Can't Insure Platona...

[HorologyK]

Originally Posted by texex91

I'm surprised as I added my Richard Mille through USAA for $115k no issues.

They will send it to underwriting, but never had an issue with any of my watches over $75k with USAA.

Ditto.

[locutus49]

Originally Posted by HorologyK

Ditto.

They later told me they thought they could get me an exception to their policy. So I'm hopeful. Thanks for the info. I'll mention it to the underwriter the next time they call, which should be Monday.

[DJ TT 2002]

Quelle Dommage

[K3vin]

Why not install a house alarm? Not only would you be able to insure your piece, but you gain security.

[Nycturbovr6]

Crazy glue it to your wrist lol

[GB-man]

Originally Posted by Chewbacca

John, John, John... Mo platonas, mo problems.

i'm sure someone will take your business.

the more Rolex we come across the more problems we see

Originally Posted by locutus49

Thanks for the replies. I'm not concerned. I've never been mugged or burgled. If I am, I'll tell them it is an Invicta.

would probably work, rolex don't make no brown watches that's fake! Gimme the wallet

Hope it works out for you john. I'm sure someone will insure you.

[texex91]

Originally Posted by locutus49

They later told me they thought they could get me an exception to their policy. So I'm hopeful. Thanks for the info. I'll mention it to the underwriter the next time they call, which should be Monday.

Let's be clear here...I know USAA policy VERY well (have 4 watches all over 'their limit' insured with them)--and I change those frequently. Any watches under $40k I don't insure (don't need a lecture). There is no 'exception' to give. NOW, the 'exception' may be YOUR circumstances do not meet their standards, in which case the underwriter WILL reject your request.

I believe $65k is their standard limit for VPP (Valuable Personal Property). You probably paid (hopefully) in the $50's for the watch, so I'm not sure why the issue. HOWEVER, even if they are going off full retail (which they can), they merely send it to underwriting, who will come back with questions and then make a determination (trust me they WANT to sell you a policy). You will NEVER speak to the actual underwriter, but rather a rep (that is frustrating I know). Every USAA member is different (credit, living situation, claims in the past, etc) so if they reject your watch, do not assume it's their blanket policy--because it's NOT.

USAA VPP is not their bread and butter, so the process can be a little difficult. However, it's a zero deduct, policy is effective in ANY country you travel and you know you will get paid quickly if something does happen.

[Racerdj]

I'm with State Farm without any problems.

[AK797]

Originally Posted by Chewbacca

John, John, John... Mo platonas, mo problems.

i'm sure someone will take your business.

[Keith1]

Originally Posted by K3vin

Why not install a house alarm? Not only would you be able to insure your piece, but you gain security.

This was my first thought.

If you did install an alarm, would it lower your premium on the other things you have insured?

[locutus49]

This is helpful. They sent me a rejection letter today, mainly based on lack of centrally monitored alarm.

What they don't understand is that we have a very secure keypad front door to the building, and individual condos do not have alarms. Probably not permitted.

I will ask them to insure it to their limit, probably 50K, and provide the sales invoice of my actual cost. Maybe that will work. The individual alarm is a no-go in my building.

Originally Posted by texex91

Let's be clear here...I know USAA policy VERY well (have 4 watches all over 'their limit' insured with them)--and I change those frequently. Any watches under $40k I don't insure (don't need a lecture). There is no 'exception' to give. NOW, the 'exception' may be YOUR circumstances do not meet their standards, in which case the underwriter WILL reject your request.

I believe $65k is their standard limit for VPP (Valuable Personal Property). You probably paid (hopefully) in the $50's for the watch, so I'm not sure why the issue. HOWEVER, even if they are going off full retail (which they can), they merely send it to underwriting, who will come back with questions and then make a determination (trust me they WANT to sell you a policy). You will NEVER speak to the actual underwriter, but rather a rep (that is frustrating I know). Every USAA member is different (credit, living situation, claims in the past, etc) so if they reject your watch, do not assume it's their blanket policy--because it's NOT.

USAA VPP is not their bread and butter, so the process can be a little difficult. However, it's a zero deduct, policy is effective in ANY country you travel and you know you will get paid quickly if something does happen.

[Danny83]

I would try Chubb insurance

[tedscott3]

Never had an issue with USAA. I am a bit surprised to hear their VPP limit is $75k? Seems low to me.

[texex91]

Originally Posted by tedscott3

Never had an issue with USAA. I am a bit surprised to hear their VPP limit is $75k? Seems low to me.

That 'limit' is their standard policy limit (every insurer has one)...anything above heads to underwriting for full review (photos, appraisal, home alarm, location, etc, etc...the fun stuff that those underwriters do of a living). It's not uncommon actually

Love USAA and like most have had them for decades, but their VPP is/can be a pain. Once you understand how to 'work their system' it's okay.

[mkmk]

You could install an alarm system. Many inexpensive ones work on wifi. they may request it be monitored. I know some of the phone companies could install one for you and in a condo which I assume has less windows than a house it may not be that expensive. The savings on the insurance may offset the cost of the alarm.

[PerioBear]

Originally Posted by mkmk

You could install an alarm system. Many inexpensive ones work on wifi. they may request it be monitored. I know some of the phone companies could install one for you and in a condo which I assume has less windows than a house it may not be that expensive. The savings on the insurance may offset the cost of the alarm.

Yah, I believe the alarm has to be monitored for it to count towards a premium discount.

[Mr. K]

Originally Posted by dennywags

Holy first world problems. Can't insure a $75,000 watch.

But sounds like such a great problem to have. Wish I did.

[abovedeck]

The limits on an individual policy are usually based on location and value of your home.

The general rule of thumb is that the total scheduled amount cannot be more than your actual property coverage limit (not structural).

As for your keypad, unless you live in a full service building with a 24 hour protected desk, it's a cinch to get in.

[Mr. K]

Protection against damage is one thing, but it is just so sad that we have to worry about protection against theft.

We enjoy our watches and work hard for them, then some thug wants to steal it.

That is just life, but it is too bad.