how many of you have insurance on your watches?

[PaulRP]

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

[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

[PatronMTL]

just upped my home insurance from 5000$ default for watches/jewelery to $20,000. Only cost 8 $ more a month (canadian dollars). also covers me for loss and theft even if it happens away from home.

[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

[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.

[pillboy]

One SS Rolex. Have 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*

[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.

[tyler1980]

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*

not flaming you... but my concern is more about my entire collection getting stolen at the same time vs the one on my wrist being taken. It would be a tough pill to swallow to replace an entire collection amassed over time all at once.

Thats 99% of the reason i am pro insurance.


If i kept all my unworn watches at the bank or if I only had 1, i might not insure.

[Star Ferry]

Originally Posted by tyler1980

not flaming you... but my concern is more about my entire collection getting stolen at the same time vs the one on my wrist being taken. It would be a tough pill to swallow to replace an entire collection amassed over time all at once.

Thats 99% of the reason i am pro insurance.

No offense taken -- The main reasons I don't have insurance are 1) I'm not sure how much longer I'll be living in HK and 2) jewelry insurance options here don't seem great

When I move back to the US, I'll probably look into jeweler's mutual

[Hairdude1]

I have it and would recommend all do as well

[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.

[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.

[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

[SubmarinerSA]

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

[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.

[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 ?

[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!!

[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.