How To Determine Proper Insurance Coverage

[LouG]

Merry Christmas Forum -

I searched for comments regarding this subject but came up empty. If anyone knows where this has been discussed a link would be most appreciated....

I'm trying to wrap my head around the appropriate agreed-value insurance coverage for my Submariner 116610LN. The current model 126610LN retail cost per Rolex's website is $9,150. Using DavidSW as a price guide, a NOS 116610LN sells for $16,575 and an unworn 126610LN sells for $17,275.

I'm curious to know if owners are insuring their Rolexes for the current retail value or the current market value. And if the answer is current market value, are their insurance companies allowing them to do so without much fuss. In my case if I were to lose my Rolex through either mere stupidity on my part of if it were stolen, what value would the insurance company use to most appropriately value the loss considering there are little to no Submariners sitting in AD cases to provide for replacement ?

[dpt.calvin]

I’d go market value. Get it appraised. Or go through Hodinkee - I don’t believe they require appraisals.

https://www.rolexforums.com/showthread.php?t=793813

[HogwldFLTR]

Originally Posted by dpt.calvin

I’d go market value. Get it appraised. Or go through Hodinkee - I don’t believe they require appraisals.

https://www.rolexforums.com/showthread.php?t=793813

I just went through Hodinkee for what I think is reasonable market value; nothing could be simpler. No appraisal and just a photo of the watch.

[JodyHighroller]

Check out my thread from last month where I did a poll regarding retail or market.

https://www.rolexforums.com/showthread.php?t=829466

A good majority on here insure for market. Who is your current insurance carrier? Most will insure at any figure you want, but you have to provide a supporting appraisal. It can be a pain because anytime the values change you’ll need to get a new appraisal. This is where Hodinkee/Chubb excel compared to other carriers and not to mention their 150% coverage.

[CarlOver]

What is a reasonable guesstimate for the insurance premium? How much per thousand dollar watch value? When insuring diamond ring, it was 10% of value per year. Well in 10 years if there is no loss you bought another ring but have nothing to show for it. Thanks in advance.

[arcampado]

As others have mentioned, Hodinkee (underwritten by Chubb) will insure at market value. You just need to take pictures of the watch and an appraisal is only needed for a watch over $100K. They will also adjust for market value up to 150% of the insured value in the event you lose your watch and you have a claim within the coverage period. I pay between 1.25-1.50% (depending on insured value of the reference) per year for insurance on all of my watches.