To insure or not?

[aphil]

Update: I ended up insuring with jewelers mutual and I had a very positive experience. I also asked a couple of ADs that I trust and they had nothing but great things to say about their previous experiences with JM. Ended up paying around 1.2% for my sub. Now I wear my watch more freely thanks to a -possibly false- sense of security.

When I looked into adding it to my home insurance, it seems that doesn't cover international travel, which is one of the main reasons why I want to insure.

[wesdaniel]

Disregard. Just saw OP bought a policy already. Wear in good health!

[ricardo-sf]

I have a rider on my homeowners - got a pretty good price ..

[infinitejester]

Jewelers Mutual has always been great to me (never had to make a claim but their customer service is top notch whenever I've gone through the application process for watches in my collection). Small price to pay for peace of mind.

[Token74]

I have just invested in insurance for the first time as my collection has reached a point where it would hurt a lot if something happened to it!

I’ve gone for adding it to my home insurance as the cover is so comprehensive both at home and overseas, and at 1% it seemed pretty good value. They were also happy to insure at market value rather than MRSP where market value is greater (I.e. BLRO and Nautilus).


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[Quailhunter]

All my watches and my wife’s jewelry are insured for replacement new value. This takes the price escalation from being my problem to be the insurance company problem. I have a 35 year old DayDate that I have about $10k in. It’s insured for about $34,000 (current new AD price). The stuff is insured on a special rider on my home owner insurance.

[supernova]

I personally don't believe in insurance. The price you are charged vs the chance of it happening is hugely inflated by the insurance companies, which is how they make so much $. I only buy insurance where I legally have to, ie. car, mortgage protection etc.

I believe, once I'm careful enough then I can generally avoid anything bad in life, if it is going to happen then so be it, no need to pay someone waiting for it to happen..

Anyways, best of luck with your Sub and wear in good health!

[InitialAndPitch]

A few years back I was renewing my annual travel insurance policy. They wanted 3.5% of purchase price and you had to send them a copy of the receipt upfront.

My watches are insured for travel at a small increment on the home and contents policy. I told them that I had paid over retail and the serial number and actual purchase price covers me. But when away, the watch is only covered in your wrist or if its in a safe.

[NYG1121]

Nothing beats storing them in a safety deposit box because it is basically free. If someone snatches one off my wrist then that's just sh** luck

[Tomas Eriksson]

I have a dedicated insurance for my time pieces. I want to be able to wear my pieces with a piece of mind

[richard371]

I use personal articles policy through StateFarm. They will only play me the price of the watch plus the tax. It’s been a nightmare trying to get it appraised for what it’s worth as it changes all the time but at least I’m covered for what I put into it.

[bobernet]

I wouldn’t bother for a single watch. For a whole collection, absolutely.

[Notsoprobro]

I am also going through JMI. I have a lot of family heirlooms and now my 116713; they asked me to get the jewelry appraised and it'll be a flat 1.3%/yr for everything once I submit the appraisals. As for my watch, they just asked for proof of purchase and are going to cover me for the purchase amount on the watch. They also cover repairs which would be worth it to me. I figure that everything I'm having insured is extremely sentimental to me; so I'd hate for anything to happen to it.

[steadywaters]

Oof. JM quoted basically 2% (cuz NYC) and no car or home to add a rider. Just a single Sub as well -- I'll take my chances.

[t65tampa]

My watches are insured through amendments to my home owner's policy. Costs me a bit over 1% insured value per year.

[reeko]

Originally Posted by Notsoprobro

I am also going through JMI. I have a lot of family heirlooms and now my 116713; they asked me to get the jewelry appraised and it'll be a flat 1.3%/yr for everything once I submit the appraisals. As for my watch, they just asked for proof of purchase and are going to cover me for the purchase amount on the watch. They also cover repairs which would be worth it to me. I figure that everything I'm having insured is extremely sentimental to me; so I'd hate for anything to happen to it.

For your 116713, what happens when a watch like yours is discontiued? Would you get it replaced from a grey seller or would you get a new watch (ex. Tt chnr) and pay the extra money? From what I saw the 116713 msrp was less than the tt chnr.

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[blada4life]

Does JM or other insurers require the watches be stored in a safety deposit box when not worn?


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[SpeakWithMichael]

Anyone know if JM offers this to clients who permanently live abroad? Or if not, another well-known and reputable international insurance provider for luxury goods?

[Gtecko]

I never thought about it but maybe I need to contact my insurance... I have a 16710, how can the insurance give you replacement value if the watch is discontinued ?

[Kliminator]

Originally Posted by blada4life

Does JM or other insurers require the watches be stored in a safety deposit box when not worn?


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No - not required. But might give you a lower premium.

[a_plus1234]

state farm
covers 100%- even if it's my fault. Lost, stolen, or if my kid flushes it down the toilet

[pikers]

I insure all of my watches through Jewelers Mutual. Thankfully I haven't had to make a claim but everyone that I've worked with has been friendly and helpful. I personally find their annual premiums reasonable given the coverage they offer. For example, I have my 114060 covered for MSRP + tax with no deductible and it costs me $117/year. I'll happily pay for that to have piece of mind.

[jeffnnj]

I pay $400 year for my 228235 to my homeowners and if anything at all happens to it anywhere in the world it’s replaced regardless of cause.


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[Fallranger]

I’m also on homeowners. About $120 for every $10,000 of blanket jewelry coverage.


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[liuk3]

Originally Posted by NYG1121

Nothing beats storing them in a safety deposit box because it is basically free. If someone snatches one off my wrist then that's just sh** luck

I don't know about yours, but the contents of my safety deposit box are not insured by the bank. If it gets stolen or damaged while in the safety deposit box, then it is on me, and the bank is not responsible for it.

[LittlePud]

My insurer wanted 4%. I told them to take a hike.

[mbrown55]

State Farm charges me about 1% and it covers loss and damage

[mudd]

JM here and nothing but good experiences. That being said, I am fortunate and have never had to file a claim.

[tpool]

I use JM @ 1%


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[bhziii]

I have my 116710LN and 116610lv insured as a separate policy with my homeowners at State Farm for $205 a year combined.