AP price increase again?

[chiscott_29]

Originally Posted by Patton250

That is a problem isn’t it. You have to get an updated appraisal and my A.D.’s won’t do it for sure. They will only appraise it for what retail is.

You need to ditch the old school mainline insurers. This way of valuing personal valuables like watches is frustrating and archaic. Not to mention, no AD or jeweler is going to appraise your watch at “market value”. That’s a completely subjective term and they open themselves up to liability if they do so. Any legitimate AD or jeweler will “appraise” at whatever you paid. If you use a watch dealer, of course you could get an appraisal for whatever you paid which would be assumed to be market price (of course assuming they are qualified to give appraisals).

If you are a customer of a carrier that has a tendency to attract high net worth individuals, get a separate Personal Articles/Personal Collections policy. These are offered from companies such as Chubb, Nationwide Private Client, PURE, and a handful of others.

If you’re not a customer of those companies, look into some of the new offerings from WAX or even HODINKEE. These guys understand the watch market and have policies that handle all of this automatically. For example, their agreed/insured value automatically covers a 50% increase so you don’t have to worry about it each and every year. If you insure a Submariner for $10k, you’re really covered up to $15k.


Sent from my iPad using Tapatalk

[huncho]

Originally Posted by Patton250

That is a problem isn’t it. You have to get an updated appraisal and my A.D.’s won’t do it for sure. They will only appraise it for what retail is.

i was hoping to at least get it appraised for the new msrp as i'd now be 2 raises behind (bought it on the grey market in dec 2019 a week before the unexpected price increase). i'm not sure how people generally insure these types of watches though, is it better to insure for the grey market value or msrp?

[chiscott_29]

Originally Posted by huncho

i was hoping to at least get it appraised for the new msrp as i'd now be 2 raises behind (bought it on the grey market in dec 2019 a week before the unexpected price increase). i'm not sure how people generally insure these types of watches though, is it better to insure for the grey market value or msrp?

You need to insure at the price you can replace it, pure and simple.

For example...If it’s an Omega, I’d insure at MSRP because I can go to the boutique and get a new one today. If it’s an AP Royal Oak, you should probably insure at market value unless you’re certain you can get another one at MSRP from your AD. To replace it quickly you’d have to resort to the secondary market.


Sent from my iPad using Tapatalk

[huncho]

Originally Posted by chiscott_29

You need to insure at the price you can replace it, pure and simple.

For example...If it’s an Omega, I’d insure at MSRP because I can go to the boutique and get a new one today. If it’s an AP Royal Oak, you should probably insure at market value unless you’re certain you can get another one at MSRP from your AD. To replace it quickly you’d have to resort to the secondary market.


Sent from my iPad using Tapatalk

that's how i always felt but i remember reading a few cases here where insurance companies were able to work to get a replacement at msrp. dunno maybe i'm making things up lol, or it might have been for rolexes which is different, i'll have to dig

[chiscott_29]

Originally Posted by huncho

that's how i always felt but i remember reading a few cases here where insurance companies were able to work to get a replacement at msrp. dunno maybe i'm making things up lol, or it might have been for rolexes which is different, i'll have to dig

Maybe in the past, but I can’t imagine this works now. Insurance companies have no standing to compel anybody to sell something to them.

Imagine if an insurance company can strong arm an AD into selling things to customers at retail just because there has been a loss event. In this day and age you’d have scams all over the place with people posing as insurance agents calling and visiting AD’s


Sent from my iPad using Tapatalk

[Kliminator]

Originally Posted by huncho

that's how i always felt but i remember reading a few cases here where insurance companies were able to work to get a replacement at msrp. dunno maybe i'm making things up lol, or it might have been for rolexes which is different, i'll have to dig

You could call your insurance company and ask what they would do in that situation. I use Jewelers mutual at the moment but think I'm going to move over to chubbs via hodinkee for the ease of jwo they insure (via app / online, no appraisels necessary, etc.)

FWIW my BLRO is insured at market ~$18k but my 15450 is insured at my purchase price. I need to up all my values when I move to the DINK

[huncho]

Originally Posted by Kliminator

You could call your insurance company and ask what they would do in that situation. I use Jewelers mutual at the moment but think I'm going to move over to chubbs via hodinkee for the ease of jwo they insure (via app / online, no appraisels necessary, etc.)

FWIW my BLRO is insured at market ~$18k but my 15450 is insured at my purchase price. I need to up all my values when I move to the DINK

i'm with jewelers mutual as well and they said they require a new appraisal anytime you want to raise the value

just did a quote on hodinkee for a 15450 at $25,000 value...it quoted me for $1000 a year lol. 20k would be $800 a month

[chiscott_29]

Originally Posted by huncho

i'm with jewelers mutual as well and they said they require a new appraisal anytime you want to raise the value

I can’t obviously tell you what to do, but Jewelers is not a good option given the current state of the watch market. Once again, nobody is going to write you an appraisal for a hypothetical market value price. If you paid market price from a dealer that can write professional appraisals, they’ll provide something at the price you paid. Short of that, you’re stuck with appraising at MSRP.

[huncho]

Originally Posted by chiscott_29

I can’t obviously tell you what to do, but Jewelers is not a good option given the current state of the watch market. Once again, nobody is going to write you an appraisal for a hypothetical market value price. If you paid market price from a dealer that can write professional appraisals, they’ll provide something at the price you paid. Short of that, you’re stuck with appraising at MSRP.

i'll most likely reach out to who i bought it from since they gave me the initial appraisal or just go to the diamond district here and get it appraised. but either way it's not much better elsewhere (see my edited post)

[chiscott_29]

Originally Posted by huncho

i'll most likely reach out to who i bought it from since they gave me the initial appraisal or just go to the diamond district here and get it appraised. but either way it's not much better elsewhere (see my edited post)

Wow...those quotes from Hodinkee are atrocious. There has to be a mistake unless there’s something in your risk profile that’s throwing them off.

The absolute most you should be paying is $1.35 per $100 of coverage.

Check out WAX and see what they come back with.

[Kliminator]

Originally Posted by huncho

i'm with jewelers mutual as well and they said they require a new appraisal anytime you want to raise the value

just did a quote on hodinkee for a 15450 at $25,000 value...it quoted me for $1000 a year lol. 20k would be $800 a month

That is insane.... Probably based on your zip? See below for my quote:

[huncho]

Originally Posted by chiscott_29

Wow...those quotes from Hodinkee are atrocious. There has to be a mistake unless there’s something in your risk profile that’s throwing them off.

The absolute most you should be paying is $1.35 per $100 of coverage.

Check out WAX and see what they come back with.

wax gave 280/yr for 20k with 1k deductible

Originally Posted by Kliminator

That is insane.... Probably based on your zip? See below for my quote:

yeah it's absolutely insane, yours is very reasonable. most likely has to do with the fact that i live in brooklyn. insurance premiums generally suck here

[dchang81]

hodinkee insurance for me was actually the cheapest by a longshot. there were discounts for me having a safe at the bank as well as safe at the home and alarm system. wouldnt be surprised if it's related to the zip. edit: yes your brooklyn zip makes more sense. im in suburbia. not sure what to make of my grand seiko. quartz grand seiko added like $5 a year to my premium i guess no one bothers with those.

[chiscott_29]

Originally Posted by dchang81

hodinkee insurance for me was actually the cheapest by a longshot. there were discounts for me having a safe at the bank as well as safe at the home and alarm system. wouldnt be surprised if it's related to the zip. edit: yes your brooklyn zip makes more sense. im in suburbia. not sure what to make of my grand seiko. quartz grand seiko added like $5 a year to my premium i guess no one bothers with those.

You can get cheaper rates at WAX as well if you have a safe at home. Also I believe they may offer different rates based on how much your coverage is “on person or at travel”. For example, if you have $500k in watches in your home safe but you never travel with more than $100k in watches, you’ll save significant money.

I just think you need to reach out to them for these special cases as the app quote is pretty basic at this time and doesn’t take more complex situations into consideration.

In terms of your lower priced watches, I prefer a blanket policy to cover the sub $10k watches if you have several of them. You’ll save money that way instead of insuring each one individually. Unfortunately you need to get a blanket from a traditional carrier, but it’s something to consider based on the make up of your collection.


Sent from my iPad using Tapatalk

[edslee327]

Originally Posted by huncho

i'm with jewelers mutual as well and they said they require a new appraisal anytime you want to raise the value

just did a quote on hodinkee for a 15450 at $25,000 value...it quoted me for $1000 a year lol. 20k would be $800 a month

That's insane! I'm sure you get what you pay for, but i'm paying about $800 a year for both my 38mm AP chrono and the wife's 34mm RO, insured to $57K for both - through StateFarm... stolen/mysterious disappearances/damages etc... claims handling services might be faster with a Chubb or Jewelers Mutaul (actually used to work at Chubb), but ultimately all the insurance companies are going to pay for the same types of losses on personal articles policies

[Kliminator]

Originally Posted by huncho

wax gave 280/yr for 20k with 1k deductible



yeah it's absolutely insane, yours is very reasonable. most likely has to do with the fact that i live in brooklyn. insurance premiums generally suck here

Yeah man - that sucks. Hodinkee quote is actually cheaper than what I'm currently paying for Jewelers mutual.

[Sulituan]

Originally Posted by kimwizzzuuu

steel ro perpetual jump over 17% in mainland china, i assume other market would be similar.

17%?!?!

[Kliminator]

Prices still missing from US site. Wondering why they are taking so long to publish if they are raising? Lol

[sgwatchguy]

Prices now missing from the Singapore site as well.

[AG_Watches]

I added a no deductible personal articles policy through statefarm for full replacement value on my 26331st, 116710blnr, 7+ rings and a bracelet for 85k in total insured value for $891.00 annual premium and all items are labeled as daily use/wear/non safe kept.

[Tcjreid]

Singapore prices updated on the website - looks to be around 5%. Here’s hoping allocations arrive before the next hike!

[Vivalas]

A 15500 on the uk page is now £20,900. Before they were £19,900.

[AshAP]

Originally Posted by Vivalas

A 15500 on the uk page is now £20,900. Before they were £19,900.

Ouch.


Sent from my iPhone using Tapatalk

[NYG1121]

US updated this AM. Similar hikes

[macrowatch]

Originally Posted by huncho

that's how i always felt but i remember reading a few cases here where insurance companies were able to work to get a replacement at msrp. dunno maybe i'm making things up lol, or it might have been for rolexes which is different, i'll have to dig

It depends on the policy itself (this is where a good agent is important). Are they insuring replacement or are they insuring the itemized value for payout?

Also, you could get totally screwed in a generic policy where for example a per claim attached to home policy is a 5k deductible, so well...if a 5k Omega gets stolen, well...you might as well not claim the loss.

At this point, I'm itemizing the AP's at market rates for peace of mind, but very expensive peace of mind.

Also, if that 26574st price is in fact 78k USD now, ouch!!!

[Timelessness]

Website has been updated for SGD. 15500ST increased by 1,500 from 30,300 to 31,800.

[Jgives]

Website updated in Vietnam too.
528,818,250 Dong! That’s a whole lotta Dong!

[hlkenlh]

US official site updated price, almost 10% increase on some pieces


Sent from my iPhone using Tapatalk

[Token74]

Checked a few watches that i follow and the UK price increase is 5% on those.


Sent from my iPhone using Tapatalk

[wiswrist]

15407st is up to $57,900 (5% increase). There have been 3 price increases in the last 12 months (if my memory serves me correctly) ...

~$43,000 --> $51,500 --> $55,100 --> $57,900

That's a ~35% overall increase. Pretty wild.