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ironjim · 17 August 2018, 01:47 PM

When getting appraisals on your watches for insurance what is your experience when some of the watches are in demand and as a result selling for thousands over retail. Will the jewler take that into consideration and appraise them over retail ? How would an insurance company look at the appraised value being over retail ?
Thanks!

cpefy3 · 17 August 2018, 02:10 PM

When I was getting my 16600 appraised, the appraiser asked if I wanted it valued at what the new SD43 retails for since the 16600 was no longer available. I simply asked for a $7k valuation to cover myself and not pay an elevated premium yearly. I am not sure if this is a common practice since this is the only piece I have had appraised. Good luck!!

beshannon · 17 August 2018, 08:53 PM

Quote:

Originally Posted by ironjim

How would an insurance company look at the appraised value being over retail ?
Thanks!

With additional premium.

tyler1980 · 17 August 2018, 08:55 PM

it needs to be valued for "used replacement value" that number is usually lower but sometimes its higher. New replacement value is retail.

jaydav2306 · 17 August 2018, 08:58 PM

Quote:

Originally Posted by ironjim

When getting appraisals on your watches for insurance what is your experience when some of the watches are in demand and as a result selling for thousands over retail. Will the jewler take that into consideration and appraise them over retail ? How would an insurance company look at the appraised value being over retail ?
Thanks!

Yes they will my BLNR is insured for £9,500 GBP

Jrpontiac · 18 August 2018, 12:19 AM

If you are adding the watches to your current home policy I doubt the underwriter would have any idea if the value is higher than a new watch. They will just use the value shown. Depending on the values you may not even need an apprasial. I've added my watches ($8k and less) and they never asked for an apprasial.

tyler1980 · 18 August 2018, 03:17 AM

Quote:

Originally Posted by Jrpontiac

If you are adding the watches to your current home policy I doubt the underwriter would have any idea if the value is higher than a new watch. They will just use the value shown. Depending on the values you may not even need an apprasial. I've added my watches ($8k and less) and they never asked for an apprasial.

if you have a loss the wording matters. They will try to pay out new replacement value (retail) if its worded that way regardless of how much you valued it for.

17 August 2018, 01:47 PM	#1
ironjim "TRF" Member Join Date: Jan 2017 Real Name: Jim Location: Pa Posts: 72	Watch Insurance Question When getting appraisals on your watches for insurance what is your experience when some of the watches are in demand and as a result selling for thousands over retail. Will the jewler take that into consideration and appraise them over retail ? How would an insurance company look at the appraised value being over retail ? Thanks!

17 August 2018, 08:55 PM	#4
tyler1980 "TRF" Member Join Date: Apr 2015 Location: Houston Posts: 17,622	it needs to be valued for "used replacement value" that number is usually lower but sometimes its higher. New replacement value is retail. __________________ Instagram: tyler.watches current collection: Patek 5164A, Patek 5524G, Rolex Platinum Daytona 116506, Rolex Sea Dweller 43 126600, Rolex GMT II 116710LN, AP 15400ST (silver), Panerai 913, Omega Speedmaster moonwatch, Tudor Black Bay (Harrods Edition)

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17 August 2018, 02:10 PM	#2
cpefy3 "TRF" Member Join Date: May 2016 Real Name: Collin Location: Raleigh, NC Watch: 16014, 16600 Posts: 344	When I was getting my 16600 appraised, the appraiser asked if I wanted it valued at what the new SD43 retails for since the 16600 was no longer available. I simply asked for a $7k valuation to cover myself and not pay an elevated premium yearly. I am not sure if this is a common practice since this is the only piece I have had appraised. Good luck!!

18 August 2018, 12:19 AM	#6
Jrpontiac "TRF" Member Join Date: Nov 2017 Location: Spokane, WA Posts: 35	If you are adding the watches to your current home policy I doubt the underwriter would have any idea if the value is higher than a new watch. They will just use the value shown. Depending on the values you may not even need an apprasial. I've added my watches ($8k and less) and they never asked for an apprasial.

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