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16 March 2013, 12:34 AM | #1 |
"TRF" Member
Join Date: Sep 2010
Location: Baton Rouge, LA
Posts: 229
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Insurance - What to do?
My apologies if this topic has been covered previously, but I have a question about insurance coverage.
I have been insuring my V-series WG Sub (along with a few other pieces) for a couple of years with a very popular jewelry insurance company well known to the members of this forum. Because its replacement value is estimated at $34k, the yearly premium for this watch is $437. The insurer tells me that they will only insure it for the full appraised retail cost replacement value. However, I know that I can replace it for considerably less - probably $26k looking at the current market. Am I being taken to the cleaners here? Why can't I insure it for a true replacement cost? Is this the same for all insurance companies, or are there any that will let me set the replacement amount? Do they fear fraudulent claims for quick cash or something? Thank you very much for any recommendations or insights that you can provide! |
16 March 2013, 12:36 AM | #2 |
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Location: Switzerland
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I don't have any insured, but from what I've read, 400-500 bucks p/a sounds about right, especially for such an expensive watch. I doubt dropping the value to 26k would make much difference on the premium, tbh.
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16 March 2013, 12:59 AM | #3 |
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Real Name: rudolph
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You could get the watches reappraised for their actual value today.Talk to your homeowners insurance agent for a quote.Mine is around $10 for every thousand insured(state farm).
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tt date circa 69' 5513 circa 81' ss sub w/date (z) pepsi gmt for dad(D) polar expy II(z) 1675 gmt circa 68' ladies datejust on jubilee for mom (z) sea dweller16600(M) SS Sub-C(g) Omega Planet Ocean,45.5 on mesh(2500D) |
16 March 2013, 01:08 AM | #4 |
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I just went to jewelersmutual.com for a quote on $34,000... with a $0 deductible it came to $612 per year... seems like you're doing ok at $437
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16 March 2013, 01:49 AM | #5 |
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I have Jewlers Mutual too...my premium for my Sub C is 0 deductible and $162 for the year...think I received a little break as I have a home alarm and floor safe. Think you're premium sounds about right..my opinion is that I would rather have my watch insured for the full replacement value...that way I can go to an AD and get a brand new watch...for me I would rather do that than have to go to the grey market...not that there is anything wrong with buying from them but my watch was purchased from an AD and I want it replaced from an AD
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16 March 2013, 02:00 AM | #6 |
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Join Date: Sep 2010
Location: Baton Rouge, LA
Posts: 229
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My premium is with a $1,000 deductable. The highest allowable, I believe.
I bought mine from a trusted seller here on the forum.... at a great discount. With these guys as good as they are, I'm not sure I'd do it any other way. |
16 March 2013, 02:23 AM | #7 |
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Location: USA Midwest
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Wow, that does sound like a bit steep pricing with a $1K deductible. You can get it for 0 deductible on a rider policy elsewhere for close to that amount.
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16 March 2013, 02:28 AM | #8 |
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Join Date: Jan 2013
Location: U.S.
Posts: 118
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Get a quote from your current insurer that insures your home. Adding this as an item to your homeowners policy could allow you to save some money...and they will probably let you set your own level of monetary coverage.
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16 March 2013, 02:33 AM | #9 |
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Real Name: Seth
Location: nj
Watch: Omega
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I insure for my full amount even tho I got a nice discount.
It's a WG DDII and I pay about what your paying. Think of it this way: if something happens and you get the full amount back, you make some money.
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16 March 2013, 03:19 AM | #10 |
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I have homeowners with 2 riders. One is for my wife's 6 figure diamond ring and the other is a $100K rider for all other jewelry. Robbery in home........sh*t out of luck. Robbery on the street, all is covered. The rider covers my watches, her watches, her ear rings, wedding band, etc. up to a max of $100K. A lot less expensive than insuring each watch or piece.
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16 March 2013, 07:01 AM | #11 | |
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Quote:
I also don't understand why a burglary wouldn't be covered...pretty strange exclusion for rider items. |
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16 March 2013, 03:31 AM | #12 |
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Why full retail price? My insurance company asked for receipts. They cover what I paid for . I have one watch that i lost the receipt for, so i showed them the prices on a few websites and gave them a photo of the serial on the watch and warranty book, and they were satisfied with that amount. Its a well know insurance company. They told me they will cover my watches internationally as well, as I travel a lot.
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16 March 2013, 07:21 AM | #13 |
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Real Name: Bob
Location: IL
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I have $25K coverage with Allstate with 1K deductible. It covers all jewelry up to 5K each. I pay $100 per year and no appraisals needed. Not perfect but good enough for me.
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16 March 2013, 07:32 AM | #14 |
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Real Name: Alex
Location: Gotham City
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Try Chartis
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16 March 2013, 08:20 AM | #15 |
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Location: USA
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If you ever file a claim...your insurance co will likely not cut you a check. I hear some will buy you a replacement watch (at a great discount to them) from one of the dealers they have a relationship with.
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16 March 2013, 10:50 AM | #16 |
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Real Name: Brad
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I pay $65 a year for a safety deposit box
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16 March 2013, 11:15 AM | #17 |
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Real Name: Joe
Location: Ontario
Watch: 1971 gmt, any sub
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I have a rider on 4 pieces worth 30 grand or more. I keep everything in a safety deposit box and take a chance I would not loose more then one piece at a time. My basic insurance covers 5000.00 of household jewelry for free that is not listed separately.
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16 March 2013, 11:23 AM | #18 |
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Real Name: Joe
Location: NJ
Watch: 16613ln
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16 March 2013, 11:43 AM | #19 |
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That's only good if you never take it out and wear it in the real world.
You never wear it?
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18 March 2013, 12:20 AM | #20 |
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16 March 2013, 11:48 AM | #21 |
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I have Statefarm insurance. Added the watches onto the policy as a separate rider. Got them insured for the appraised amount for replacement. Covers damage, theft (anywhere including foreign travel which I do a lot of). Yes, $1000 deductible but super reasonable yearly fee.
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16610 ♛ 16610LV ♛ 214270 MK2 "Life is far too short not to wear a Rolex!" |
16 March 2013, 11:53 AM | #22 |
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so if you do insure it and it does get stolen will they send you a new watch or just a check?
If they send a check then you get same watch that you had stolen and a steel version as a "Beater" |
16 March 2013, 12:09 PM | #23 | |
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Quote:
In the other case the watch is a discontinued model. I had an appraisal done and it was valued at over the amount of replacement. I have photos of the watch showing serial number and condition. It would be replaced with a watch of comparable condition and therefore comparable value. This was confirmed with the insurance agent as I wondered the same thing myself. I wanted to assure that since discontinued watch prices can vary greatly based on production year and condition that that would be taken into consideration if the need for replacement ever occurred.
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16610 ♛ 16610LV ♛ 214270 MK2 "Life is far too short not to wear a Rolex!" |
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16 March 2013, 12:15 PM | #24 | |
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Real Name: Ali
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Quote:
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16 March 2013, 02:30 PM | #25 |
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Real Name: Wade
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I insure my WG Sub through State Farm on a separate rider. Without looking at the paperwork, I believe my annual premium is about $330 with 0 deductible.
They would not allow me to insure it for less than appraisal value. I asked the AD if he could appraise it for less, and he said he couldn't appraise it for less than replacement value, lol......I gave up and just insured it. To me personally, I think this is pretty expensive, but it makes me feel so much better. |
30 March 2013, 02:30 PM | #26 |
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Has anyone here who has insurance, filed a claim yet? I just can't deal with the bullshit from insurance companies. Feedbacks? I am looking to insure a few items.
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30 March 2013, 03:06 PM | #27 |
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I had state farm, rider on my home insurance with $0 deductible. I also insure my cars through them. I was insuring a $3k Tag (appraised value of replacement) for $25/yr. I lost mine, they offered to replace with new version of watch or replace at cost through one of their dealers. They offered $2200. I didn't like the changes to the new version so I asked what would happen if I wanted to upgrade, they said I could choose another watch their dealers sold at their discounted price minus my trade in value, except Rolex due to their yearly price increase, omega was ok.
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30 March 2013, 03:06 PM | #28 |
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I have 8 ROLEX watches and pay 14.00 per watch, per month for full coverage including breakage, lost or if I get mugged. No deduction. Total insured amount is 61K.
I've never had to do an appraisal, I just call and tell them the value along with the serial number and description of the watch. I update once a year with the price increase that usually happens. USAA has an agreement with ROLEX for replacement, I was told by USAA they get a very good replacement price. This topic comes up quite a bit and I'm going to call USAA and double check. For example, I lose or have my 116613 Serti stolen, I have it insured for 11k. Will I get a full replacement or not. Anyone ever file with USAA on a claim ? What did they do for you ? I want to make sure I'm not over insured and could I get a pay out if I wanted. Thanks EDIT: 12.00 per month Thread on USAA..https://www.rolexforums.com/showthre...ight=Insurance
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8 May 2013, 05:25 AM | #29 | |
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Quote:
Can anyone use usaa or is it limited access to military personnel? |
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8 May 2013, 04:05 AM | #30 |
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Personally I prefer to have it insured for the full replacement value. Especially since retail prices increase each year!
However, I wanted to know what you guys thought about the deductible. Is it better to have 0 deductible and a higher rate, or a lower rate and higher deductible? I know that when you file a claim, it is rather unpleasant, as well it can raise your rates on all other types of insurance in the future, due to the fact that your claim gets put in a database, making you a higher risk consumer. So since you dont want to file really ever, wouldnt it make sense to have a high deductible and keep the rates low, and if the worst happens to happen, you just pay a few K, and get most of the value back- which is certainly better than a total loss in my opinion??
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