Insurance for Rolex

[DJ2020]

I have a question. What would you use as the replacement value for your Rolex? MSRP, Current market price?, Highest market price achieved last year?

I am asking because of the HUGE variances in pricing. 126334 MSRP was 10,500 and tax, but have seen it listed as high as $18,300. How much would you insure your watch for?

[jamesbondOO7]

Have you checked how much it costs to ensure a watch? Your rational decision will probably be to self-insure….

[beshannon]

How much risk do you want to insure?

[DJ2020]

Originally Posted by jamesbondOO7

Have you checked how much it costs to ensure a watch? Your rational decision will probably be to self-insure….

222 yearly

[DJ2020]

Originally Posted by beshannon

How much risk do you want to insure?

Enough to replace it should I loose it for any reason. Hopefully from a AD again.

[DtownRRS]

Check your home owners policy, they normally have a valuables limit built in. Mine was 10k. Anything above that you would need a dedicated jewelry policy. I have several items on a separate policy, watches, rings etc. and it's about $600 per year. All based on the items total replacement costs.

[BillA]

I think the OP is asking what value to use. I would use market value.
As an example, if the watch has an MSRP of $10,000 and you paid DavidSW $12,000, then the $12,000 is the market price and what it would cost you to replace of lost/stolen. Many personal article policies have inflation riders built in.

[DJ2020]

Originally Posted by BillA

I think the OP is asking what value to use. I would use market value.

Yes, which value. MSRP or Market. That's the question.

[Michael T]

Our Rolexes annual premiums run from 1.07% to 1.44% of appraised/purchase price value.

[BillA]

Originally Posted by DJ2020

Yes, which value. MSRP or Market. That's the question.

market

[fskywalker]

Originally Posted by DtownRRS

Check your home owners policy, they normally have a valuables limit built in. Mine was 10k. Anything above that you would need a dedicated jewelry policy. I have several items on a separate policy, watches, rings etc. and it's about $600 per year. All based on the items total replacement costs.

+1


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[Deepsea Florida]

Insure for $20,000,000.

Take trip to Barcelona and roll up your sleeves.

And “WATCH” the Cash roll in !

[Charlie Tango]

Insure at current market price. In the event your watch is stolen you will know you can comfortably afford to replace it, particularly if you’re able to repurchase at MSRP.

The real question is: has anyone had a watch stolen and then subsequently been able to buy an identical watch from the AD the second time?


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[1William]

I would pick current market price from a reputable Trusted Seller. I doubt you will be able to immediately replace a lost/stolen watch from an AD's inventory. Do not put your watch on your Home owners policy. You are adding another risk and should you make a claim then that claim will be evaluated in relationship to a much larger insured item, your home. This advice was given by a family member who has been in the insurance business for more than 30 years. I have gone from Jewelers Mutual to Hodinkee Insurance, Chubb backed. No appraisal needed and almost immediate coverage. Insurance is about managing risk based on what you would have to pay to make yourself whole in the situation before the loss. Pay the $200-$300 for insurance and go on with it. Part of ownership, just as servicing the watch at some point. Just my thoughts.

[sj24k]

I always ensure for market value through a personal articles policy on top of my homeowners.

If market value fluctuates significantly, I’ll make necessary adjustments as needed.

MSRP is meaningless to me because none of the watches I care about could easily be replaced for the price the manufacturer suggests.


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[WilsdorfNDavis]

Currently?
Market price of course.
Why would you insure for MSRP when the market price is higher?

[ArtNouveau]

I am in the middle of my second year with the Hodinkee/Chubb insurance. I have my watches insured at market value although I did lower the amount this year as peak values dropped. I think my AD would help with replacement if needed but it wouldn’t be as fast as buying one from a reseller.

[DubOhio]

Depending on the insurance company you go through you’ll need to get a specialized appraisal done to be able to insure a watch for more than 10% over MSPR. Hodinkee gets away without an appraisal (listed on their site) by charging considerably more annually.

An appraisal usually runs $75-$125 per watch. I’m not so concerned with one watch being stole but more along the lines of a house fire or home being broken in too while on vacation and all watches betting stolen. If you lump home owners, car, and watches with the same company they’ll usually throw big discounts at you.

[Calatrava r]

I would insure for what I paid and provide the invoice to the carrier to confirm the coverage. Once the watch reference is retired by the maker, then a current annual appraisal is a good idea to keep the values updated. Trying to insure for the used market value makes no sense to me as that market fluctuates so much. Plus, if I bought a new watch why would I want a used one as a replacement.

[RogerOP]

Originally Posted by WilsdorfNDavis

Currently?
Market price of course.
Why would you insure for MSRP when the market price is higher?

Because as others have found out, insurance will find a way to only pay RRP. Especially since market value no no where a solid and trusted enough barometer of price

[WilsdorfNDavis]

Originally Posted by RogerOP

Because as others have found out, insurance will find a way to only pay RRP. Especially since market value no no where a solid and trusted enough barometer of price

Not Hodinkee. They pay out what you valued the watch at, thus the (slightly) higher rates.

How would I replace my 116600 otherwise?

They are going for ~$15k ($10.2K original MSRP) and they stopped selling them at ADs in 2017.

[lwrm23]

Jewelers Mutual

[David5807]

Originally Posted by lwrm23

Jewelers Mutual

Has anyone actually had a good experience making a claim with them? Please tell if so.

[CKLII]

Thankfully haven’t had to file a claim on a loss but highly recommend HODINKEE/Chubb this far. Both times I’ve needed to speak to someone they were actually knowledgeable about watches and easy to contact.

They allow you to insure for market value without any hoops. Process of adding/removing/changing takes 2 minutes.

Also, they cover repair. Had a friend who didn’t realize repairs were covered until I told him. He submitted the claim and they reimbursed him for work done on a Nomos that suffered a minor drop.

[Harry-57]

I've had conversations about this with my AD, who have done appraisals for two of my watches that are no longer produced. They appraised my 116613LB as being worth the MSRP of the 126613LB. They appraised my 116610LV as being worth the then current used market price, their estimate being a couple of hundred of quid under what C24 thought it was worth.

[Giovannibravo]

Just stick to the retail price. Your DJ can be easily had at an AD. Also, you dont have to risk if the watch you get grey is stolen or anything.

[Exracer1985]

We have State Farm and the premium for two watches is $736/year. We also have our house, cars and umbrella with them.
For a 6265 Daytona valued at $74,000 and a 126603 TT sea dweller. Valued at 17,000.
State Farm took an appraisal of $65,000 for the Daytona several years ago and their under writer did the research and approved the policy. State Farm has an inflation increase each year and has increased to $74,000.
On the sea dweller we gave the MSRP receipt of $17,000 from AD.

As others have said, use the MSRP from the AD and you’ll be fine.
My wife has a 28mm DJ uninsured but her new 36mm will be added to the policy.😀

[WilsdorfNDavis]

Originally Posted by Giovannibravo

Just stick to the retail price. Your DJ can be easily had at an AD. Also, you dont have to risk if the watch you get grey is stolen or anything.

If it's "easily had", what AD in North Carolina, RIGHT NOW, has one in stock that can be purchased at MSRP?

[Giovannibravo]

Listen, it's a DJ41 with a non-desirable dial. He should be able to get one in a matter of a weeks. Nobody flips them because they sell at or near retail. Wouldn't you rather get a Rolex from an AD instead of buying something grey. I am sure many folks here agree with me.

[Benjamin Choi]

I recently got two quotes for two steel Rolexes from Hodinkee and Jewelers Mutual. Hodinkee ended up ~$20 less per year at $0 deductible.

Make sure you read the fine print. Hodinkee sign up process was stupid ez and I know Chubb is a reputable insurance company (for an insurance company).