Buying First Rolex, Appraisal Help

[shaylanpatel00]

Hey all,

I am purchasing my first Rolex and had questions regarding appraisals. I intend to insure the watch through insurance not affiliated with home owners. Can anyone give advice on what companies may be best?

[Hawk44]

Originally Posted by shaylanpatel00

Hey all,

I am purchasing my first Rolex and had questions regarding appraisals. I intend to insure the watch through insurance not affiliated with home owners. Can anyone give advice on what companies may be best?

I used jewelers mutual for my wife’s rings but was curious on this topic as well. Hodinkee offers insurance on watches as well and I think Chubb writes the polices.

[Kevin of Larchmont]

I added them to my homeowners policy,

[Bizcut1]

Easy add to Homeowners or Renters policy for that matter. Jewelers Mutual was finicky about my appraisal paperwork for some reason so they were out. Don't know anything about the Chubb / Hodinkee offerings.

[GGGMT]

Chubb


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[JSol1]

I use JM. If you bought/buy from AD the new receipts act as an appraisal for JM. I’ve also had my AD create an Insurance appraisal for older pieces with no problem…

[dannyp]

Originally Posted by JSol1

I use JM. If you bought/buy from AD the new receipts act as an appraisal for JM. I’ve also had my AD create an Insurance appraisal for older pieces with no problem…

+1. Even better: Under those conditions (bought new from AD w/receipt and/or appraisal for MSRP) JM adjusts the insured value each year based on current MSRP of the same, or most similar, model. Theirs is a "repair or replace" policy, so if a watch is lost, stolen or damaged beyond repair, they will procure you a new one, or else the most current version on a discontinued model.

Not sure what this means these days for the AP/PP/Rolex models that trade above MSRP because they are impossible to buy from an AD. I've always just assumed that JM has some pull in that regard, since their main line of business is insuring retail jewelers, not individuals and their relationships are extensive.

[kauffee]

Originally Posted by dannyp

+1. Even better: Under those conditions (bought new from AD w/receipt and/or appraisal for MSRP) JM adjusts the insured value each year based on current MSRP of the same, or most similar, model. Theirs is a "repair or replace" policy, so if a watch is lost, stolen or damaged beyond repair, they will procure you a new one, or else the most current version on a discontinued model.

Not sure what this means these days for the AP/PP/Rolex models that trade above MSRP because they are impossible to buy from an AD. I've always just assumed that JM has some pull in that regard, since their main line of business is insuring retail jewelers, not individuals and their relationships are extensive.

These days it means you’re not getting another watch. I talked to JM about this as my Daytona is insured at MSRP which is obviously nowhere close to the value of the watch. JM said that in this case, I’d get a check for the insured value. If I wanted to insure it for market value all I’d need is an appraisal. But obviously the premium reflects that. If it’s a total loss, expect a check.

[shaylanpatel00]

Thanks for help. I’m not buying from AD, so do you think I should take it to AD to get appraisal for documentation?

[Kevin of Larchmont]

The insurance company will want to see a receipt or an appraisal.

[MrGoat]

I have State Farm and added mine as a personal articles policy on top of my car insurance. They insured for the purchase value (I had to provide a receipt). If I want the value raised I need to have the watch appraised and then provide them with the appraisal. It costs me roughly $9 a month.


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[sj24k]

State Farm personal articles policy on top of my homeowners. AD will typically only appraise for MSRP if the model is current. But if not a current model they will appraise for market value. When I buy from a trusted reseller (more commonly) I always get a market value / cost of replacement appraisal. State Farm takes these no problem.


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[Masteryacht]

I added to my State Farm homeowners policy. For my yachtmaster, BLNR, and Daytona it’s $180 a year.

[ptaha1967]

https://www.federalgemlab.com/watch-appraisal

If you want to get appraisal link for your watch


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[1William]

Go to Hodinkee's website and pull up the insurance information. No appraisal needed and coverage can be almost immediate depending on the state regulatory rules.

[pk552502]

My recommendation is to make sure you read all the fine print within the entire policy. My guess is they would only pay out in rare circumstances and there are certain rules you have to follow such as keeping it locked in a safe as well as other restrictions limiting payout. Only sign and pay for the policy if you know all the details and conditions.

I looked into disability insurance lately and did a lot of research. I decided against it since there are a bunch of rules and restrictions for payout. I could tell the insurance company will always try to find a way not to pay out. I imagine it's similar with watch insurance.

[Jack F]

Hopefully premium is not 10% of the value of the watch per year.