Insurance on Pepsi

[Patton250]

I use jewelers mutual to insure all my timepieces. However they are only insured for what it would cost to replace them. We all know it’s close to impossible to get a Pepsi never mind a replacement one. I was blessed to get one at retail but if it gets stolen jewelers mutual will only pay what it’s insured for and the appraisal from the AD put retail on it. I imagine the same problem is there for the Daytona and sky dweller. Obviously these pieces can be acquired but only at a premium and the insurance company won’t pay that. Any ideas? Perhaps get it reappraised for it’s true current value? Any of you done that?

[cdog]

That is what I did with both my ceramic Daytona and pepsi GMT. Both are insured at the true replacement value, not the MSRP. Had no problems with my insurance company; just emailed them a copy of the appraisal.

[exador]

You need to get it reappraised (and quick). The replacement value of these is dropping by about a grand per month

[lenfried29]

What if in 5 years value of the watch increased in price say from $18K to $30K. So, do we need new appraisal and updated insurance? I think I answer my own question.

[Patton250]

Originally Posted by exador

You need to get it reappraised (and quick). The replacement value of these is dropping by about a grand per month

It looks like the current price on a brand new one is $18,000. I would rather be over then under.

[rtalk]

Yes. I have done it. Go get an appraisal and submit the appraisal form back to Jewelers Mutual.

[jeffnnj]

I have my DD on my homeowners. Anything happens to it and they procure a replacement for me.


Sent from my iPhone using Tapatalk

[Calatrava r]

I would appraise for what you paid not the speculative gray price which could dry up at any time.

[Patton250]

Originally Posted by jeffnnj

I have my DD on my homeowners. Anything happens to it and they procure a replacement for me.


Sent from my iPhone using Tapatalk

They can’t procure a replacement for a Pepsi. They would have to get on the list like anyone else. They’re not going to pay over retail for it.

Originally Posted by Calatrava r

I would appraise for what you paid not the speculative gray price which could dry up at any time.

Yeah just like the Daytona? :-)

It is already appraised for what I paid for it. However if it got stolen I would not be able to get another one from Rolex. Jewelers mutual would pay $9250 for it and I would have to pay the other $9000.

[pigman08]

Originally Posted by Calatrava r

I would appraise for what you paid not the speculative gray price which could dry up at any time.

Not a good idea, in my opinion... An adjustment can always be made with the insurance company if the true replacement value drops.


Sent from my iPhone using Tapatalk

[dwjez14]

Jewelers mutual accepted my appraisal for hulk. I had it insured for 11k. I had to argue with them a bit. And provide my receipt and an appraisal. They just told me the other day I should update appraisals on my other items since it has been a few years. So get a cert for the true replacement value and some examples of online prices. Upload them to your account then once they receive documents call and get a live person on the phone and have them research it. It took a little Pushing but I got jewelers mutual to honor hulk price. On a side note I do not own a Pepsi and you are right maybe they might push back hard on appraising a watch for 2 times retail value. But give it a shot. If you just do it all automated and online the request will get rejected. I’m not sure of how much you have insured with them but I will say we have a very large amount and have been customers for years with no claims. All these things may affect it. Let us know how it Turns out. I spoke with 2 people before it got put in for right amount

[brandrea]

I insure for replacement value only. Why would you overpay

I suppose if you’re saying you’d be desperate to replace it within days of losing it and you’d have to pay gray prices ...

For me if it goes lost or stolen I will wait for another to arrive. I know under those circumstances my AD would do everything in their power to assist in getting another one for me.

[dwjez14]

They should go off direct replacement tomorrow if you lost it. You just need to get a jeweler also that will write you a replacement appraisal. Some will not do that either

[ahlee00023]

Originally Posted by dwjez14

Jewelers mutual accepted my appraisal for hulk. I had it insured for 11k. I had to argue with them a bit. And provide my receipt and an appraisal. They just told me the other day I should update appraisals on my other items since it has been a few years. So get a cert for the true replacement value and some examples of online prices. Upload them to your account then once they receive documents call and get a live person on the phone and have them research it. It took a little Pushing but I got jewelers mutual to honor hulk price. On a side note I do not own a Pepsi and you are right maybe they might push back hard on appraising a watch for 2 times retail value. But give it a shot. If you just do it all automated and online the request will get rejected. I’m not sure of how much you have insured with them but I will say we have a very large amount and have been customers for years with no claims. All these things may affect it. Let us know how it Turns out. I spoke with 2 people before it got put in for right amount

Can you share how much they ended up agreeing for the Hulk, and where you had it appraised? Thanks in advance.

[dwjez14]

11k. I had it done at dgse. Let’s talk
About this retail hulk in Texas ! Lucky haha. You have a good Ad. I have been able to get a stainless gmt , explorer 2 and root beer on the way. They said we can talk about Pepsi after but I say I’m not being forced to bundle anything haha

[Patton250]

Originally Posted by brandrea

I insure for replacement value only. Why would you overpay

I suppose if you’re saying you’d be desperate to replace it within days of losing it and you’d have to pay gray prices ...

For me if it goes lost or stolen I will wait for another to arrive. I know under those circumstances my AD would do everything in their power to assist in getting another one for me.

Dude!!!!! Lol

The wait period for these stupid thing is years. YEARS!!!

That’s why we are having this discussion. You think if my Pepsi got stolen Rolex will put me at the top of the list or my AD will? Of course they won’t. It’s almost as if having insurance on this thing is pointless. At least it’s pointless as to getting another Pepsi.

[Wllnv19]

Originally Posted by Patton250

Dude!!!!! Lol

The wait period for these stupid thing is years. YEARS!!!

That’s why we are having this discussion. You think if my Pepsi got stolen Rolex will put me at the top of the list or my AD will? Of course they won’t. It’s almost as if having insurance on this thing is pointless. At least it’s pointless as to getting another Pepsi.

I also insure with Jewelers Mutual..I paid for an appraisal at replacement value, not retail...sent them the paper work, it’s now insured for the replacement value on the appraisal.. not retail

[Chadridv]

Originally Posted by lenfried29

What if in 5 years value of the watch increased in price say from $18K to $30K. So, do we need new appraisal and updated insurance? I think I answer my own question.

jM is actually proactive with me regarding this. They send me reminders ever few years to get my items reappraised.

[brandrea]

Originally Posted by Patton250

Dude!!!!! Lol

The wait period for these stupid thing is years. YEARS!!!

That’s why we are having this discussion. You think if my Pepsi got stolen Rolex will put me at the top of the list or my AD will? Of course they won’t. It’s almost as if having insurance on this thing is pointless. At least it’s pointless as to getting another Pepsi.

Dude, did you read my post. Mine will

[Patton250]

Originally Posted by brandrea

Dude, did you read my post. Mine will

Sorry man but I don’t believe you.

Besides even if that were true you would still have to wait for a year. But I still don’t believe it anyway. And it has nothing to do with my original question.

[Patton250]

Originally Posted by Wllnv19

I also insure with Jewelers Mutual..I paid for an appraisal at replacement value, not retail...sent them the paper work, it’s now insured for the replacement value on the appraisal.. not retail

Cool. Thanks!!!! This is the post I was looking for. I know a guy who can redo the appraisal. I’ll send it in after the holidays.

[dwjez14]

Same here for jewelers mutual. I just took some watches off and added some and they said it was orisnky a good idea I updated my wife’s jewelry appraisals it’s been 3 years since last appraisal

[brandrea]

Originally Posted by Patton250

Sorry man but I don’t believe you.

Besides even if that were true you would still have to wait for a year. But I still don’t believe it anyway. And it has nothing to do with my original question.

You don’t have to believe me Brett, that’s ok.

As to your question, seem like the answer is obvious then, insure for replacement value, that’s your prerogative.

[Seekthefinest]

I own a Daytona, insure through Jewelers Mutual and they told me to insure at replacement value. Did this on the day I brought it home, $21k for the watch that I purchased for $11.7K.

[exador]

Originally Posted by Seekthefinest

I own a Daytona, insure through Jewelers Mutual and they told me to insure at replacement value. Did this on the day I brought it home, $21k for the watch that I purchased for $11.7K.

Which means that you're paying $525 per year in premiums instead of $234.
In the event of a claim, does JM replace the watch or give you a payout?

[tyler1980]

Originally Posted by Patton250

They can’t procure a replacement for a Pepsi. They would have to get on the list like anyone else. They’re not going to pay over retail for it.



Yeah just like the Daytona? :-)

It is already appraised for what I paid for it. However if it got stolen I would not be able to get another one from Rolex. Jewelers mutual would pay $9250 for it and I would have to pay the other $9000.

at a minimum add the sales tax to get it over 10k

other than insuring at used replacement value there isnt anything else. AFAIK if you over insure and it costs less later you don't get the difference as they will check how much one costs when you make a claim. You probably paid additional insurance premium for nothing.

[10klakes]

Not an answer to OP but topic related:

I do know of someone who had a 116500 stolen. Insurance paid retail. Client contacts AD and asks for a replacement, AD puts it an order request to the higher ups at Rolex stating it was replacement for a stolen watch. A new one came in a few weeks....






Sent from my iPhone using Tapatalk

[Watchflair]

Have Jeweler's Mutual as well - all you need as an updated appraisal from a reputable source ie: Jewelry store etc and send it in to them. As long as it's within what the market is for the watch you won't have a problem at all.

I've had the conversation with them in the past about replacing vs paying out. End result is they will pay out the value.

[rebel_1]

Originally Posted by 10klakes

Not an answer to OP but topic related:

I do know of someone who had a 116500 stolen. Insurance paid retail. Client contacts AD and asks for a replacement, AD puts it an order request to the higher ups at Rolex stating it was replacement for a stolen watch. A new one came in a few weeks....






Sent from my iPhone using Tapatalk

With the buying power of JM, I’d expect they could replace a stolen watch without getting in line at an AD.