MSRP vs Replacement value

[60sec]

Hi all. I know this tropic has come up before, but I’m a bit confused and hoping to shed some light on it. I just purchased a new SS Daytona from my AD. He wrote an appraisal for the replacement value (45k). My insurance agent says that my policy, however, requires the insurance company to replace the watch in the event that it is lost or stolen, regardless of the cost. His advice is to insure the watch for only MSRP, as anything more than that is not necessary. Does anyone have any experience with this. Thank you!


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[sj24k]

Replacement value for me. Always.


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[huncho]

insure for replacement value

[Filipão]

Do your homework by gathering a dozen prices from similar Daytonas for sale on C24 and present them to your Insurance guy.

Average price would be accepted imho.

[Polar Bear]

I'd be concerned your insurance company will try to wriggle out of replacing your watch when they see the difference between Retail and Market Value and just cut you a cheque for its insured value instead of sourcing you a replacement

[padi56]

Originally Posted by Polar Bear

I'd be concerned your insurance company will try to wriggle out of replacing your watch when they see the difference between Retail and Market Value and just cut you a cheque for its insured value instead of sourcing you a replacement

Well like all insurance they will always find the cheapest option when paying out.

[Vintyage]

I think insisting on the replacement value will make them do it.


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[drrd]

Congratulations on getting that piece from an AD.

Maybe your insurance agent doesn’t understand the time and spend history (or ‘lottery ticket’ good luck) that allowed you to make this purchase.

[77T]

Originally Posted by padi56

Well like all insurance they will always find the cheapest option when paying out.

Very true in cases of Rolex loss.

Policies allow them to collect premiums based upon any ridiculously high appraised value. Same policy has language that explains how a claim is paid based upon their own value to replace.


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[Kevin1!!]

HODINKEE insurance does not require appraisal and gives you 150% of what value you put in. It is underwritten by Chubb, one of the best.


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[brandrea]

Originally Posted by 77T

Very true in cases of Rolex loss.

Policies allow them to collect premiums based upon any ridiculously high appraised value. Same policy has language that explains how a claim is paid based upon their own value to replace.


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Indeed.

Lately you’d have to adjust your policy every week

[NachoNeal]

Originally Posted by Kevin1!!

HODINKEE insurance does not require appraisal and gives you 150% of what value you put in. It is underwritten by Chubb, one of the best.


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Instead of replacement value or MSRP, my homeowners insurance company also uses "insured value". I suppose the risk is that if the watch skyrocketed in value I would have to kick in my own extra money to replace. Alternatively, if the watch went down in value, I would be left with extra cash after replacement.