Insurance Replacement

[algemesi]

I don’t really know what was worked out behind the scenes. I agree that some kind of arrangement was likely made since a new replacement 126710BLNR costs more than my stolen GMT II. Maybe JM saved money by buying directly from Rolex.

[algemesi]

Oh, and cash was never an option: either replacement or reimbursement up to $8,450.

[Kliminator]

Originally Posted by algemesi

Oh, and cash was never an option: either replacement or reimbursement up to $8,450.

Congrats on the favorable outcome. Confused about your comment though because doesn't reimbursement = cash..? Unless you just mean a replacement of a different watch up to 8,450 value

[algemesi]

It’s only a replacement policy. I stated things wrong. The insurance company only pays the jeweler directly for the replacement item. They initially wanted to work with the jeweler I purchased my old watch from, but due to the wait/supply problem they tried Rolex directly. After Rolex confirmed my old model isn’t made any more and that the current one was available, the insurance company paid Rolex Watches USA, Inc. and Rolex sent me a replacement.

[Ballzzz]

Originally Posted by algemesi

It’s only a replacement policy. I stated things wrong. The insurance company only pays the jeweler directly for the replacement item. They initially wanted to work with the jeweler I purchased my old watch from, but due to the wait/supply problem they tried Rolex directly. After Rolex confirmed my old model isn’t made any more and that the current one was available, the insurance company paid Rolex Watches USA, Inc. and Rolex sent me a replacement.

Wow great job JM!!!!! - Very lucky happy to hear the good outcome from this story.

[Gdoc26]

thats kinda what I meant, i provided insurance company with appraisals for a dollar amount that was based on what it would cost to replace at current prices, i.e. DavidSW. I will have to be diligent and stay on top of the value at least yearly to make sure they are still insured for the proper amount.

[othertbone]

Originally Posted by algemesi

Hello Forum,

I have been authorized by my insurance company to have my stolen GMT II replaced. It is a replacement policy and they work with the jeweler.

Do you have experience getting a Rolex replaced in this situation when the watch has a waiting list?

Thanks!

Brother you are going to have a hard time.

I am in the process of re-appraising all my pieces for fair market value. My watches all have the retail price on the current appraisals, and in todays watch world that doesn't cut it for Rolex, AP and PP. So now if I lose a watch, I can immediately replace it with a new unworn piece from a local grey market dealer.

I'm sorry for your situation my friend. Think about raising your insured amount so you can actually replace the watch if it ever happens again. I hope it will work out for you this time around.

[Jim Smyth]

Congrats on a good outcome for now. It will be interesting to see what happens with JM when your policy comes up for renewal. I have heard stories about folks being dropped after a claim. Guess we will see how that goes in time.

[Kliminator]

Originally Posted by othertbone

Brother you are going to have a hard time.



I am in the process of re-appraising all my pieces for fair market value. My watches all have the retail price on the current appraisals, and in todays watch world that doesn't cut it for Rolex, AP and PP. So now if I lose a watch, I can immediately replace it with a new unworn piece from a local grey market dealer.



I'm sorry for your situation my friend. Think about raising your insured amount so you can actually replace the watch if it ever happens again. I hope it will work out for you this time around.

In this particular case, he had the watch insured for MSRP (8,450) and was able to get his watch replace from insurance GMT LN for BLNR w jubilee. Basically an interesting case where he did not have to pay premiums for a higher insured value but got an even more desireable watch back.

Obviously this wouldn't be recommended - better to insure at the higher value to be safe. But a fortunate and interesting outcome though