Insurance question

[KMdad44]

I have a GMT that is book valued at about $11 500 Canadian. However to replace it would cost me more than double that price because of the dealer watch shortage. I went to Rolex and they told me they could only appraise the watch for Rolex's price so my insurance could only insure it for that price. So in the event of a claim I would only get paid out for retailer price, not replacement price. Does anyone know how to get an appraisal for replacement value of my watch?

[MrRothstein]

Not sure if it applies to CA but there should be plenty of insurance companies that will insure for “market” and adjust your premium accordingly. Jewelers Mutual and Hodinkee come to mind first.

If you’re trying to add to a homeowners type policy then maybe get an outside appraisal from a jewelry store that sells preowned.

[watchmaker]

The appraisal is not the issue. Start by talking to your insurer and confirm if they will cover you for market value, or only retail price.

Not every company will provide market value cover, and if you do not declare the pricing discrepancy at the point of taking the policy you might find they do not pay out at all in the event of loss/theft.

TLDR - Talk to your insurer and ask what they will cover and what they will accept as a valuation and take it from there.

[afmars]

Hodinkee insurance lets you input the market price without any appraisal.

[koronet-kid]

Get a valuation certificate from an independent dealer stating the current market value ensure the watches are listed as standalone items and the insurer will replace or pay at the sum insured it’s the only way currently any insurer can indemnify you

[Johnny Crystal]

Elite Timepieces does quick good appraisals online
My company (USAA) won’t appraise a new watch for more than 5% over cost if it’s less than 5 years old FWIW

[Alfa2109]

Originally Posted by afmars

Hodinkee insurance lets you input the market price without any appraisal.

This. And Hodinkee is great to deal with.

[KMdad44]

Originally Posted by watchmaker

The appraisal is not the issue. Start by talking to your insurer and confirm if they will cover you for market value, or only retail price.

Not every company will provide market value cover, and if you do not declare the pricing discrepancy at the point of taking the policy you might find they do not pay out at all in the event of loss/theft.

TLDR - Talk to your insurer and ask what they will cover and what they will accept as a valuation and take it from there.

They want an appraisal no exception

[28mm]

here you go.

Great service.

https://www.elitetimepieces.com/

[KMdad44]

Originally Posted by 28mm

here you go.

Great service.

https://www.elitetimepieces.com/

Are these people reputable?

[28mm]

Originally Posted by KMdad44

Are these people reputable?

Yes that's why I suggested them!

[Swiss0nly]

Market value not what dealer retails..

[Deepsea Florida]

Skip the insurance. Pocket the money spent on premiums.

If watch is stolen and you can’t afford another one…….buy Casio for $20

[JRell]

I don’t worry about that. As long as I get my MRSP back I’m good.

[dwaine99]

My homeowners only covers MSRP.....and because it was slightly over 10K, AD had to send appraisal letter.

[2nastie]

Curious to know... is Hodinkee insurance only for USA right now? Or have they finally added it for Canada?

[WastedYears]

Originally Posted by Deepsea Florida

Skip the insurance. Pocket the money spent on premiums.

If watch is stolen and you can’t afford another one…….buy Casio for $20

Skip medical insurance. Pocket the money spent on premiums.

If you get critically ill and you can’t afford the necessary medical care…….buy Casio for $20

[Chiboy]

Originally Posted by WastedYears

Skip medical insurance. Pocket the money spent on premiums.

If you get critically ill and you can’t afford the necessary medical care…….buy Casio for $20

I imagine you would agree that they are slightly different situations! One stolen watch for some people might be a $20k hit (or it could be a lot more). No health insurance could be a million dollar issue. Also, the downside to not being able to replace the watch is to not have a watch….

FWIW, I stopped insuring my DJ for the last 20+ years that I wore it. Saved more in insurance premiums than I spent on the watch in the first place. Some have a higher threshold for risk. Some want to insure everything they can. It all comes down to individual comfort level.

[KMdad44]

Originally Posted by 28mm

Yes that's why I suggested them!

thanks 28mm

[KMdad44]

Originally Posted by JRell

I don’t worry about that. As long as I get my MRSP back I’m good.

So if some steals your watch or you loose it you don't want to replace it?

[Sothy]

I don’t think that HODINKEE insurance is available for non-US residents.

OP, which insurance provider are you using in Canada? What percentage of the watch’s value does it cost per year? I think in the USA people are paying about 1 percent it seems…obviously changes depending on policy restrictions, home city, etc.

[Firex]

Get your watch appraised at an independent watchmaker…someplace know for authenticating Rolexes. I had that done and on the appraisal it will list the retail (current cost for a comparable model at AD) and market price (grey price, what it would take to bury the item today as you cannot get it at a store). Send that to your insurance broker;each insurance company will handle jewelry riders differently (attached to your house insurance). Each watch should have its own rider. That being said, I wonder if it’s a good idea to keep insuring my watches because I tend to wear one as my daily and the others are kept pretty secure.

[Arthur Daley]

I only insure watches above a certain price point, and always insure for retail. I have some that are worth 5x what I paid retail (on the secondary market) BUT I figure if they're stolen I'll simple get another- at retail. Even if I didn't have the option to rebuy at retail - I still struggle with the concept of insuring something for substantially more than I paid for it. YMMV!

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