DaytonaC Replacement Value Appraisal for Insurance

[nikop]

Greetings all—

I've tried searching for an answer to my question to no avail, so forgive me if it's a topic that's already been discussed. I need to have my DaytonaC appraised for insurance purposes (via State Farm), but given that the market value is significantly higher than MSRP, I'm concerned that an AD wouldn't provide an appraisal that reflects a fair replacement value.

Am I correct in this assumption? Have any of you had a 116500 appraised for more than $12.4k (perhaps +tax)? Any insight would be greatly appreciated. Also, any recommendations for appraisers in the NYC area would be very helpful.

Thanks!

[aquatimerfla]

Originally Posted by nikop

Greetings all—

I've tried searching for an answer to my question to no avail, so forgive me if it's a topic that's already been discussed. I need to have my DaytonaC appraised for insurance purposes (via State Farm), but given that the market value is significantly higher than MSRP, I'm concerned that an AD wouldn't provide an appraisal that reflects a fair replacement value.

Am I correct in this assumption? Have any of you had a 116500 appraised for more than $12.4k (perhaps +tax)? Any insight would be greatly appreciated. Also, any recommendations for appraisers in the NYC area would be very helpful.

Thanks!

Appraisal Value is MSRP not 'scalper' prices

[nikop]

Whether it's MSRP or scalper value is irrelevant; I'm looking to insure it for replacement cost in the event of a total loss. Obviously this isn't MSRP in today's market.

[Jimbogigolo]

good question, I was given MSRP appraisal from my AD for my Daytona Cs. I am wondering how that will affect insurance policy in the event it needed to be replaced/repurchased.

[kilyung]

It’s going to be tough to get an AD to appraise it at higher than MSRP. Easier to get a gap policy for the difference.

[landroverking]

Take a car for example. If replace value is below what you think it's worth tell the company to find a replacement.
That's would do with a watch such as a Daytona.
Dollar value Vs Replacement.

[nikop]

I would imagine that this issue often applies to limited production cars that sell for multiples of their MSRP (e.g. 911R, LaFerrari). Losing the watch and not being covered for a replacement would be crushing, especially if values continue to rise. Obviously getting the MSRP back would be better than nothing at all, but if I'm paying a decent amount for insurance (NYC premiums are inflated), I'd prefer to have peace of mind.

[upsidedownbelt]

I was recently thinking the same thing. I think it’s going to be a tough sell to your insurance company that they need to pay a premium price if you can’t buy at MSRP.

[aquatimerfla]

Originally Posted by nikop

Whether it's MSRP or scalper value is irrelevant; I'm looking to insure it for replacement cost in the event of a total loss. Obviously this isn't MSRP in today's market.

I answered your question. Appraisal value is MSRP.

Doesn't matter if you paid above MSRP

[THC]

With car insurance, they have something now called GAP insurance in which you can get the
latest model of the one insured.. LOL, will Jewelers Mutual offer this on the SS SkyDweller or the Daytona C?

[Locust]

I insured my daytona for 12,400.00. That was also it's appraisal.

[Rrpdc]

If you worried about a few thousand dollars on an appraisal , I am not sure buying a Daytona ss is for you .

[aquatimerfla]

Originally Posted by Locust

I insured my daytona for 12,400.00. That was also it's appraisal.

Yes. That was the appraisal because thats MSRP US.

Just because scalpers overcharge for the Daytona C does not mean its worth that. Its not. Many on this site alone paid MSRP.

[nikop]

aquatimerfla—I understand that an AD would provide an appraisal of MSRP, but that wasn't my question, and what I paid is entirely irrelevant in this case. Whether I paid a dollar or $50k, my primary concern is having insurance replace the watch in the unfortunate event of a loss.

From my conversations with my agent, they're only willing to cover up to the appraised value, so I may have to get it insured for $12.4k and pay the difference if it's lost, which isn't exactly what you want in an insurance policy.

[nikop]

Rrpdc—really? Your implication here is off base.

[nikop]

aquatimerfla—I'm not sure if you're intentionally being obtuse here or genuinely trying to help, but whether you think the watch is overvalued has no bearing on obtaining a replacement for $12.4k.

[Sprta]

Appraisal should reflect market value. If you had a valuable vintage watch MSRP would be irrelevant. Also when you purchase for example diamonds the appraisal far exceeds the price even at the time of purchase.
The watch appraisal does not have to come from an AD, there are many other sources.

[aquatimerfla]

Originally Posted by nikop

Greetings all—

I've tried searching for an answer to my question to no avail, so forgive me if it's a topic that's already been discussed. I need to have my DaytonaC appraised for insurance purposes (via State Farm), but given that the market value is significantly higher than MSRP, I'm concerned that an AD wouldn't provide an appraisal that reflects a fair replacement value.

Am I correct in this assumption? Have any of you had a 116500 appraised for more than $12.4k (perhaps +tax)? Any insight would be greatly appreciated. Also, any recommendations for appraisers in the NYC area would be very helpful.

Thanks!

OP

What do you want me or others to say? You asked a question and everyone has told you MSRP is the appraisal. The daytona C is a modern Rolex thats currently in production.

Insure for whatever you want. Thats your choice but as far as 'appraisals' go it will be appraised @ MSRP not a nickle higher because thats the price.

If you want to insure it for $20000 go ahead and pay the premium. I am sure your insurance will insure you for an inflated value.

[aquatimerfla]

Originally Posted by nikop

Whether it's MSRP or scalper value is irrelevant; I'm looking to insure it for replacement cost in the event of a total loss. Obviously this isn't MSRP in today's market.

Your wrong. MSRP is what the watch is worth. The 'market' does not dictate insurance value because although you clearly paid much higher than MSRP others have not.

I understand that the Daytona commands a premium BUT its only for those who cannot wait. If you wait you can get for MSRP.

As for insurance. They cut you a cheque. Thats it thats all.What you do with it they do not care.

Daytona C will never be appraised higher than MSRP because its a modern Rolex in production with a clear MSRP value.

[nikop]

aquatimerfla—you're actually the only one adamant about the MSRP, and other posters appear to share my question. And no, I cannot get it insured for $20k without a corresponding appraisal.

I sense a fair amount of hostility over a very innocuous question, and the last thing I anticipated was engaging in an argument. Thanks to all who helped.

[RolexEDC]

Talking with my AD, they tell me the insurance will cover the retail value for any watch, so if you went gray and paid a premium, that's your lost.
The insurance will try to get u the same watch from the AD in timely manner. If it's still in production and take too long to get the watch then they will cut you a check at last resort. The insurance will try to deal with the AD direct for a slight discount first. This is what the AD told me.

[aquatimerfla]

Originally Posted by nikop

aquatimerfla—you're actually the only one adamant about the MSRP, and other posters appear to share my question. And no, I cannot get it insured for $20k without a corresponding appraisal.

I sense a fair amount of hostility over a very innocuous question, and the last thing I anticipated was engaging in an argument. Thanks to all who helped.

Again.

Appraisal for daytona c is MSRP

I sense you dont understand that the fact YOU paid over msrp matters to no one but yourself. That not the ‘value’ when it comes to insurance.

Why is this so hard to understand!? LOL

[sg719]

Originally Posted by aquatimerfla

Again.





Why is this so hard to understand!? LOL

Seriously....


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[Mystro]

I insure for the agreed amount via msrp. The fact that my Hulk might is worth more on the street doesn’t mean anything. Insurance is a calculated risk agreement. My premiums reflect the dollar amount I agreed on (msrp).

[jrs146]

Originally Posted by nikop

aquatimerfla—I understand that an AD would provide an appraisal of MSRP, but that wasn't my question, and what I paid is entirely irrelevant in this case. Whether I paid a dollar or $50k, my primary concern is having insurance replace the watch in the unfortunate event of a loss.



From my conversations with my agent, they're only willing to cover up to the appraised value, so I may have to get it insured for $12.4k and pay the difference if it's lost, which isn't exactly what you want in an insurance policy.

You bring up a really good point. I’ve thought about this myself. Being in the insurance industry I can tell you it all depends on your carrier and your policy. There are many carriers that will happily insure your watch for over MSRP. As long as you have a valid appraisal. Most AD’s won’t appraise for more than MSRP but many independent appraisers will appraise at replacement cost which could be over MSRP.


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[KrismanX]

Sounds like you will need to find an independent appraiser recognized by your insurance company that will appraise over MSRP. Good luck on the hunt and let us know what you find

[hbombkid]

Why do you have to get it appraised by an AD? What about other places?

Did you buy it from an AD or gray? If you went gray market then we know you paid a premium and don’t want to lose money in an event of total loss.

Some gray dealers will give an appraisal? I got one from a trusted seller a couple years ago and was fine for my insurance. Now I asked for MSRP (did not pay that) but wanted the full value just Incase and watch was also not a premium one so no need to worry about price over MSRP.

I also have used independent appraisals before. I remember the lady who was very nice actually appraised a watch for me over MSRP for this exact reason, market value etc. A. good appraiser will actually look at market value and not just an MSRP. I doubt an AD would do that though because of their business.

I would really focus on a 3rd party appraiser explain the situation even bring in pricing and they should be able to hook you up give you the paper for insurance and be on your way.

[kauffee]

aquatimerfla you can say it until you’re blue in the face, but you’re wrong. MSRP is MSRP. It is not an appraised value. That’s why languages have many different words. They mean different things.

The fact that Daytona C sells welll above MSRP on the secondary market makes its value higher than MSRP. $12.4k is a meaningless number if I can’t walk into a shop and buy it. Every city has jewelry appraisers. Many are independent. Contact one and they should be able to appraise it for a market value.

[aquatimerfla]

Originally Posted by kauffee

aquatimerfla you can say it until you’re blue in the face, but you’re wrong. MSRP is MSRP. It is not an appraised value. That’s why languages have many different words. They mean different things.

The fact that Daytona C sells welll above MSRP on the secondary market makes its value higher than MSRP. $12.4k is a meaningless number if I can’t walk into a shop and buy it. Every city has jewelry appraisers. Many are independent. Contact one and they should be able to appraise it for a market value.

I already told OP to insure for what he wants. Ex:$20000

He wont however get that appraisal amount from an AD. A 3rd party appraisal? Go for it. Insurance is more than happy to insure any $$ amount.

I already stated this earlier.


Rolex is not like diamonds however. Daytona is a modern day watch that one can order from any AD if willing to wait and pay MSRP. Insurance will charge a higher premium for higher amount but it needs to be within reason.

[JR16]

I insured my DaytonaC for MSRP plus Tax. My policy also has automatic increases in appraised amounts each year based on inflation or some other formula. More importantly, if it’s stolen I have the option to either get a check for the appraised value or get a replacement DaytonaC. The latter is an interesting concept to ponder- will Rolex give a replacement watch to Ab insurance company before they allocate one to an AD? With my previous insurance company (State Farm), I had my blue YM insured w a similar policy. It was stolen at a hotel in Orlando a few years back. Ultimately they replaced the watch, which came directly from Rolex (NYC) and State Farm was printed as the “AD” on the warranty card.


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