Go Naked? (Ins)

[watchnut]

Been agonizing all morning after receiving my insurance bill. Think I'm about to drop it and "go naked" as they say. Definitely will keep my wifes ring insured because of the large center stone and the greater possibility of loss. The three Rollies are the problem. Given my area and usual environment, theft was always the least of my worries. The possibility of damage due to my own stupidity was my big concern. Trouble is, you can only wear one at a time so I'm paying good money for something sitting on a winder most of the time. Add to that the fact that every time Rolex has an increase I need to get a new appraisal and it's getting out of hand. The Daytona I paid $7900 for is now $9K + and so on. Too bad someone doesn't write a policy covering just what you're wearing at the time of the loss. You don't need it on one sitting in a safe. Thanks for letting me vent!

[aproy]

i just had a loss with one of my watches, it broke at a concert and was lost. no one thinks they need insurance until they have a loss!

on the other hand. see if your insurance company will tell you how much it would cost them to replace the watch. that is the figure to be insured for. THEIR price is different than your price due to them having relationships with selling houses and purchasing large numbers of replacement watches, especially with rolex. this number will be less than your purchase cost, almost definately, and should therefore be the amount you are insured for, in effect lowering your premium.

btw the insurance comapany had a check in my mailbox in 5 days, but only for their replacement cost plus tax, NOT the full amount i had it insured for.

[Parachrom]

I find it repugnant when insurance companies play fast and loose on the replacement cost. If you are paying premiums based on the higher figure (appraisal) and they can get it for considerably less, why then are they charging for the higher premium. Worse is you are probably paying for the full replacement value, whereas they are purchasing at dealer cost or slightly above. When my SD got lost, my insurance got me a new one the bill said 2300. My appraisal showed 6 grand. Go figure. By my warped logic, I am only getting a 2300 dollar watch, not a 6 grand watch that I insured. Its based on current apprised value. perhaps they should have bought me a bluesy at their cost which would have been closer to the 6 grand mark Do i feel cheated

[charliec]

Originally Posted by Parachrom

I find it repugnant ............why then are they charging for the higher premium

D'you you honestly think it'll be any other way?????

[aproy]

Originally Posted by Parachrom

I find it repugnant when insurance companies play fast and loose on the replacement cost. If you are paying premiums based on the higher figure (appraisal) and they can get it for considerably less, why then are they charging for the higher premium. Worse is you are probably paying for the full replacement value, whereas they are purchasing at dealer cost or slightly above. When my SD got lost, my insurance got me a new one the bill said 2300. My appraisal showed 6 grand. Go figure. By my warped logic, I am only getting a 2300 dollar watch, not a 6 grand watch that I insured. Its based on current apprised value. perhaps they should have bought me a bluesy at their cost which would have been closer to the 6 grand mark Do i feel cheated

thats exactly my point. why pay twice the premium if you are only going to benefit in the amount they would pay for a replacement.

so now what? ask a jeweler to appraise it for a lower value?

[A. Jacobs]

If I were you, I would keep the insurance on the watches and other jewelry. My parents had a house fire a few months ago and they had no extra coverage on jewelry-they didn't know thet needed it. the lost everything they had and it(the jewelry) wasn't covered.

[kcmo]

It's your decision but there's no way I wouldn't insure my Rolexes! The peace of mind is worth every penny IMO.

I was recently scammed via the sale of a diamond DJ and thought I'd lost thousands of dollars....my insurance company ended up covering the loss for the FULL value of the watch (since I had it insured for the Dec'07 purchase price).

You never know when you'll need the insurance....why take a chance?

[ohsixx]

If I drop my insurance the next day a burglar will break into my home and steal everything.

[BigHat]

Cost of doing business. I think I'd forgo the constant reappraisals though. You bought it, you've enjoyed it. If it's gets stolen / burned up, getting back money based on what you initially paid for it isn't a bad compromise if you hate the growing premiums. The other thing is getting an appraisal for a new watch and insuring it accordingly isn't an accurate comparison to what you have, even if you have replacement value coverage which you didn't mention.

[davecz]

Do you go through your home owners or have a specific insurance for just your watches?

[vh_bu98]

I just paid my insurance bill and it sucked. But the peace of mind knowing that the Rolexes are covered is worth it.

[aproy]

Originally Posted by davecz

Do you go through your home owners or have a specific insurance for just your watches?

depends on your home insurance. some insurance policies put a limit on jewelry losses, ie only covering up to $1500 or $2500 per loss. Plus most people have high deductibles on their home owners insurance, which would be fine for a fire or total loss, but not suitable for a lost/stolen watch. Insurance Riders are placed on home owners that can increase the limits as per an appraisal, and lower the deductible to $0. Companies like State Farm have their own personal article policies that are seperate/stand alone policies for jewelry and furs etc.

[hbbfam]

I have mentioned this before. If you are over 50 AARP has some interesting insurance rates through the Hartford. I have, thankfully, never had a claim, but the rates are the best I have found for the car, home and the scheduled jewelry is good too.

[Z-Sub]

I have insurance through Safeco.
The polish I have is "Scheduled" policy which will pay the appraised value of the watch. You can get a cheaper "cash" policy which will pay for the replacement cost and that usually is less than the fully appraised value.

[watchnut]

Originally Posted by davecz

Do you go through your home owners or have a specific insurance for just your watches?

My jewelers insurance, which is on with my homeowners (Grange), is with Inland Marine. No deductible and covers everything including replacement. I priced same through Jewelers Mutual and mine was cheaper although you can specify a deductible with them. I guess I'm going to keep the coverage although I'm going to get clarified whether or not I need a new appraisal everytime Rolex has a price increase. I asked my agent about the retail versus their possible costs and it kind of threw him. The whole insurance business is like going to Vegas anyway.

[watchnut]

Originally Posted by hbbfam

I have mentioned this before. If you are over 50 AARP has some interesting insurance rates through the Hartford. I have, thankfully, never had a claim, but the rates are the best I have found for the car, home and the scheduled jewelry is good too.

I was with Hartford through AARP for several years, lured by very competitive auto rates, and was very satisfied with them. Then out of the blue they decided to raise the limits on my home to about three times what the house would cost to replace. Their story was that I was underinsured for the previous years. I've been around construction all my life so I was sure I was right but they wouldn't budge so I switched.

[GBJIV]

Originally Posted by A. Jacobs

If I were you, I would keep the insurance on the watches and other jewelry. My parents had a house fire a few months ago and they had no extra coverage on jewelry-they didn't know thet needed it. the lost everything they had and it(the jewelry) wasn't covered.

This is an excellent point. You must have a rider on jewelery individually. My Home owners insurance covers $10k as an unbrella but, if the pieces are not individually covered - all is lost.

I just can't take that risk. So, every piece over $2,500 has it's own policy. Even "costume jewelry" that has gone up in value.

check policies for electronics also - Our homes are now filled with thousands of dollars in electric gadgets - many policies require separate policies... Art too!

it's kind of a joke... But, I think it is important.

Two of my watches live at the Bank in their vault (Safety Deposit Box) still insured because the bank does not cover it if something happens at the bank!

Crazy...

[GBJIV]

Originally Posted by GBJIV

This is an excellent point. You must have a rider on jewelery individually. My Home owners insurance covers $10k as an unbrella but, if the pieces are not individually covered - all is lost.

I just can't take that risk. So, every piece over $2,500 has it's own policy. Even "costume jewelry" that has gone up in value.

check policies for electronics also - Our homes are now filled with thousands of dollars in electric gadgets - many policies require separate policies... Art too!

it's kind of a joke... But, I think it is important.

Two of my watches live at the Bank in their vault (Safety Deposit Box) still insured because the bank does not cover it if something happens at the bank!

Crazy...

I am sorry to hear about your parents loss.