of us.

[travisb]

Sorry to hear. I'll be following and hope to hear some positive progress on this case.

[brandrea]

Originally Posted by EEpro

I surely don't. I think the risk is exceedingly low.

I bought a serious vault many years ago for them while off wrist and don't wear in dangerous places or meet to show them off etc.

$900 a year is like getting 2 subs stolen in 25 years. If it was a good deal for you the insurance companies wouldn't be cutting that deal. They know the risk profile vs price is profitable.

Second reason is the junior front-of-the-office summer intern / new grad clowns at Allstate would be getting a detailed property list they may mention to a cousin who has a buddy etc.

Originally Posted by JRell

To each their own, but I think it’s nuts not to. Again, who cares about $900 a year. If you have a Rolex that is nothing. Also need to shop around. Mine are insured with all my other insurance premiums. I don’t even notice the monthly change when I add. It is like dollars of difference a month. Especially if you are going to do something as crazy as selling your platinum Daytona to a stranger!

To each their own but I’m with you Brad, I used to insure my watches but grew weary of the premiums.

They add up to much more than “dollars of difference” at least here. The cost to insure a $100,000 collection is roughly $2200 per year. To me, that’s not chump change even if I can “afford a Rolex”.

That’s roughly twice the cost than insuring my home, which is pretty crazy when you think about it.

So for me, I’ll assume the risk of getting robbed of the one that’s on my wrist. The rest are safely stored in the bank vault, and yes, I’m prepared to assume that risk too, should the bank get knocked off and the contents of my box stolen.

[JRell]

Originally Posted by brandrea

To each their own but I’m with you Brad, I used to insure my watches but grew weary of the premiums.

They add up to much more than “dollars of difference” at least here. The cost to insure a $100,000 collection is roughly $2200 per year. To me, that’s not chump change even if I can “afford a Rolex”.

That’s roughly twice the cost than insuring my home, which is pretty crazy when you think about it.

So for me, I’ll assume the risk of getting robbed of the one that’s on my wrist. The rest are safely stored in the bank vault, and yes, I’m prepared to assume that risk too, should the bank get knocked off and the contents of my box stolen.

You need a better quote, that sounds high. Easy to say you don’t need it now! Just my opinion, but when one doesn’t want to pay the premium with so many watches, maybe it is a few watches too many.

[brandrea]

Originally Posted by JRell

You need a better quote, that sounds high. Easy to say you don’t need it now! Just my opinion, but when you don’t want to pay the premium with so many watches, maybe it is a few watches to many.

That’s the best rate I’ve found through my home insurer. I used to be with jeweler mutual.

Yes, insurance is a decision we all have to make for ourselves. My personal views on insurance are contrary to yours and probably most here. I think as a society we are over insured.

As for my collection, I think having multiple watches suits me just fine and as I said, it’s the one on the wrist that’s the most at risk. If it were a $100,000 PP maybe I’d insure it then

[JRell]

Originally Posted by brandrea

That’s the best rate I’ve found through my home insurer. I used to be with jeweler mutual.

Yes, insurance is a decision we all have to make for ourselves. My personal views on insurance are contrary to yours and probably most here. I think as a society we are over insured.

As for my collection, I think having multiple watches suits me just fine and as I said, it’s the one on the wrist that’s the most at risk. If it were a $100,000 PP maybe I’d insure it then

Cheers agree! Everyone finds their own balance.

[Chiboy]

Wow, just read this whole thread.

That really sucks, and like others, glad it wasn't worse. FWIW, when you get off TRF, it turns out that insuring every last thing you can insure isn't the way the entire world thinks. Some choose to "self insure" because they can afford to absorb the loss if it happens. It's not stupidity. It's a choice! I stopped insuring my DJ probably 30 years ago, never had it stolen or lost, and would have likely paid 2x the original cost of the watch in insurance premiums over the years. I do insure my platinum Daytona, but only for what I paid for it, not for current value (whatever that is).

One thing I would add that hasn't been mentioned: I would google the cell phone number of any potential buyer. If it's a google number, walk away. If it's an anonymous prepaid account, walk away (especially on a $70k watch). Not saying OP didn't do this, but it's another way to verify the buyer is who he says he is. The more public profile you can find on line, the more confidence you have that the person is who he says he is.

Good luck, OP.

[JRell]

Originally Posted by Chiboy

Wow, just read this whole thread.

That really sucks, and like others, glad it wasn't worse. FWIW, when you get off TRF, it turns out that insuring every last thing you can insure isn't the way the entire world thinks. Some choose to "self insure" because they can afford to absorb the loss if it happens. It's not stupidity. It's a choice! I stopped insuring my DJ probably 30 years ago, never had it stolen or lost, and would have likely paid 2x the original cost of the watch in insurance premiums over the years. I do insure my platinum Daytona, but only for what I paid for it, not for current value (whatever that is).

One thing I would add that hasn't been mentioned: I would google the cell phone number of any potential buyer. If it's a google number, walk away. If it's an anonymous prepaid account, walk away (especially on a $70k watch). Not saying OP didn't do this, but it's another way to verify the buyer is who he says he is. The more public profile you can find on line, the more confidence you have that the person is who he says he is.

Good luck, OP.

I get it, and I am one that thinks you absolutely should insure your Rolex. Do I insure my TVs from Best Buy, no. Because I don’t walk around with it and relatively inexpensive to replace. But valuable items, even if I can easily self-insure as you suggested, I want insured and realize that is my choice. If I had datejust from 30 years ago bought for $500 dollars, of course you wouldn’t insure that. I also don’t insure my old Tag sitting on my dresser. But we are talking about a 70k watch. I know plenty of people that can easily afford to lose 70k, but doesn’t mean they wouldn’t insure it. If we are talking about a multiple billionaire, I mean maybe that is different, but I don’t see a billionaire selling his watch online either. Make sense? As I said to each their own, but I 100% don’t insure everything, and I also only ensure my Rolex at what I paid for, not market value. Just want to become whole in case something like this would happen and not add salt on the wound.

[train-time]

Originally Posted by JRell

I get it, and I am one that thinks you absolutely should insure your Rolex. Do I insure my TVs from Best Buy, no. Because I don’t walk around with it and inexpensive to replace. But valuable items, even if I can easily self-insure as you suggested, I want insured and realize that is my choice. If I had datejust from 30 years ago about for $500 dollars, of course you don’t insure that. I also don’t insure my old Tag sitting on my dresser. But we are talking about a 70k watch. I know plenty of people that can easily afford to lose 70k, but doesn’t mean they wouldn’t insure it. If we are talking about a multiple billionaire, I mean maybe that is different, but I don’t see a billionaire going to sell his watch online either. Make sense? As I said to each their own, but I 100% don’t insure everything, and I also only ensure my Rolex at what I paid for, not market value. Just want to become whole in case something like this would happen and not add salt to the wound.

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.

[JRell]

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.

Wow - which begs the question, is flipping it really that worth it? Great info, I did not know this. How about since I commented this morning I reached out to my agent which got back to me right way. I am covered for theft, but get this, it doesn’t cover wear and tear (I get) insects & vermin (interesting) and War/Nuclear Hazard! If there's a war and/or nuclear hazard going on I don't think my Rolex would be much of a concern!

[Chiboy]

Originally Posted by JRell

I get it, and I am one that thinks you absolutely should insure your Rolex. Do I insure my TVs from Best Buy, no. Because I don’t walk around with it and relatively inexpensive to replace. But valuable items, even if I can easily self-insure as you suggested, I want insured and realize that is my choice. If I had datejust from 30 years ago bought for $500 dollars, of course you wouldn’t insure that. I also don’t insure my old Tag sitting on my dresser. But we are talking about a 70k watch. I know plenty of people that can easily afford to lose 70k, but doesn’t mean they wouldn’t insure it. If we are talking about a multiple billionaire, I mean maybe that is different, but I don’t see a billionaire selling his watch online either. Make sense? As I said to each their own, but I 100% don’t insure everything, and I also only ensure my Rolex at what I paid for, not market value. Just want to become whole in case something like this would happen and not add salt on the wound.

Agreed. Do whatever you’re comfortable with.

[EEpro]

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.

These little BS gotchas in policies is another reason why I don't bother. My house was burglarized in 2016 and I lost a significant amount of valuables and didn't even bother to file a claim. I figured after paying a deductible and a new higher rate per year I'd end up just spreading the loss over more years and Allstate would end up ahead collecting higher premiums over a longer period.

[kohuti02]

Originally Posted by dtwer

I am sorry to hear this unfortunate story. Nothing saddens me more than unsuspecting people getting victimized by criminals.

This type of stories should also serve as a cautionary tale against the prevailing notion, among certain segments of the Rolex owners, that Rolex watches are a good investment vehicle.

For watch dealers, yes Rolex watches may be a good business. That's because dealers have the established sales channel to manage the risks associated with buying and selling. For individuals, such channel does not exist, as illustrated in OP's story. Rolex watches, as such, are not liquid enough to be a good investment vehicle for the casual watch owners.

Well put 👍

[wesdaniel]

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.

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.

[EEpro]

.

[Neo_Anderson302]

https://www.nbcsandiego.com/news/loc...3170248/?amp=1

[Len S]

To the OP, I am also very sorry to hear what happened to you, and hopefully the authorities can locate the thief, and you are able to get your watch back. Thank goodness that you were not injured or worse. I am also glad that you brought this incident to our attention, because it reminds us of what can happen even when we believe we are taking enough precautions.