How to insure a used Rolex?

[JJL]

If I buy a used Rolex and want to add it to my insurance - do I need to get an appraisal first? If so, could I just go to any AD and do they charge for the appraisal?

When we insured my wifes rings for example, I had appraisal papers for those to prove their value. I'm assuming I need that for the watch?

Help appreciated, thanks.

[StarSovereign]

You don't really need to do an appraisal to do a watch, at least I didn't with USAA. Just do a personal property plan and insure the watch for the amount it will cost to replace. I would insure it for the price of a new one too. With USAA I had to give them model numbers and serial numbers to verify I actually owned the watches. I have both my GMT-IIc and my SS/18kt DJ insured for a total of $14,500, which is the price they would cost new, and it's only $28 per month!

[t e x]

Welcome to TRF. That's exactly what one would do to insure their timepiece. When you get a rollie...post pix's.

...looks like wether the appraisal is needed or not is up to the underwriter.

i bet if you needed it for the rider on your wifes jewerly, the insurer will want one too on the rolex imo.

[JJL]

Thanks for the info guys. I actually just shot an email over to my insurance agent asking what he would need from me.

I'll be sure to post pictures!! ;)

[t e x]

in all actuality, i too did not submit an apprasial for my rider (was lazy on my answer.. using phone. initially the home office of my carrier state farm agent requested it done by a certain date...had to schedule an appointment at a local ben bridge ad. since i was pressed for time, i sent the same info as Erik above with pictures and my agent did the rest and policy was about $65 for the year for replacement, no ded.

we are look forward to seeing your future pickup

[Art161]

Originally Posted by StarSovereign

You don't really need to do an appraisal to do a watch, at least I didn't with USAA. Just do a personal property plan and insure the watch for the amount it will cost to replace. I would insure it for the price of a new one too. With USAA I had to give them model numbers and serial numbers to verify I actually owned the watches. I have both my GMT-IIc and my SS/18kt DJ insured for a total of $14,500, which is the price they would cost new, and it's only $28 per month!

My insurance gives me the option to insure for MSRP replacement cost or MSRP replacement cost plus local sales tax. I insure for the cost plus sales tax. Just something to consider.

[z32turbo]

Mine did require an appraisal.

[t e x]

Originally Posted by Art161

My insurance gives me the option to insure for MSRP replacement cost or MSRP replacement cost plus local sales tax. I insure for the cost plus sales tax. Just something to consider.

Good point as my policy includes tax in the replacement value