Platinum President Appraisal Question

[nycikuu]

I recently purchased a 1980s model President in platinum with an aftermarket diamond bezel and diamonds on the dial (dial is Rolex). Watch is in excellent condition and diamonds are all VS/VVS.

The appraiser valued the watch at over double the purchase price. I'm assuming the appraisal is equivalent to when this model was sold new in the 1980s?

Would this be questioned by the insurer? I have State Farm's personal articles policy. Do you think the value is accurate?

Thanks.

[Lol-x]

Purchase price = market value.
The valuer must have been generous to you.

[MonBK]

Originally Posted by nycikuu

I recently purchased a 1980s model President in platinum with an aftermarket diamond bezel and diamonds on the dial (dial is Rolex). Watch is in excellent condition and diamonds are all VS/VVS.

The appraiser valued the watch at over double the purchase price. I'm assuming the appraisal is equivalent to when this model was sold new in the 1980s?

Would this be questioned by the insurer? I have State Farm's personal articles policy. Do you think the value is accurate?

Thanks.

If your appraisal value was $10,975 then yes.

[Quailhunter]

I insure through State Farm. I have, among other items, a yellow gold DayDate that’s well over 25 years old. It’s insured at its replacement value at $34,000. I’m not sure how the conversation would go with State Farm if the watch were stolen. I’d let them find and buy the replacement. Typically, they offer either cash or a replacement. My wife has lost a couple of insured jewelry items and she has always wanted a replacement. State Farm has been easy to deal with every time.

[1William]

I have owned several Platinum DD II's and have always had the watches appraised at what would be my cost to replace the watch. I am not interested in paying premiums for stated values that exceed my ability to replace the watch. I would do some research and find out what the watch could be replaced for and have the appraisal reflect that. Just because you pay a premium at a stated amount does not mean the insurance will pay you out for that amount.

[upsidedownbelt]

Originally Posted by 1William

I have owned several Platinum DD II's and have always had the watches appraised at what would be my cost to replace the watch. I am not interested in paying premiums for stated values that exceed my ability to replace the watch. I would do some research and find out what the watch could be replaced for and have the appraisal reflect that. Just because you pay a premium at a stated amount does not mean the insurance will pay you out for that amount.

This is correct. Appraisals are almost always much more than actual value.

[Etschell]

completed transactions are what matters. appraisals are educated estimates. nothing more nothing less. in terms of watches they do tell the insurer that the watch is real however.

[123Blueface]

No sense in paying the inflated appraisal value.
Insurer will pay what it costs to replace, up to appraised value. If costs less than appraised, that’s is all you’ll get.

[andromeda160]

Originally Posted by 123Blueface

No sense in paying the inflated appraisal value.
Insurer will pay what it costs to replace, up to appraised value. If costs less than appraised, that’s is all you’ll get.

That is one thing that always struck me as odd, using modern MSRP for a replacement cost. Not like auto insurers give you a latest model year of your vehicle when it gets totaled. And in the case of some vintage watches they are worth a lot more than current MSRP

[Chiboy]

I got a slightly used platinum Daytona from DSW. I asked him for an appraisal for insurance purposes and he sent me one for MSRP. I asked him to adjust it to what I paid and of course he did. No sense paying for more insurance than you need.