To insure or not?

[christian1221]

Just curious as to everyone’s opinion or preference on insuring their watches? I haven’t yet, received a quote from my homeowners insurance company and it was around $250 a year for 2 SS watches. I have 3 right now, and sometimes rotate but wear the Hulk the majority of the time so was thinking about just insuring it. It would certainly be no fun to lose one without the insurance, but I feel the chances are slim of that happening. Anybody that has insured their watch ever have to make a claim?


Sent from my iPhone using Tapatalk

[wesdaniel]

I have insurance on all of mine. $250 for 2 SS seems really expensive - works out to around $12.50 per $K. I pay $5.97 per $K.

I've had to make one claim on a watch (theft) and one on a ring (plumbing loss). Had no issues with collecting.

Had no issue with increased premiums.

[christian1221]

Originally Posted by wesdaniel

I have insurance on all of mine. $250 for 2 SS seems really expensive - works out to around $12.50 per $K. I pay $5.97 per $K.

I've had to make one claim on a watch (theft) and one on a ring (plumbing loss). Had no issues with collecting.

Had no issue with increased premiums.

That’s not bad at all, through homeowners insurance or a company that specializes in jewelry?


Sent from my iPhone using Tapatalk

[wesdaniel]

Originally Posted by christian1221

That’s not bad at all, through homeowners insurance or a company that specializes in jewelry?


Sent from my iPhone using Tapatalk

A Personal Articles rider through State Farm.

[LooseCann0n]

Seems like a good deal - mine is £15.58 per £’000 in UK with Ripe..
Mine are all insured - even my Seamaster which gets no wrist time but would be unhappy if lost/stolen.. a small (although bigger than yours!) price to pay for price of mind.


Sent from my iPhone using Tapatalk

[bp1000]

Insurance seems a bit pointless

Some of my watches are so hard to get now

Plus most of them have a history etched into them

Having said that, still insure them

[Greg 59]

I have heard stories that insurers will only pay out up to MSRP and obviously with some of these hard to get models that falls well short on what you would have to pay out in order to get replaced.

Be interesting to know how true this is. Obviously, custom and practice varies throughout the world.

Sent from my SM-G960F using Tapatalk

[justjay82]

Currently I have a jewelry add-on to my home policy for X amount which would cover replacement of watches or wife’s rings etc.


Sent from my iPhone using Tapatalk

[Rocket launcher]

I insure for piece of mind..
All in cover from theft to mugging
To accidents..
Also MRSP is better than no cover
As that's what I paid and I won't lose anything

[torrente]

I would like to insure but in Panama the best that I have been able to get is this:
- 4.2% of insured items annual premium
- Deductible 10% of the loss
- Nonviolent theft or "mysterious disappearances" excluded

Given it I do not insure, maybe in the future as this market develops further I will reconsider.

[brandrea]

I’ve decided to go without.

Insurance here is expensive whether it be through homeowners or JM. I was paying $800.00 annually for my modest collection of 5 SS pieces, and just got tired of the premium.

I guess I’m prepared to risk losing one as opposed to paying for a new watch every 10-12 years

[1William]

Insurance is a must for me. For the amount of premium you pay based on the recovery of funds should you experience a loss is negligible. A close family member has been in the insurance adjusting and investigating field for almost 30 years. They advised to get the watches and jewelry off of the Home Owners policy as a claim could result in cancelation of the overall policy at renewal time. I am with Jewelers Mutual and have been pleased with adding and deleting watches. I have never made a claim so I can not speak to that. I have also had my watches appraised for market value and the policy reflects that. My Hulk and SD43 are valued in excess of msrp and should I experience a loss they will get me a new watch or pay the stated value. On my other watches the value on the appraisal is for what I can get the watch back for. No need to pay premiums on value that exceeds what the watch is actually worth. My AD is very good at this and does not mind talking about real values. Insure your watches, pay the money and go on. Don't be that guy, but your choice.