Hulk Owners - Insurance

[Lakesclub]

Just a friendly PSA to get your watches reappraised and scheduled on your homeowners.

I picked up my Hulk in May '18 from the AD, and it came with an appraisal for purchase price ($9,200). I went in yesterday to get it reappraised for "Replacement Cost", since they are now discontinued.

We own them to wear them, just make sure you have coverage if something happens. Make sure to have your jeweler appraise them as "Replacement Cost" and send the update to your insurance agent.

If you live in Ohio, I'd be happy to make sure you have the appropriate coverage!

Steve

[Hollie_Rollie]

Thanks Steve

[Lemonvr6]

Mine is at 20k currently with a 50% buffer

[MattyL147]

Got a new appraisal done on Tuesday. Previous appraisal was for approx $9,200. Just had it reappraised for $19,850.

[scoobnoob1103]

Would your local AD (where I got my Hulk) do the reappraisal?

[MattyL147]

Originally Posted by scoobnoob1103

Would your local AD (where I got my Hulk) do the reappraisal?

I don't know if an AD will appraise for the current MP. I had my buddy (gray) give me an updated appraisal.

[EtherBrown]

Great minds.


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[EtherBrown]

Originally Posted by scoobnoob1103

Would your local AD (where I got my Hulk) do the reappraisal?

My SA is updating the original purchase appraisal as a courtesy. So it wouldn’t be a Rolex thing to not appraise at replacement value, if they won’t do it.


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[PaulEvansLoafers]

Any recommendations for NYC appraisals?

[boogiebot]

This is actually a very legit thing to discuss. Op thanks for reminding me to get a new appraisal.

Are most of you guys still using jewellers mutual to insure?


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[SS Oyster]

USAA homeowners insurance Jewelry policy will only insure a watch for up to 25% over MSRP (no higher), so useless for Hulk, BLRO, D500, etc. I'm looking for a totally separate policy ... best place to go?

[SS Oyster]

And, by the way, USAA said insurance appraisal had to come from someone authorized to perform appraisals (not a gray dealer as someone posted).

I reached out to my AD and they just sent me the most recent MSRP for watches I bought from them ... also not helpful for this type of "replacement cost" insurance.

[donas]

Originally Posted by SS Oyster

USAA homeowners insurance Jewelry policy will only insure a watch for up to 25% over MSRP (no higher), so useless for Hulk, BLRO, D500, etc. I'm looking for a totally separate policy ... best place to go?

I wonder how USAA would establish MSRP for something that is no longer made therefore retail price isn't even relevant. I have a policy with State Farm but removed all my watches from it. I am going to look into adding some back; I will update with how they handle insuring something that has been discontinued.

[m j b]

I would suggest that it's msrp when last available for purchase. Think of the poor underwriter who would likely use Google to verify the value.

[brandrea]

Originally Posted by m j b

I would suggest that it's msrp when last available for purchase. Think of the poor underwriter who would likely use Google to verify the value.

I’ve often wondered how the appraisal works

Seriously though ... do they look at average list prices? Can you simply insure for any dollar amount you denominate as long as you’re willing to pay the premium?

I can see where perhaps it makes sense on discontinued or vintage references that are difficult to replace. On modern references I paid the premium based on the purchase receipt knowing that if they were ever lost or stolen, my AD would work with me to replace.

I don’t insure any longer as I became tired of the never ending, escalating premiums. I know I may regret that one day, but I suppose that’s the risk I’m willing to take on the small collection I have YMMV

[windmania]

Originally Posted by SS Oyster

USAA homeowners insurance Jewelry policy will only insure a watch for up to 25% over MSRP (no higher), so useless for Hulk, BLRO, D500, etc. I'm looking for a totally separate policy ... best place to go?

Jewelers Mutual is a good place.

[TankTom]

Has anyone actually had experience of insuring their watch for market value and their insurers ACTUALLY paying out on the market value? I hear stories of paying the higher premium and then insurers wriggle out (due to it actually being illegal in the UK to insure something for more than its retail price)? Thanks

[giruto]

Originally Posted by SS Oyster

USAA homeowners insurance Jewelry policy will only insure a watch for up to 25% over MSRP (no higher), so useless for Hulk, BLRO, D500, etc. I'm looking for a totally separate policy ... best place to go?

Jewelry Mutual..... I insured for watches at MRSP price hulk for 147, gmt 147, ladies date just for 147 and TOG for 88 for 1 year


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[illiguy]

Jewelers Mutual