Jewelers Mutual Insurance on Rolex...

[ajh77]

I live in Los Angeles and I submitted a 37,550 appraisal for my 228239 to Jewelers Mutual and they came back with the following policy requirements/amounts:


2500.00 deductible for year 1 (they said after yr 1 it can be reviewed for a decrease)
967.00 premium per year


Does anyone live in Los Angeles have a watch around the same value and was quoted a policy for around what I have listed....the deductible seems high

[MILGAUSS88]

Originally Posted by ajh77

2500.00 deductible for year 1 (they said after yr 1 it can be reviewed for a decrease)
967.00 premium per year
..........was quoted a policy for around what I have listed....the deductible seems high

Not as high as the premium.
Seems to me, I have seen quotes as low as 1%
You are at 2.7%

[Jack T]

I have a rider to my homeowners policy, replacement cost coverage (an important distinction from Actual Cash Value) no deductible and much lower premium. As a percentage of values, I think my premium is not much more than 1%. And where you live may matter.

And by the way, deductibles work for homes and cars, ice damage or a small fender bender. If your watch is lost or stolen, there's no partial loss, it's gone. The top insurers usually don't have deductibles for scheduled, appraised jewelry. I'd look around.

[DocHorton]

My premium for my DD40 was about $450 for the year with a zero deductible with Jewelers Mutual. But, I had them only insure the watch for $27k because I know I can get a replacement for that price.

[beshannon]

You do realize that insurance quotes are based on more than the item to be insured?

[ajh77]

Yes, I know it is zip code, dwelling security, etc.......

[Bigblu10]

Check to see if your homeowners insurance will cover high dollar jewelry. I submitted an appraisal for an 116618LB with replacement value at full msrp 34,250 and policy is $411 per year. We have Nationwide, and have everything insured with them. I can certainly replace the watch for much less than the appraisal.

[RichM]

I was in a similar situation with JM. I bought a 116719 BLRO and paid 28K. The appraisal that came with the watch was for the RRP 38K. I got a ridiculous premium amount like you did.

What I found out was that once you go over 30K with JM, the rate really goes up fast and high.

I got on the phone with them and said I didn't want it insured for 38K but I wanted it insured for what I paid. I also told them if the watch goes missing, I'll find another one for 28K. They had to run it by their underwriting group. They agreed to insure it for 28K. They followed up with a letter to me saying I was under-insuring it, and if it went missing, all they would pay was the 28K.

I just pulled my policy. It's insured for 28K and my premium on that watch is $337 for the year with a $500 deductible.

Now again, a lot has to do with your zip code. I insure mine for what I can replace them for, not the RRP.

Hope this helps.

Edit: When I say over 30K, I talking about one item, the watch. Not the total policy value.

[cop414]

If my memory serves me correctly I pay right around $275.00 which covers around 24K of watch and rings, zero deductible. I've read that your premium is based a lot on your zip code, this being tied to national UCR (Uniform Crime Report)
My Rolex is insured for its msrp plus JM ups the value 2% a year I believe to keep up with inflation. I'm not sure if they up her ring cost though.

[Wesley Crusher]

Will JM cover international theft?

[cop414]

Originally Posted by Wesley Crusher

Will JM cover international theft?

Wes, that I'm not sure about but I think so.

[cop414]

According to the website yes they do.

[RichM]

Originally Posted by cop414

According to the website yes they do.

There you go. Sarge, you the man.

[RichM]

Originally Posted by Wesley Crusher

Will JM cover international theft?

I'm going to say yes. I don't see any exclusion, in my policy, for travelling abroad.

When I applied for the JM policy, I was asked if I travel for business. I told them no, I was retired. Had I say yes, they probably would not have insured me.

[Wesley Crusher]

Originally Posted by cop414

According to the website yes they do.

Originally Posted by Rich Mickol

I'm going to say yes. I don't see any exclusion, in my policy, for travelling abroad.

When I applied for the JM policy, I was asked if I travel for business. I told them no, I was retired. Had I say yes, they probably would not have insured me.

Thanks, that's good to know!

I have been thinking about insuring my watches and international theft is something that has been on my mind. Glad to see that it's covered.

[piratepress]

My BLNR annual policy through JM was $98 for an insured value of $9823. I'm quite happy with it and wish I could insure my cars as cheaply!

[Alexwwjd]

Very good to know the policy extends worldwide!

[Tri-Tip]

I have Jewelers mutual and live in the Los Angeles area. I pay $300/year for a Sub-C and Exp II, total appraised value, about $16,000. I don't believe there is a deductible, if there is, it's $100 or so.

[dmash]

JM has a weird jump at certain amounts. At any figure under $20k, for every $1k increase in coverage, the monthly premium would normally rise about $13-$17 / year. However with $15k-$16k the jump is approx 5x that. Here were some quotes on 1 watch:

$12k-$162
$13k-$176
$14k-$189
$15k-$203
$16k-$272
$17k-$289
$18k-$306