DaytonaC Replacement Value Appraisal for Insurance

[TitanCi]

A higher appraisal just means a higher premium. I have my watches and wife's jewelry insured with State Farm also. My agent doesn't care what the appraisals say, he just insures for the amount that's on there: higher appraisal just means I'm paying more per year.


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[Russell996]

Originally Posted by Speed

Thankfully I’ve never had to attempt to get my insurer to make good on a claim on a modern piece.

I also heard many companies try to buy you the modern replacement at an AD with whom they have a relationship.

I dare say the Daytona C might make replacement a problem due to scarcity...would most insurers just cut a check? Anyone know if they’d really have the pull to get the Watch - or would they give up after a month, a year, or??? And cut a check at msrp?

From experience they won’t ever pay out in cash, always a replacement. If what you had isn’t available you either wait or get something else for the same MSRP. This is why the pieces I have that would require a long wait or be impossible to obtain are insured for grey market value and this is done with the insurance companies approval and knowledge.

[wildcat465]

Originally Posted by Russell996

From experience they won’t ever pay out in cash, always a replacement. If what you had isn’t available you either wait or get something else for the same MSRP. This is why the pieces I have that would require a long wait or be impossible to obtain are insured for grey market value and this is done with the insurance companies approval and knowledge.

From experience, this is exactly correct. The only comment I'd add is that if replacement value is X, but you insure for X-Y (i.e., for less than replacement), insurance will pay up to the policy limit + profit for the seller. Also, some policies inlude annual price escalation to capture inflation.

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[RHIII]

interesting thread. My AD gave me an appraisal for MSRP when I got the 116500, and that was that same as all others is purchased, all insured at MSRP - same as many others.

In the event of a claim, they will cut a check to the AD (and me) of my choice for a replacement - or towards something else if [it] is unavailable. It is not the responsibility of the insurance company to source a replacement - simply cover the value. Same with my wine collection - which to me is the more unfortunate case, should you ever have to enact the policy - you can find another watch much easier.

But, insurance policies on luxury items are more for the owners peace of mind -

Just my .02

[breitlings]

Market value > MSRP on this watch. it is an interesting discussion.

[aquatimerfla]

Originally Posted by breitlings

Market value > MSRP on this watch. it is an interesting discussion.

Discussion has been settled. OP can get a 3rd party 'appraisal' and insure for such w increased premium.

Authorized Dealer appraisal? MSRP. As DaytonaC is in current production, NOT a limited edition. Daytona C will be sold for at least the next 8 years and as the 116520 before it.....it will become much easier to obtain.......the MSRP of a Daytona in 5 years for that matter will not exceed the ludicrous values being paid today. 116520 had the exact same pattern.

'Value' is subjective and flucuates from month to month. Does the Submariner LV command a higher 'appraisal' these days? one could argue yes.

Higher the appraisal higher the premium.

Authorized Dealers will only appraise @ MSRP

[Speed]

Originally Posted by Russell996

From experience they won’t ever pay out in cash, always a replacement. If what you had isn’t available you either wait or get something else for the same MSRP. This is why the pieces I have that would require a long wait or be impossible to obtain are insured for grey market value and this is done with the insurance companies approval and knowledge.

Thanks. I have an AP 15300 blue dial. Best I could get would be a 15400...but I don’t think I’d like the bump from 39mm to 41mm.

[Shams99]

Interesting discussion.

Insured value is usually is higher than the replacement cost. IE. Diamonds rings. APpraisals are the value you pay your premiums at but insurance companies can get a diamond ring wholesale much cheaper. My Wife’s engagement ring was apraised at 3 times my cash value that i paid a wholesale jeweller. I wanted a lower value to insure as it just meant a higher premium. Even though I wanted it replaced it my agent said they would just buy the diamond cash and replace it. Hopefully don’t have to ever find out. Insurance is only good till you need it.

ALso if you do insure it for more than it is worth will they pay out your claim, they are not in the business of losing money so the it will be in the details of the policy which ALWAYS favour them. I would pay to language in policy if it is market replacement or insured value replacement.
My 2 cents.
Get a 3rd party appraisal and ad and take which makes you more comfortable.