New Owner (insurance question)

[gg_monogram]

Hi,

i have just purchased my new SubC date, a new owner question here, what kind of insurance to we need to cover our watch? In case of Theft/Stolen(most important), damage, or repair cost?

I would like to get it covered asap. Thank you.

[JMGoodnight369]

Personally I use jewelers mutual but I know most here use Hodinkee too. Both are great. I would look into each and see which one works best for you. Also be sure and get an appraisal for it at market value not retail price. Congrats on the sub and welcome to the club!

[kieselguhr]

I use jewelers mutual and haven’t had a need to change services.

[KathleenL]

I also use Jewelers Mutual.

[gg_monogram]

yes! U raised a very good point i should get an appraisal for market value! thanks all and i will look into Jewelers Mutual

[shirtguy]

How does appraisal for market value work?

I usually just insure based on purchase price of watch from my dealer

[ArtNouveau]

Originally Posted by shirtguy

How does appraisal for market value work?

I usually just insure based on purchase price of watch from my dealer

Hodinkee lets you insure for “agreed value,” i.e. market value and sets your premium accordingly. For example, I would have a long wait trying to get a replacement BLRO or Daytona from my AD so by insuring at secondary value I could replace it quickly.

[28mm]

First step is get your watch appraised. I used Elite Timepieces and they're great.

https://www.elitetimepieces.com/

[dwjez14]

I use jewelers mutual. Easy online setup appraisal needed

[Willyjo]

These seem US based. Any recommendations for overseas.

Currently I keep my collection in safety deposit box and only keep 2 or 3 pieces home at a time. Makes it hard to spontaneously enjoy my collection.

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[Gab27]

I use JM for my Sub. A lot of factors will determine exact price, but there is a good chance it could be under $100 a year to insure to full market value.

[KathleenL]

Originally Posted by dwjez14

I use jewelers mutual. Easy online setup appraisal needed

If it’s a recent purchase, the sales receipt will suffice without an appraisal.

[gg_monogram]

im about to begin my research on JM, before i begin, do they need us to provide with the s/n of the watch or is it a red flag if the insurer ask for it?

[Zack1978]

I have it added to my home insurance policy.

[1William]

Go onto Hodinkee and get insurance today without an appraisal, time delay or additional cost. The price is competitive with JM and ease of coverage is amazing. I have never filed a claim so I can not speak to claims service but they are backed by Chubb which is a very legitimate company. I also have JM and will be transitioning over as time goes by. All of my new watches go on Hodinkee.

[gg_monogram]

just tried to quote on Hodinkee for $15000 market price got me a $430/yr , I dont see a way to bargain / tailor my coverage with them.

[JR16]

Originally Posted by gg_monogram

just tried to quote on Hodinkee for $15000 market price got me a $430/yr , I dont see a way to bargain / tailor my coverage with them.

That quote is WAY too high.


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[Urosfan]

Get a separate rider on your homeowners insurance for your watches


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[JodyHighroller]

Originally Posted by gg_monogram

just tried to quote on Hodinkee for $15000 market price got me a $430/yr , I dont see a way to bargain / tailor my coverage with them.

Goodness, that’s 2.8%~. Have you had any claims before? If not, it must be due to your zip code and relative risk.

You can phone them to discuss your options. It doesn’t hurt to ask! They told me once you go over $200k, they’ll ask you additional questions to help give you discounts. Worth a shot in your case!

[Slimpee]

I see these threads pop up frequently.

Is there a reason to go 3rd party as opposed to homeowner’s policy?

[gg_monogram]

just called my statefarm homeowner policy, $10000/$136, $17000/$229.

However, they want me to get appraisal in order to insure the extra $7000, otherwise, $10000/$136.

But I am pretty confused after they explain how their claiming works, I was told they will find the watchseller and tell me to go there to get it if I ever need to claim, but I am like, a random seller? from where?

[ronricks]

Originally Posted by JodyHighroller

Goodness, that’s 2.8%~. Have you had any claims before? If not, it must be due to your zip code and relative risk.

This.

[ArtNouveau]

Originally Posted by Slimpee

I see these threads pop up frequently.

Is there a reason to go 3rd party as opposed to homeowner’s policy?

Homeowners policies typically have a cap for jewelry that is not enough to replace expensive watches. Sometimes you can pay extra to increase that and compare to standalone policies.

[Slimpee]

Originally Posted by ArtNouveau

Homeowners policies typically have a cap for jewelry that is not enough to replace expensive watches. Sometimes you can pay extra to increase that and compare to standalone policies.

Yeah I have an extra rider specifically for jewelry. I think it’s something like $200/year.

[JSol1]

Originally Posted by 1William

Go onto Hodinkee and get insurance today without an appraisal, time delay or additional cost. The price is competitive with JM and ease of coverage is amazing. I have never filed a claim so I can not speak to claims service but they are backed by Chubb which is a very legitimate company. I also have JM and will be transitioning over as time goes by. All of my new watches go on Hodinkee.

I also have both and have moved my high appreciation watches to Hodinkee…The 150% of market value is a key consideration for me…