Insuring Vintage Rolex

[schoonov]

Hello, I have a late 60s/early 70s Rolex Oyster Perpetual GMT Master that I am trying to figure out how to value for coverage under my USAA personal property insurance. Does anyone have any advise on the best way to get an accurate assessed value that would be accepted by an insurance company?

[schoonov]

Picture of the watch attached.

[Gina Marie]

Under 10k you dont need an appraisal with them. Give it a value of 9k. Assuming no papers.

[Runnin' Rebel]

I was told a watch that I valued 15,000US or greater need an appraisal, proof of purchase or sales receipt. It was WG submariner, I have 7 other watches and ring in my VPP and never had to send in any paper work on the other items. I did send in copy of appraisal of wedding ring so they had info on quality of diamond etc..in case I lost original appraisal. They cover shipping to repair facility for service as long as it's done overnight with signature required. Loss, damage drop and break, stolen anything that happens while you own it.

They should walk you through this. Nice watch

[AgentHsu]

I'm a State Farm agent. We require any items covered for $5k or more to be accompanied with an appraisal (personal articles policy). With that said, when the claim happens, the insurance company will pay you for replacement cost.

When a customer files a claim on a watch that Rolex has in stock, State Farm receives a discounted price (about 20%), and will either pay that amount to you in cash, or purchase a replacement for you directly. Yes, we have a discount replacement contract with Rolex.

In your case, we would either purchase you a new-model version (GMT Master II) if it falls within your coverage limits, or pay you up to your insurance limits if the watch is unavailable from Rolex, and you choose to take a cash-out option to try and replace on your own.

[sfc rick]

I had to do this one year ago with my newly acquired 1680 Sub in White. Insurance company wanted a Letterhead quote from the Rolex dealer stating the watch model and specifics and what replacement costs would be($8550). Insurance agent took a copy of the letter and it was a very smooth addition to my insurance coverage.

I said I thought it should be what market value for a similar vintage Rolex sells for....But apparently they just wanted actual retail cost it would take to get another "new" one.

[averywood4]

Who gets to choose if the person get a new replacement watch or the appraised cash out amount?

Originally Posted by AgentHsu

I'm a State Farm agent. We require any items covered for $5k or more to be accompanied with an appraisal (personal articles policy). With that said, when the claim happens, the insurance company will pay you for replacement cost.

When a customer files a claim on a watch that Rolex has in stock, State Farm receives a discounted price (about 20%), and will either pay that amount to you in cash, or purchase a replacement for you directly. Yes, we have a discount replacement contract with Rolex.

In your case, we would either purchase you a new-model version (GMT Master II) if it falls within your coverage limits, or pay you up to your insurance limits if the watch is unavailable from Rolex, and you choose to take a cash-out option to try and replace on your own.

[Kingface66]

I'm now wondering how often one should get a watch appraised. I have gilt Sub that was appraised almost three years ago, and am now wondering if I should re-appraise it, given the upward trend in prices of these things.

[drefrank]

Requirements vary from company to company and loss settlement provisions can vary from state to state. I generally use bills of sale for my vintage watches in order to establish value. Appraisals can be OK but they often overstate value.
I think the best approach is to call your company or agent and explain what you want to do. They can then guide you thru the process.

[droptopman]

Originally Posted by Kingface66

I'm now wondering how often one should get a watch appraised. I have gilt Sub that was appraised almost three years ago, and am now wondering if I should re-appraise it, given the upward trend in prices of these things.

Yes, re appraisal time! You are going to be several + K!!!

[Kingface66]

Originally Posted by droptopman

Yes, re appraisal time! You are going to be several + K!!!

If that is true, Mark, I imagine I'll be able to live w the premium increase!

[drefrank]

It's always a good idea to review high value items - such as our Rolex watches - periodically. But try to use an appraiser that will assign realistic values. There is little point in paying premiums for an amount that is higher than you can recover in a loss settlement.

[schoonov]

Thanks for all the great info. I definitely would want to replace it with a similar vintage and condition GMT Master rather than getting a new GMT Master II, so I guess I just need to find out how much it would be to buy a comparable vintage version and ensure I have adequate coverage through USAA to purchase a suitable vintage replacement.

[s.mansoor]

It depends on your policy limits, look at your home policy wordings - watches typically fall under "Jewellery, Gems, Watches and Furs" or something worded similarly. In Canada the standard is max $6000 payout for one claim for an item under that section. All Perils policies typically cover theft and mysterious disappearance. Named Perils policies typically don't. You have to present a receipt or bill of sale (or appraisal if neither exists) at time of claim. For items that have a value of over $6k (or whatever the limit is) and you want to insure it for its full value and for all perils - you have to insure it as a separate item (called a Floater) on the policy and present an appraisal when adding to policy, this results in a premium increase (but its usually nominal even for a 15k watch). Appraisal should indicate what it would cost to replace it as new - since the insurance company will buy a new GMT MII instead of looking for a vintage on eBay!
Its best to talk to your insurance company about limits and document requirements for watches valued over and under the limits and if you need to insure it as a floater.