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25 April 2015, 07:46 AM
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#1 |
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"TRF" Member
Join Date: Apr 2013
Location: NJ
Posts: 8
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Insurance coverage cost for my Daytona was high
Hey guys,
I had my Daytona G serial appraised through a reputable company online. They valued my insurance coverage of $22k for my stainless steel Daytona. It retails for 13K. Anyone know why the coverage would be 22K? |
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25 April 2015, 08:04 AM
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#2 |
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Banned
Join Date: Oct 2014
Real Name: The Enabler
Location: South Cackalacky
Watch: me crash my bike
Posts: 5,564
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Just go with Jewelers Mutual for coverage. Many people here use them. In regards to your original request, verify they have the correct model and information.
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25 April 2015, 08:12 AM
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#3 |
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Member
Join Date: Jul 2014
Real Name: Roger
Location: ...
Watch: AP/Rolex/PP
Posts: 6,309
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Sounds like they got something out of order-perhaps model number?...Stainless steel Daytona will appraise for $12,000 plus tax.
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25 April 2015, 08:57 AM
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#4 |
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Liar & Ratbag
Join Date: Nov 2009
Real Name: Renato
Location: NYC / Miami Beach
Watch: Rolex Daytona
Posts: 5,344
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They want you to pay a higher premium for nothing. They won't give you $22k for a loss but replace it with a $13k Daytona.
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25 April 2015, 09:18 AM
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#5 |
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2025 Pledge Member
Join Date: Jan 2015
Location: Nevada
Watch: Sky Dweller 326935
Posts: 2,935
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Mine was ~ $100 / yr. I think...
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25 April 2015, 10:53 AM
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#6 |
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"TRF" Member
Join Date: Aug 2009
Location: USA
Posts: 19,741
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My appraiser simply looks up msrp on a price sheet and inserts that with a pic and description of the watch on his letterhead. .. And charges me a fee.
My insurance requires an appraisal. They know it's a racket but that's how it goes. |
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25 April 2015, 10:55 AM
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#7 |
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"TRF" Member
Join Date: Sep 2012
Location: GMT -5
Watch: HulkPepsiCoke
Posts: 2,364
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Find another insurer.
__________________
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25 April 2015, 10:59 AM
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#8 |
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"TRF" Member
Join Date: Oct 2009
Location: USA & France
Posts: 11,077
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You are getting ripped off.
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25 April 2015, 11:21 AM
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#9 |
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2025 Pledge Member
Join Date: Sep 2013
Real Name: Danny
Location: Bay Area CA
Watch: Yellow Gold
Posts: 20,325
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Maybe they mixed it up with white gold try jewelers mutual,noway it would be 22k.
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25 April 2015, 11:22 AM
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#10 |
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"TRF" Member
Join Date: Mar 2015
Real Name: Chris
Location: Toronto
Watch: 116263 LP TOG
Posts: 204
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Jewellers Mutual. $40,000 coverage for 3 items. $0 deductible. $450/annually.
__________________
 228239♕14060M♕1601♕116263 LP♕116234♕ Time is the most valuable thing that a man can spend. |
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25 April 2015, 11:59 AM
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#11 | |
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"TRF" Member
Join Date: Dec 2014
Location: Florida, USA
Posts: 270
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Quote:
That's a good rate, but I think the premium depends on the zip code. |
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25 April 2015, 01:18 PM
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#12 |
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"TRF" Member
Join Date: Apr 2013
Location: NJ
Posts: 8
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Hey guys,
Thank you for the posts. Yes, I agree they probably made a human error. They probably had a type of putting in 12K vs 22K. I already have a policy with Jewelers Mutual so going to ask them to add this as 12-13K. Will talk to the rep and let you guys know how it goes. I went to the RSC in NYC, and it was going to take 10 days for them to valuate it for insurance. Didn't want to wait that long so that is why I went with a online appraisal. |
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25 April 2015, 05:50 PM
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#13 | |
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"TRF" Life Patron
Join Date: Jun 2005
Real Name: Peter
Location: Llanfairpwllgwyng
Watch: ing you.
Posts: 53,239
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Quote:
__________________
 ICom Pro3 All posts are my own opinion and my opinion only. "The clock of life is wound but once, and no man has the power to tell just when the hands will stop. Now is the only time you actually own the time, Place no faith in time, for the clock may soon be still for ever." Good Judgement comes from experience,experience comes from Bad Judgement,.Buy quality, cry once; buy cheap, cry again and again. www.mc0yad.club Second in command CEO and left handed watch winder 
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26 April 2015, 12:31 AM
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#14 | |
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"TRF" Member
Join Date: Jan 2009
Real Name: Larry
Location: Kentucky
Watch: Yes
Posts: 35,214
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Quote:
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2 May 2015, 07:29 AM
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#15 |
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"TRF" Member
Join Date: Apr 2013
Location: NJ
Posts: 8
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Hey guys,
Just wanted to let you guys know that Jewelers Mutual changed the policy after I have requested to cover the daytona for 12K. The watch when purchased was worth 12k so they changed the policy and now covered. Thanks JM! |
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2 May 2015, 09:33 AM
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#16 | |
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"TRF" Member
Join Date: Mar 2012
Location: new england
Posts: 108
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Quote:
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2 May 2015, 10:03 AM
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#17 | |
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"TRF" Member
Join Date: Jan 2015
Real Name: Dave
Location: miami
Watch: Submariner
Posts: 374
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Quote:
How can they appraise a watch without physically inspecting it? Sounds to me it's s huge door for all kinds of fraud. Sent from my iPhone using Tapatalk |
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3 May 2015, 03:38 PM
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#18 |
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"TRF" Member
Join Date: Apr 2013
Location: NJ
Posts: 8
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It was from Value my stuff website. Probably not the best place.
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3 May 2015, 03:38 PM
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#19 |
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"TRF" Member
Join Date: Apr 2013
Location: NJ
Posts: 8
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Yes they did.
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