Rolex appraisals - best practices?

[Roger Lococco]

I'd like to get my 116500 appraised for insurance purposes. The shop that my AD recommended charges $250 and I gather will call 3 dealers to get pricing (i.e. what they're willing to pay for the watch).

1. Is the price normal? (seems high to me)
2. Should I expect a fair value? (i.e. I'm assuming in the low to mid 40s)
3. Any advice on how / where to best get the watch appraised?

[macrowatch]

Try to see if the insurance company will just agree to the value. (After all you have the pay the higher cost anyways). Usually a quick search on replacement cost will give them an idea.

Usually any carrier that has line item coverage will know what bonkers the watch market is in.

[Roger Lococco]

Originally Posted by macrowatch

Try to see if the insurance company will just agree to the value. (After all you have the pay the higher cost anyways). Usually a quick search on replacement cost will give them an idea.

Usually any carrier that has line item coverage will know what bonkers the watch market is in.

It’s the right approach and makes sense. I tried that. They require an appraisal.


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[mhester]

I used valuemystuff.com very reasonable costs and usually around the value I want them to be insured for. I usually get three done at a time.

[Kap007]

I've gotten free appraisals. I have also paid $60. $250 seems high.

[JoseR]

I requested an appraisal from the B&M greys when I got my two Rolex from two different sellers. Wasn't any problem. Told them I wanted it for insurance purposes.

[Roger Lococco]

Originally Posted by JoseR

I requested an appraisal from the B&M greys when I got my two Rolex from two different sellers. Wasn't any problem. Told them I wanted it for insurance purposes.

What is B&M?


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[Slimpee]

I had Rolliworks give me an estimate on a watch I sent in for bracelet restoration. I was pleased with the letter and my insurance carrier didn’t question it.

I’m not sure if RW does appraisals if they’re not servicing the watch.

[bluestreak]

Originally Posted by Roger Lococco

What is B&M?


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Brick and Mortar

[HHIslander]

$250 is high. It shouldn’t take them more than 15 minutes tops.

[huncho]

250 is high. i think i paid around 150 or something like that for mine (was an AP) at a grey in the diamond district here and that was high as well. i was basically given a price that i could buy it for that day and they added $1k just for a bit of room, not like it did much because the watch is now up almost $10k in 6 months since lol. i think you would wanna have it appraised for 50k minimum but with the way things are going right now it might be best to wait a bit because the daytona can be 60k in a month

i think anything between 75-100 is normal for an appraisal

[KathleenL]

Elite Timepieces (online) does appraisals for market value ($19.99), for insurance ($39.99), or for both ($49.99). I think (because I haven't done it), that you just take a picture and submit it.

[vesnyder]

I just used Elite Timepieces. $39 All done via email, good turnaround and highly recommended.

[Jsol]

Another plus for Elite Timepieces! They have been great and fully accepted by most large insurance carriers. And no need to have your watch out of sight since it's all online.


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[JMGoodnight369]

Originally Posted by Jsol

Another plus for Elite Timepieces! They have been great and fully accepted by most large insurance carriers. And no need to have your watch out of sight since it's all online.


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Do you happen to know if Jewelers Mutual accepts appraisals from this site? Need to redo mine thanks to all this crazy market malarkey

[vesnyder]

Do you happen to know if Jewelers Mutual accepts appraisals from this site? Need to redo mine thanks to all this crazy market malarkey

If they do not, another reason to move over to Hodinkee!

[Tonyr313]

Elite timepieces. Fast and cheapest. JM and Hodinkee accept it.

[Jsol]

Originally Posted by JMGoodnight369

Do you happen to know if Jewelers Mutual accepts appraisals from this site? Need to redo mine thanks to all this crazy market malarkey

It's cheaper for me insure my grails as an add-on to my homeowners policy. I know AAA and State Farm are fine w the Elite appraisals.


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[DCheeta]

Originally Posted by vesnyder

If they do not, another reason to move over to Hodinkee!

Indeed, but OP is in Asia. Not sure if Hodinkee insurance is available there yet.

[Roger Lococco]

Thanks everyone. I will try Elite Timepieces Appraisal and report back in 2 days.


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[Hpozzuoli]

Amica requires riders for each watch. Before the rider is effective they need appraisals. I believe I paid $250 for each appraisal at Providence Diamond.

[nyyankees]

That seems like a lot. I use Elite Timepieces on line. The appraise replacement value which your insurance company will accept for insurance purposes. You send them detailed pics of the watch, serial numbers, model, warranty info if you have it as all that is on there. I want to say it costs $30 - $40 USD.

[Roger Lococco]

So far so good with Elite. Appraisal took 8 hours to get back.

Valuation of $49.5k for my 116500.


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[Roger Lococco]

Step 2. Policy updated.

Thanks again everyone for the great advice. You saved me $210, but more importantly 1 - 2 hours of my time.

[RDT-G23]

I paid $150 for my 126719BLRO. It was worth it-primarily because it is worth so much more on the market (over retail) than my other watches. I usually just get the AD to give me the appraisal when I buy a watch from them, but the my other watches don’t have the “spread” over retail that this watch does, though my white gold Daytona is getting up there. I have a jewelry/personal articles policy with State Farm.


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[nyyankees]

Just want to say I have continued to miss Elite Timepieces for watch appraisals. Quick and easy $39. They just did a couple for me over the past couple months and turn around was with 24 hours both times.


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[shaunylw]

Originally Posted by Roger Lococco

So far so good with Elite. Appraisal took 8 hours to get back.

Valuation of $49.5k for my 116500.


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Wow, they are not very good at this value thing. That’s really high lol.


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[federalgemlab]

Federalgemlab dot com for accurate appraisals the online pdf and online appraisal is handy


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[GADGET-MAN]

Originally Posted by KathleenL

Elite Timepieces (online) does appraisals for market value ($19.99), for insurance ($39.99), or for both ($49.99). I think (because I haven't done it), that you just take a picture and submit it.

I need to have a few Rolex watches appraised for my insurance lead me to this discussion. Most cannot be replaced for what I actually paid at the AD.

Quick question here. When any service gives you an appraisal for a watch they don't physically have and touch "over the internet" how do they verify you actually have a genuine watch and it is not a fake or even someone else's photo. Seems odd like the beginning of a insurance scam.

I maybe completely missing something.

M

[fskywalker]

Originally Posted by KathleenL

Elite Timepieces (online) does appraisals for market value ($19.99), for insurance ($39.99), or for both ($49.99). I think (because I haven't done it), that you just take a picture and submit it.

Have used them a few times, satisfied with their service and accepted by my insurance


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