Insurance on BLNR

[Scott.sanders]

I currently have insurance on my BLNR. I’ve had it for 3 or 4 years now. My policy has 0 deductible and cover lost/damaged/stolen. My question is with coverage amounts. I would be hard pressed to get another BLNR at the price that I paid (8500 out the door with a winder). I see them advertised for 14-16k used in some places. That being said, has anyone insured a watch for more than the purchase price because of a similar situation? Thanks for the help and advice.

[Greg 59]

Originally Posted by Scott.sanders

I currently have insurance on my BLNR. I’ve had it for 3 or 4 years now. My policy has 0 deductible and cover lost/damaged/stolen. My question is with coverage amounts. I would be hard pressed to get another BLNR at the price that I paid (8500 out the door with a winder). I see them advertised for 14-16k used in some places. That being said, has anyone insured a watch for more than the purchase price because of a similar situation? Thanks for the help and advice.

I've tried and the insurance company would not oblige. If it's a current model then they'll only pay out the msrp. Not their problem if it's unavailable.

Sent from my SM-G960F using Tapatalk

[mfserge]

If you can obtain a current valuation appraisal from an authorized dealer you *may* be able to find a policy that will cover the stated value. It won’t be easy but it’s possible. The problem is that the replacement cost is MSRP, it’s not the insurance company’s problem that they’re nearly impossible to obtain. If you have a Batman which is no longer produced you may have better luck than a Batgirl since it’s still in production. Good luck.

[pav333hp]

Originally Posted by Scott.sanders

I currently have insurance on my BLNR. I’ve had it for 3 or 4 years now. My policy has 0 deductible and cover lost/damaged/stolen. My question is with coverage amounts. I would be hard pressed to get another BLNR at the price that I paid (8500 out the door with a winder). I see them advertised for 14-16k used in some places. That being said, has anyone insured a watch for more than the purchase price because of a similar situation? Thanks for the help and advice.

My understanding is that modern watches require proof of purchase to assess value, but your best bet is to contact your insurance and talk to them. They might ask you for some form of official appraisal on the value.

[Scott.sanders]

I’ll try the appraisal route. My AD mention 6 months back that he could sell it to several customers looking for a substantial amount over msrp even being used. If his appraisal holds water I may be in luck. My office assistant is a former State Farm insurance salesman and she did mention an appraisal would go a long way towards having it insured for a stated value.

Thanks again!

[kauffee]

Jeweler’s Mutual will insure a watch for appraised value. You just have to send them the appraisal. I looked into it a while back for my Daytona.

[EndlessEight]

Originally Posted by kauffee

Jeweler’s Mutual will insure a watch for appraised value. You just have to send them the appraisal. I looked into it a while back for my Daytona.

Confirmed.

Hulk, SD43, Breitling, Tudor, rings, etc all on JewelersMutual

For example, my Hulk is insured for 18,500 which includes tax. My appraisal was based on the NYC Grey market.

[dukie748]

Jewelers Mutual - you have to have the watch separately assessed by an approved appraiser, but they insure according to 'current market value' rather than MSRP. As an example, my CND Sub was last appraised in January 2019, insured value was listed as $9375, MSRP at the time was $7300'ish?

Only downside is each appraisal was around $100, and you have to have each piece re-appraised every two years to update values / maintain insurance.

[gatorgrad]

Originally Posted by dukie748

Jewelers Mutual - you have to have the watch separately assessed by an approved appraiser, but they insure according to 'current market value' rather than MSRP. As an example, my CND Sub was last appraised in January 2019, insured value was listed as $9375, MSRP at the time was $7300'ish?

Only downside is each appraisal was around $100, and you have to have each piece re-appraised every two years to update values / maintain insurance.

I have my GMT II insured through Jewelers Mutual. I bought it at retail a little over a year ago, but they accepted a market value appraisal using the Chrono24 appraisal.

https://www.chrono24.com/info/valuation.htm#gref

[Max7857]

I have my watches insured through Chubb and they are for the stated value. I did need to provide an appraisal. Chubb has my home and auto insurance so I am not sure if they have stand alone policies. They also have stated values listed on my cars but they determined the values not me. These are not classic cars but cars that are six or less model years old. Chubb is an awesome company!!

[mjr24]

Yeah, I was going to say....JM has always accepted online receipts for watches I've insured (some bought at gray market pricing) and they have insured to my payment amount regardless of MSRP.

[Kliminator]

Originally Posted by mjr24

Yeah, I was going to say....JM has always accepted online receipts for watches I've insured (some bought at gray market pricing) and they have insured to my payment amount regardless of MSRP.

This

[Nurv1717]

My watches are individually scheduled on my homeowner's insurance policy. I got appraisals for the ones that are worth significantly over what I paid for them and they are insured for that appraised value.

[1William]

As stated Jewelers Mutual will insure at appraised value. Get an appraisal at market value for the watch and pay the premium. I have a very close family friend who has been in the insurance business for 30 years and they advised to break out my watches and other expensive items on policies away from my regular home owners insurance and with a different company. Should you suffer a loss, this will typically not impact the renewal of your home owners policy. I do not want to get cancelled for a watch claim. Just a tip.

[Scott.sanders]

Going in for an appraisal tomorrow! Thanks!

[Pongster]

I would suppose the higher the face value of the policy, the higher the premium.

Just curious. Has anybody made a successful claim for the grey market valuation as stated value?

[Closs1909]

My AD provided me a current market value appraisal with my SS Daytona, and I was then able to insure the watch with State Farm for that fair market value (which was well above the MSRP I paid).

No questions asked by State Farm, I always insure watches/jewelry for appraised value vs. what I paid.

[RHIII]

My insurance underwriter will not insure any watch for over what I paid - which is MSRP.

[Philadelphialawyer1]

Jewelers Mutual insures my watches for replacement value. Updated appraisals from an AD are necessary. Riders on HO policies sometimes insure for ACV or actual cash value so an appraisal does not mean as much because you only get "whats it worth" now. The Jewelers Mutual policy affords the best coverage.