Appraisal for 116520

[BillA]

I can’t find anything current on this subject so here goes:

My son gave me his 116520, white dial to get re-appraised.
It has not been appraised in 10 years.

He insures with JM.

I now see that watch selling anywhere between $20k-$27K. As we all know the watch is not made anymore, but that is market value, or at least asking price.

If I get a jeweler to give me an appraisal at let’s say $25K, will JM accept it?

Does anyone have “actual” experience with JM on this topic where they come in with an appraisal above the last msrp?

[Jack T]

Not sure about JM, but my policy provides coverage at replacement cost, so if that’s what your policy provides, they should accept it.

I recently acquired a brand new, old stock GMT II LN, purchased from my AD at msrp, appraised for $14,800 replacement cost.

By the way, Rolex doesn’t want their AD’s to appraise discontinued models as the market pricing is so volatile.

[BillA]

Originally Posted by Jack T

Not sure about JM, but my policy provides coverage at replacement cost, so if that’s what your policy provides, they should accept it.

I recently acquired a brand new, old stock GMT II LN, purchased from my AD at msrp, appraised for $14,800 replacement cost.

By the way, Rolex doesn’t want their AD’s to appraise discontinued models as the market pricing is so volatile.

Jack, I have replacement value on my State Farm policy.
When I questioned my agent more about this and told her that if the watch is appraised on the policy schedule for lets say $10K, but if I had to replace it today for and pay $20K, they would still only pay $10K. This is the value on their item schedule, so the true definition of replacement value would be out the window.

[RJRJRJ]

Originally Posted by BillA

Jack, I have replacement value on my State Farm policy.
When I questioned my agent more about this and told her that if the watch is appraised on the policy schedule for lets say $10K, but if I had to replace it today for and pay $20K, they would still only pay $10K. This is the value on their item schedule, so the true definition of replacement value would be out the window.

I believe it's "agreed upon value" that you need.

[RayRay89]

Yes. My Rolex’s are appraised for market value and JM never gave me an issue.

[BillA]

Originally Posted by RayRay89

Yes. My Rolex’s are appraised for market value and JM never gave me an issue.

Good it know, thanks.

[1William]

All of my watches that are insured are through JM. They accept appraisals that are for market value. I have never had an issue with them but I also have never made a claim.

[BillA]

Originally Posted by 1William

All of my watches that are insured are through JM. They accept appraisals that are for market value. I have never had an issue with them but I also have never made a claim.

Thank you

[JSol1]

Yes. I had a 04 serviced after 17 years and asked my AD to provide an appraisal. They gave me a market value appraisal at current prices for the newer model. JM gladly accepted it.
My Rolex AD had no problem providing me with the appraisal.
I’ve recently bought several more pieces and my AD has provided me an appraisal for each with no problem...