Insurance Replacement Cost for New Daytona

[wclowe]

Hi All,

I was visiting my local AD last weekend and saw that he had a Daytona in the display case.

My wife and I decided to pull the trigger and I am now adding it to my insurance and would like your help in deciding how much to put as the replacement value.

It is a two-tone, black MOP w/ diamonds, model #116503-0009. Sorry I can’t link a picture but I’m new to the forums...

Thanks in advance for your help!

[Tools]

Most insurance companies are not going to accept your guess, they are likely to accept a verifiable MSRP value, which is the replacement cost.

[wclowe]

That’s what I thought but my insurance company USAA seems to allow me too put in a value above that which is supported by my documentation (receipt, pictures, etc.)

In my submission I pointed out the scarcity and the delta between A.D. costs and secondary market costs and the underwriter has accepted it each time.

[G.D.BeanCounter]

Purchase receipt or current appraisal should be sufficient

[Oystersteel92]

Originally Posted by wclowe

Hi All,

I was visiting my local AD last weekend and saw that he had a Daytona in the display case.

My wife and I decided to pull the trigger and I am now adding it to my insurance and would like your help in deciding how much to put as the replacement value.

It is a two-tone, black MOP w/ diamonds, model #116503-0009. Sorry I can’t link a picture but I’m new to the forums...

Thanks in advance for your help!

My insurance company used my receipt and purchase order from the AD to insure my Daytona for exactly what I paid for it (MSRP + tax). With prices continuing to climb on the secondary market, I've considered getting a market price appraisal from my AD and upping the insurance coverage. Doesn't seem like much need now, working from home and living in a very safe area, but when things open back up more and I start to travel again I'll probably do that.

[Doc Savage]

Originally Posted by G.D.BeanCounter

Purchase receipt or current appraisal should be sufficient

Since we know it would be tough to replace a Daytona via an AD at MSRP, I'd get an appraisal from a place that understands the current Rolex market and Gray Market prices.

[FTX I]

Originally Posted by wclowe

It is a two-tone, black MOP w/ diamonds, model #116503-0009.

Originally Posted by Doc Savage

Since we know it would be tough to replace a Daytona via an AD at MSRP, I'd get an appraisal from a place that understands the current Rolex market and Gray Market prices.

I could be wrong but I think the receipt with msrp would be enough.

[Simon_jrees]

Originally Posted by wclowe

Hi All,

I was visiting my local AD last weekend and saw that he had a Daytona in the display case.

My wife and I decided to pull the trigger and I am now adding it to my insurance and would like your help in deciding how much to put as the replacement value.

It is a two-tone, black MOP w/ diamonds, model #116503-0009. Sorry I can’t link a picture but I’m new to the forums...

Thanks in advance for your help!

When I insured my steel and gold Daytona the insurance company checked on the Rolex website for it's value.

[zoenoadad]

I had my SD43 stolen this summer. I had luckily had it appraised last year for a few thousand over MSRP, and even a thousand dollars more than I paid for it through a grey. The insurance company paid it to the penny. Definitely get it appraised from a reputable place and send the insurance company the documentation; they should cover replacement value, not MSRP.

[Patton250]

Have the dealer you bought it from make an appraisal PDF that you can then upload or email to your insurer. Every AD should be able to do this. All mine do.

[1William]

No issues with a certified appraisal. I have several Rolex watches insured for significantly more than msrp.

[gatorgrad]

My insurance company accepted an online appraisal from Chrono24 to support replacement cost.

[Doc Savage]

Originally Posted by FTX I

I could be wrong but I think the receipt with msrp would be enough.

It's enough for the insurance company, but not enough for the insured.

[JTL31]

Originally Posted by 1William

No issues with a certified appraisal. I have several Rolex watches insured for significantly more than msrp.

William how was this achieved? Reason I ask, is my AD will only do MSRP unless watch has been discontinued; then “fair market value” will be noted on updated appraisal. TIA

Originally Posted by gatorgrad

My insurance company accepted an online appraisal from Chrono24 to support replacement cost.

Naive question... so excuse me. How did you get appraisal from Chrono24? (Or) did you just submit pics w/price listings? TIA

[Patton250]

Originally Posted by JTL31

William how was this achieved? Reason I ask, is my AD will only do MSRP unless watch has been discontinued; then “fair market value” will be noted on updated appraisal. TIA



Naive question... so excuse me. How did you get appraisal from Chrono24? (Or) did you just submit pics w/price listings? TIA

What William is talking about is legitimate and can be done. You will just need to find an independent appraiser that I’m sure will charge a fee but will appraise a watch for what’s its worth not the retail cost. Here in Florida I have a guy in Orlando that can do it for a fee.

[JTL31]

Originally Posted by Patton250

What William is talking about is legitimate and can be done. You will just need to find an independent appraiser that I’m sure will charge a fee but will appraise a watch for what’s its worth not the retail cost. Here in Florida I have a guy in Orlando that can do it for a fee.

Thank you! Both of my Rolex were discontinued this year.

[Kliminator]

Originally Posted by zoenoadad

I had my SD43 stolen this summer. I had luckily had it appraised last year for a few thousand over MSRP, and even a thousand dollars more than I paid for it through a grey. The insurance company paid it to the penny. Definitely get it appraised from a reputable place and send the insurance company the documentation; they should cover replacement value, not MSRP.

Out of curiosity - who do you have your insurance with?

[OttawaSteve]

A Daytona in a display case? With that kind of luck, who needs insurance?

[FTX I]

Originally Posted by Doc Savage

It's enough for the insurance company, but not enough for the insured.

Not sure you understood my post. I was trying to say that model is not hard to get and doesn't have any kind of premium as far as I know.

[Robf52]

On another thread today Hodinkee partnering with Chubb for watch insurance; apparently reasonable rates and no deductible.

[Dini]

I’d definitely get it appraised. I had a 116710BLNR that was stolen in July 2019 and the insurance were only willing to pay out with a hallmark voucher at one of the WOSG stores or cash equivalent to RRP which was £7150 at the time. I had to fight tooth and nail to get the cash value of what I had it insured for (£11.5k) and that’s only because they had advised me not to insure it for more as the market price was continually increasing and I had to get the phone call sent to me to listen to as they initially claimed to have listened to it and ‘they never advised me’. I got very lucky to get what I got back. Get it appraised by a reputable company and regularly at that!

[Calatrava r]

I would think an insurance company would have a hard time, when the claim is made, paying someone more than MSRP, where the insured actually paid MSRP and the watch is still in production selling at MSRP. But some say they have had their claims paid for full insured market value above MSRP. I would clear it with whatever insurance company you use first and follow their guidance.

[ZOOK]

Originally Posted by FTX I

Not sure you understood my post. I was trying to say that model is not hard to get and doesn't have any kind of premium as far as I know.

Yep, looks like some missed the reference info.

[shapiroeric]

Insure it for actual cash value, not replacement cost....you just have to pay for it....

[Sprezzatura!,]

Originally Posted by zoenoadad

I had my SD43 stolen this summer. I had luckily had it appraised last year for a few thousand over MSRP, and even a thousand dollars more than I paid for it through a grey. The insurance company paid it to the penny. Definitely get it appraised from a reputable place and send the insurance company the documentation; they should cover replacement value, not MSRP.

Can you give details of who appraised, and more importantly, who your insurance company is please?

[FTX I]

Originally Posted by ZOOK

Yep, looks like some missed the reference info.

Exactly. Maybe I should have been more specific. People browse the forum while doing other stuff and sometimes is hard to read between the lines.

[coaxial]

As others have stated get it appraised; I got collection appraised by my personal & local Jeweler who knows the market/what they are looking at. They also do my jewelry & works closely with specific insurance agencies for "appraised replacement value" (Jewelers Mutual; etc).

[upsidedownbelt]

I also have usaa and I just called to raise the value of my hulk. They told me if you bought it more than 5 years ago they can go by an appraisal. If you bought it within 5 years it is msrp. I tried raising the value in my BLRO and they wouldn’t let me.