Yet another insurance question

[digitalcrocodile]

In the past couple of years I have purchased 2 Rolex watches from my AD. I want to insure the watches for replacement value as opposed to retail value. I talked to my insurance agent this morning and he suggested I get the watches appraised. So my question is, will the appraisal capture the actual replacement value (=what I would have to pay on the grey market) or will it be something close to the MSRP? Should I search for someone that specializes in appraising Rolex watches? Seems that would make more sense if such a person exists (I live in Nashville, TN). NOTE: I still find it strange that I can pay retail at a store and as soon as I hit the street the purchased item has increase significantly in value.

[keyboardr]

You will want to ask your insurance agent to insure for the replace for new value. Your replace at current condition value will be lower.

[JDsnewwatch]

You will first need to get a proper appraisal. (this is where someone in a jewelry store charges you 100.00 to go onto chrono24 and print out a document indicating the replacement value of your watch). Then, you send this document to your insurance company and they quote you out on coverage.

[georgew]

Originally Posted by keyboardr

You will want to ask your insurance agent to insure for the replace for new value. Your replace at current condition value will be lower.

First actionI would recommend is to have your insurance agent add a "replacement cost" rider to your home policy - if you don;t have it already (as I have - doesn;t cost that much yearly - and it covers all of your other belongings as well). I take my watches and jewelry to my long-standing AD for appraisals - just updated the appraisals on 8 Rolex watches - cost $40 each watch. The updated appraised values sure seem to be current market replacement cost in my case (even for current in-production 12 series subs for example valued 20%-30% above msrp).

[7enderbender]

I’d go with something like HODINKEE. Easy to determine and update replacement cost. I would not put something like this on a home insurance policy. If you need to file a claim it can hurt you in the long run with something more essential than a watch. Depends also where you live and how (over)regulated the insurance market is.

[worldfamoussam]

I know this doesn't totally answer your question, but you might want to consider an insurer that allows you to do an "agreed value" feature. When I insure with Chubb, which allows this, I select the number I want to insure for - and they also have some sort of a guarantee that if it costs a certain percentage more to replace something, they'll cover up to that. With that said, both of my watches are pre-owned and discontinued in their precise configurations (although successors give a good idea of the current MRSP).

[ArtNouveau]

I also have the Hodinkee/Chubb stand alone policy. You declare the value, they give you a quote based on that. I adjusted my watch values for my upcoming renewal since reseller prices are down.