how many of you have insurance on your watches?

[indy78]

Originally Posted by WhiskeyKoffee

My wife's ring is about 30k and we insure it through Chubb. The rates at Chubb are higher than normal. We pay about $400 per year. The reason we chose Chubb is that if something happens to the ring, they don't mess around with replacement crap. They just cut you a check for the amount on the appraisal/policy amount.

For my newly acquired Rolex DJ41 I added a valuable personal property plan to my already existing USAA insurance. It's $118 per year with no deductible with my watch listed at a $7500 value. I figure the $118 per year is worth it even if I never make a claim. It's worth the piece of mind.

Also, pretty much every consumer expert in the country will tell you that you should never, ever make a homeowner's insurance claim unless you have a catastrophic loss. Insuring a watch through your homeowner's policy is a HORRIBLE idea. These days the homeowner's insurance will almost always cancel you for even one minor claim. Your Rolex should be insured separately.

I had a blanket jewelry policy through Chubb to cover my wife's wedding ring and my watches. I carried it for years and fortunately never had to make a claim. I did not renew it last year and probably should have knowing my luck.

The policy covered damage, theft, or even mysterious disappearance. They explained a situation surrounding mysterious disappearance would be my wife taking off the ring to wash her hands and simply losing the ring and not knowing exactly when or where.

[pillboy]

One SS Rolex. Have insurance.

[Hairdude1]

I have it and would recommend all do as well

[kd_submariner]

Right after I got my sub, I left the AD and went straight to my insurance agent. $90/yr for my watch. I hope to never use it, but at $7.50 per month, well worth it for the peace of mind

[Al1969]

All insured with USAA.

[chessebj]

I have my watches insured as a rider on my renter's insurance.

[HK Islandboy]

Yes. Specific rider on my home insurance policy and costs 1% per year of the insured amount with the proviso that the watches are either on my wrist or in a safe.

There is no option here like jewellers mutual, unfortunately

[Laszlo]

I hate these threads. It's common sense.

[No SUBctitute]

Originally Posted by NinoToronto

Hello,

debating if i should get insurance on my two watches, the stories ive been hearing lately has me a little worried now a days lol. how many of you have insurance? and what company (canadian)

If you can easily replace your watches and it wouldn't make even a minor dent in your play money then don't bother. Odds are in your favor that you will never need it---that's how insurance companies make money. But, if it would make you sick to have to lay out money for the gone watches then get insurance.

[Bagman]

I have not however I will Monday

[Boothroyd]

Originally Posted by Laszlo

I hate these threads. It's common sense.

I don't mind these sorts of questions coming up repeatedly. People are looking for opinions and information. Part of the function of TRF. Repeat questions are going to come up from time to time. Bound to happen.

[SubmarinerSA]

Full replacement value all risks insurance. Not an option in South Africa in in my view.

[bdex75]

Originally Posted by indy78

I had a blanket jewelry policy through Chubb to cover my wife's wedding ring and my watches. I carried it for years and fortunately never had to make a claim. I did not renew it last year and probably should have knowing my luck.



The policy covered damage, theft, or even mysterious disappearance. They explained a situation surrounding mysterious disappearance would be my wife taking off the ring to wash her hands and simply losing the ring and not knowing exactly when or where.

Yep. Chubb is awesome. Not cheap, but awesome when it comes claim time.

Had a friend whose longtime housekeeper stole $50,000 worth of jewelry from the jewelry box. Chubb never batted an eye, wrote the check.

Also as someone mentioned earlier if you can use Jewelers Mutual or a separate carrier from your HO insurance it is a good idea. In the HO world not weather related claims are not good. If you. An isolate the two risks then that would be my preferred method.

That said I have been too lazy to update my JM policy and have thrown a bunch on my HO policy. I will get a new JM policy soon and remove them from my HO.


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[wristmatic]

been rob and shot before for my jewelry while paying for parking. get insurance and health insurance! Wearing or driving anything expensive thing makes you a target

[nick h]

i have three Rolex's and all are covered all risk under a separate section of my home contents insurance

exactly the same situation with my art collection

[Trazor]

Added as an extension to my contents insurance.

[Reglin]

Ace Insurance Co.
Added to the valuable items rider on the homeowners policy
Coverage for Casualty and Theft (not damage from use)
Cover both my DJ and Sky Dweller-full appraised value (yes, you will need an appraisal which your dealer should provide at no charge.

[NinoToronto]

thank you guys, i appreciate all the feed back monday i will be getting insurance :)

[rr-nyc]

Every watch and all significant jewelry are scheduled

[Carrera911]

if you get insured for the watch with company A and your homeowner insurance is with company B.
You make a claim for the watch, do you still take a hit with the premiums on the homeowners insurance ?

[TheVTCGuy]

Originally Posted by pillboy

One SS Rolex. Have insurance.

Same here

[Star Ferry]

My watches are not insured. Would not have purchased if I couldn't afford to lose them *Flame shield up*

[donas]

I have 8 watches and only have my Smurf on insurance. I use State Farm personal article policy. It sits in the safe more time than not; I've been seriously debating taking it off the policy. I'm well aware that this is the most sure way to have something bad happen!!

[No SUBctitute]

Originally Posted by Star Ferry

My watches are not insured. Would not have purchased if I couldn't afford to lose them *Flame shield up*

If anyone can afford to "self-insure" they should do it. Over the long run you will come out ahead. Insurance companies sure do!

[TG3N]

As a wise man or woman once said: “sh*t happens”.

Self-insurance can work in certain circumstances, but usually not in a personal capacity. You’ll only ever ‘come out ahead’ if you never suffer a loss, or at least if your premiums withheld from the Insurance market outweigh your personal losses over the period in question.

If your multi-thousand dollar watch is stolen, lost in a fire, damaged in a car crash, lost whilst swimming etc. then good luck replacing it with the few hundred dollars you saved not paying insurance for the past 10 years (presuming you did of course diligently & separately save those funds untouched for a rainy day, and haven’t long since spent them on Pokemon cards & beer…).

Insurance companies are a business like any other – in existence to make money. They take the risk & pay for losses, but endeavour to still make a profit. They do so by spreading their risk & recouping premiums from the many to pay the claims of the few. As a self-insuring individual, the buck stops solely with you, and you cannot hope to hedge/spread your risk in the same fashion.

In terms of being wealthy enough to absorb a multi-thousand dollar loss without too much complaint, that’s great and may be a personally valid approach if insulated enough, but even at that, is it really the most fiscally prudent choice when there are cost-effect options to protect against loss? In most other areas of life we’re happy to accept a minimal cost or discomfort to protect a valued asset.

Separately to that, we’re all different of course in how risk averse we are, but there’s a certain peace of mind in being able to wear your watch 24/7/365 everywhere and doing anything, without worry.

[OmegaJJH]

Originally Posted by watchmework

I've got insurance on my Rolex, worth the cost to have peace of mind.

Originally Posted by Wcdhtwn

Have it on all my watches with home owners insurance. Absolutely insure your watches.

Originally Posted by PaulRP

I'd say it's a no-brainer...get insurance!

This

[1st amg]

Yes Nino, I have for all watches and wife ring. Full replacement value, I have it through state farm, separate policy/rider for the jewelry than the home or cars.

[superdog]

All of my wife's watches and jewelry is insured.

None of my watches are insured.

I move through them too fast. And I learned from Dr Tom. I'd prefer just to keep that money around for more watches.

I do however have a beefy safe that I have at home. Unlikely anyone is getting in there. On the streets if someone wants my watch, I'd just give it to them.

[Hands90]

When I get a piece worth 8K such as a new Sub, then I would go for it.

[JayB]

Both my Rolex's are insured through my home insurance which was arranged before I left the AD.

Currently considering another purchase, again I won't leave the AD without insurance in place.

I like the peace of mind on never having to worry about it, if the worst happens and I get mugged I don't have anything to gain by resisting. You see reports such as recently in the UK of someone being killed for their Rolex, it's just not worth it.

As for what the threshold is for me to insure, I have a Tissot Visodate which Cost £395. I wouldn't dream of specific insurance for this watch although my insurance covers a certain amount anyway. Personally I think anything over £1000 and I'd consider it worthy of insurance, more so if a recognisable brand name.

I'm still a little shocked when people don't insure expensive items. I'm not in the position of being wealthy enough to be able to replace a Rolex without too much hardship so I struggle to understand why you'd want to take that risk.