Appraisal costs for watch insurance

[Jsol]

Need to insure my Rolexes and the the appraisal costs are higher than the annual premiums. Why so dang much? Alternatively, anyone use these guys and have any feedback? http://elitetimepieces.com/appraisals.html and

[BrazenC5]

Originally Posted by Jsol

Need to insure my Rolexes and the the appraisal costs are higher than the annual premiums. Why so dang much? Alternatively, anyone use these guys and have any feedback? http://elitetimepieces.com/appraisals.html and

I've used them a couple times, and they've been great. I was referred to them by another member on TRF.

[Jsol]

Originally Posted by BrazenC5

I've used them a couple times, and they've been great. I was referred to them by another member on TRF.

Wondering if State Farm will accept an online appraisal vs watch seen...

[offrdmania]

Originally Posted by Jsol

Wondering if State Farm will accept an online appraisal vs watch seen...

My State Farm did

[steve099]

I paid 65 AUD to get my 116619LB done the other day. Seemed OK to me.

getting it covered by insurance though in Australia is another story. Still working on that part because first quote was 1900 a year, second was 1200 for the one watch.

[Frosty]

I was using a company like that until Jeweler's Mutual sent me notification that they will not accept any appraisals where the appraiser did not actually see the watch(s).

Then, when I wanted to get my watches appraised, all the appraisers wanted to keep the watches, not going to happen!

[padi56]

Appraisals= licence to print money most just look up a price list and for what they charge most are very overpriced.

[Dilemma]

Originally Posted by padi56

Appraisals= licence to print money most just look up a price list and for what they charge most are very overpriced.

Maybe, but without one good luck collecting replacement cost from your insurance company.

[Aldwyn]

I am finding the same as the OP... $150 for an appraisal? Whats up with that?

[Jsol]

Originally Posted by Aldwyn

I am finding the same as the OP... $150 for an appraisal? Whats up with that?

Ya ridic

[beshannon]

Originally Posted by Jsol

Need to insure my Rolexes and the the appraisal costs are higher than the annual premiums. Why so dang much? Alternatively, anyone use these guys and have any feedback? http://elitetimepieces.com/appraisals.html and

You own Rolexes? (plural)

You want to protect the value for an entire year?

You only need to appraise once unless the value goes up. Is this a serious question?

[Abdullah71601]

Originally Posted by beshannon

You own Rolexes? (plural)

You want to protect the value for an entire year?

You only need to appraise once unless the value goes up. Is this a serious question?

You still need the initial appraisal.

The last I looked into it, watch insurance in my neighborhood was about $100 a year. Paying $150 for an appraisal would startle me a bit too.

[beshannon]

Originally Posted by Abdullah71601

You still need the initial appraisal.

The last I looked into it, watch insurance in my neighborhood was about $100 a year. Paying $150 for an appraisal would startle me a bit too.

The last appraisal I had done by a Rolex AD was $50. Shop around if the receipt is not sufficient.

And again, unless you are constantly chasing value, you only need the appraisal one time. You are asking someone to state that a Rolex is worth say $10000 to keep it insured. The appraisal cost seems like small change compared to the cost of acquisition.

Reminds me of car forums where the car costs $75K but they want free oil changes and wipers to go along with their cut rate service.

[Frosty]

Originally Posted by beshannon

You own Rolexes? (plural)

You want to protect the value for an entire year?

You only need to appraise once unless the value goes up. Is this a serious question?

It is a serious question!

If you have a newer watch, you do not have to worry about value. If you have an older watch, say, a matte dial or something older, the prices are getting a little bit crazy. If you want to keep it insured for its value, you have to keep up with the current value.

[Valenciawatchrepair]

I'm in this business, so I'll chime in. The appraiser that never sees the watch is a decent idea, until like one person mentioned, the insurances wants the appraiser to have actually had the watch in their hands.

That's why a normal appraisal is so much. I used to do them when I worked with my father. We weren't "certified" appraisers, but still took the time to research whatever we were appraising. Photos with a DSLR(even inside of the watch, close-up of serial/model numbers, etc.). In the case of jewelry, stones are either measured in the mounting one at a time, or weighed out of the mounting. All this takes TIME. When you figure the round number of $100 an hour for a retail store...that seems about right. "Certified" guys of course get more. Just depends on what your insurance demands.

[123Blueface]

I just had two done at $50 each.
Should be no more than $75.

[77T]

Originally Posted by 123Blueface

I just had two done at $50 each.

I had two done for $50 flat. But I also have 20+ other items my jeweler appraised for me. All those other items were jewelry plus lesser watches like Movado and old Omega.


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[Dilemma]

I paid $100.00 per watch (I have three) about eight years ago. My AD updated the appraisals free of charge about three weeks ago.

[Aldwyn]

Duh... I didnt think about going to my AD for an appraisal. Not sure why, as that seemed an obvious choice. They want $80 for the first piece, and $60 each additional...

[Jsol]

Exactly

[CBG1]

My state farm did in the past, not sure if now. My 16710 Pepsi (+ coke +LN bezels ) has been appreciating and I recently wanted to get an updated appraisal. Bay Area here is $150 for a full appraisal. Was hoping I could try online first, I did that about 5 years ago, but seems the site is no longer active.

[Watchflair]

Like anything an appraisal done properly from an accredited business does take time. Time = money. So a reasonable cost is acceptable in my opinion. If you have a relationship with a jeweler or AD most will do it for free.

I personally would recommend looking at your value for both modern and vintage at least once a year. The 16750 I purchased in 2016 is now worth double what I paid. The new 114060 I purchased in March of this year is worth more than retail right now. So it's not just vintage but also some modern pieces as well that you need to pay attention to.

Most Jewelers ADs should be able to do an appraisal on the spot or with an appointment so you shouldn't need to leave your watches - within reason of course. If you show up with 20 watches I'd expect to have to leave them or have an appointment ahead of time .

[dwjez14]

I usually have the seller give me an appraisal for my watches. I have also just sent receipt to them and they verified the amount. I use jerkers mutual. Years ago I had to make a claim. They were very easy for me to deal with

[doubleroll]

My AD included appraisals for both my purchases as a courtesy. Would a bill of sale suffice for insurance, just wondering?


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