To insure or not to... That's the question

[I'll walk thanks]

Picked up my GMT Master ll black/blue about a month ago. I love it, makes me feel like a million bucks when I wear it. But since I love it I worry about it getting lost or even worse, stolen !

Right now I'm being quoted $175 per annum with a $1,000.00 deductible in the event of a claim (policy is tied into my renters insurance). What's everyone's experience with insuring their Rolex?

[mjclark32]

Check out jewelers mutual, pretty sure you'll get a better rate

[postalworker]

I don't have insurance on my TT Submariner-Date.

[mjclark32]

Just went to their website and put in $9,000 as the amount with zero deductible and the quote was $122/year.

[SMD]

Originally Posted by mjclark32

Just went to their website and put in $9,000 as the amount with zero deductible and the quote was $122/year.

Comes up as $180 in NYC. So assume 2% for Manhattan.

[Jack T]

On my homeowners policy I have a seperate coverage part for scheduled items; premium for jewelry and watches comes to less than 1% of replacement values, no deductible. That $1,000 deductible is quite significant. Are you sure the policy provides for replacement cost? Without an appraisal and scheduling the items, most insurers will limit coverage to maybe $2,500.

[Invictus Maneo]

I carry a rider on my homeowners policy. It paid off in 2004 when my Sub was stolen and I wouldn't think of not having one. It's about $100/year I think.

[Exhausted]

My home insurance has an amount built in for jewelry that would cover me if needed.

[Jack T]

Originally Posted by Exhausted

My home insurance has an amount built in for jewelry that would cover me if needed.

I hope you never have to test your coverage, but a standard HO policy, and yes, they are standardized, with minor differences, used by virtually personal lines carrier in the US, limits your unscheduled jewelry and related valuables to a maximum of $2,500 in coverage after a $1,000 deductible. You are giving advice to an American based on what you think is your situation in Canada, that could be very costly. Read a standard policy, I'm very confident that is what you will find.

[Frogdog]

Originally Posted by Jack T

I hope you never have to test your coverage, but a standard HO policy, and yes, they are standardized, with minor differences, used by virtually personal lines carrier in the US, limits your unscheduled jewelry and related valuables to a maximum of $2,500 in coverage after a $1,000 deductible. You are giving advice to an American based on what you think is your situation in Canada, that could be very costly. Read a standard policy, I'm very confident that is what you will find.

This is the exact information I received from my insurance agent. We have a rider for all watches and jewelry. It's a small price to pay for piece of mind!!

[cnorris]

Just insured my 114060 with $0 deductible for $75.

[beshannon]

Originally Posted by I'll walk thanks

What's everyone's experience with insuring their Rolex?

I insure all my watches, my wifes watches and jewelry.

[Armyguy03]

Insure them all

[salty_snack]

always

[alubin]

Always insure them but thats way too much.

[Urosfan]

Separate rider on home owners

[fullcourt]

insure....

[Brucie D]

That sounds like a lot to me. I put my BLNR on my home insurance for an extra $70 per year.


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[mfer]

combo insurance and safe deposit box.

[I'll walk thanks]

Thanks all! Going to go beat up my insurance agent.

[Frosty]

Originally Posted by I'll walk thanks

Thanks all! Going to go beat up my insurance agent.

The thing I like about JM is they also cover damage. So, I have covered them for theft and accidents. They also charge by Zip code.

[yOyOYoo]

I definitely insure, makes me feel more comfortable wearing my watch.

[jay1988]

Not insuring is not even an option for me.

All items under £15,000 are covered as standard under my insurance. I don't have to go to the jeweler they choose and they don't require proof of ownership. I don't even have to list anything under that value. Covered worldwide for theft, damage and even loss.

[Oyster Al]

No question...insure them.

[Kingair]

I just checked Jewelers Mutual and this is my quote

1. 1803 DD
2. 169622 YM 29 mm
3. 16610 SUB

Quick Quote
Required Fields

Enter the value of each jewelry item. Your accurate estimate will improve our ability to provide you a quote. You will be asked to provide an appraisal when applying.

Zip/Postal Code

Estimated Value Deductible Annual Premium

10000 0 $150

7000 0 $105

6000 0 $90

Total Annual Premium: $345

Is this a good price ?

Let me know

HAGOne

[nauticajoe]

Definitely insure it. JM's the way to go.

[Rockrolex]

I insure all of my and my wife's watches and her good jewelry as a rider to my renter's insurance policy. That way I can sleep at night.

[Angrypuppy]

Have any of you filed a claim with Jewelers Mutual? How are they to work with?

[sierra11b]

Originally Posted by Angrypuppy

Have any of you filed a claim with Jewelers Mutual? How are they to work with?

Curious as well. Had them for a couple years now and they have no problem accepting my money but am wondering how helpful they actually are when filing a claim.

[I'll walk thanks]

^^^^^^^^