Insurance Value for Waiting List Watches

[srvrf]

I have an email into my State Farm agent but haven’t heard back yet. As the title suggests, what kind of value do you ask for or get for a “hot” watch you’ve obtained off of a waiting list. Because the reality of it is that I can’t imagine anyone getting two of the same hot watch off of a waiting list if they happen to have the original watch stolen or lost. So someone who gets a new Batman GMT with a Jubilee for $9250 and has to replace it will probably have to pay $18-19,000 to replace it on the gray market. The worst one I can think of would be something like a Patek 5990 for $57k and then having to pay $110k on the secondary market.


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[Albusdabbledore]

Originally Posted by srvrf

I have an email into my State Farm agent but haven’t heard back yet. As the title suggests, what kind of value do you ask for or get for a “hot” watch you’ve obtained off of a waiting list. Because the reality of it is that I can’t imagine anyone getting two of the same hot watch off of a waiting list if they happen to have the original watch stolen or lost. So someone who gets a new Batman GMT with a Jubilee for $9250 and has to replace it will probably have to pay $18-19,000 to replace it on the gray market. The worst one I can think of would be something like a Patek 5990 for $57k and then having to pay $110k on the secondary market.


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I think like you said you would be out of luck because the insurance company is only going to ensure the watch for the Msrp and or what you paid


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[bdex75]

Unless you go with a carrier that will allow you to insure it at what’s called an “agreed value” you will be limited to the msrp.

Not sure what SF does but I don’t imagine it is that. You might need to seek out a speciality or niche insurer if this is a big concern for you.

Most of the time the insurance company will source a watch in the event of a total loss. They have connections and sources that most people do not and can often find hard to come by watches.


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[Knappo 1307]

edit.

[77T]

Your homeowners policy, if it has replacement value, will cover the MSRP of the new watch even if you overpaid to the grey market for the same model. As long as it is within the limits of coverage for their standard policy. No Rolex fits within those limits. You will need to purchase a Personal Articles policy.

At State Farm this coverage of only the MSRP of the new watch is true even if you buy a Personal Articles policy.

They don’t sell stated value or agreed value policies.


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[srvrf]

Originally Posted by 77T

Your homeowners policy, if it has replacement value, will cover the MSRP of the new watch even if you overpaid to the grey market for the same model. As long as it is within the limits of coverage for their standard policy. No Rolex fits within those limits. You will need to purchase a Personal Articles policy.

At State Farm this coverage of only the MSRP of the new watch is true even if you buy a Personal Articles policy.

They don’t sell stated value or agreed value policies.


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I do have a State Farm Personal Articles Policy so that's where it will be added. So I guess it looks like anyone with a popular steel sports watch just has to wear it partially insured. And in that case, I can't imagine being comfortable wearing a 5990 insured for $57k when it looks like replacement value is closer to $110k.

[77T]

Originally Posted by srvrf

I can't imagine being comfortable wearing a 5990 insured for $57k when it looks like replacement value is closer to $110k.

I dunno, I wore an uninsured Platona for a while - and didn’t think twice about it - about the same risk. Wore right until a burglar stole it



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[Mr.Rolex1]

insured for replacement value

[Abdullah71601]

Originally Posted by srvrf

I do have a State Farm Personal Articles Policy so that's where it will be added. So I guess it looks like anyone with a popular steel sports watch just has to wear it partially insured. And in that case, I can't imagine being comfortable wearing a 5990 insured for $57k when it looks like replacement value is closer to $110k.

Why would SF need to give you replacement value (cash) if they are giving you a replacement watch?

Wear your watch and enjoy it. If something happens that causes you to file a claim, wear the new one and enjoy it.

[77T]

State Farm does not source replacement watches when you file a claim. Don’t know where that specious legend started.


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[srvrf]

Originally Posted by Abdullah71601

Why would SF need to give you replacement value (cash) if they are giving you a replacement watch?



Wear your watch and enjoy it. If something happens that causes you to file a claim, wear the new one and enjoy it.

That’s the crux of the main question I have. I have a new Aquanaut 5167 off of a waiting list and I paid MSRP. If something happened to it I doubt I could easily get a replacement at MSRP. I doubt State Farm or any other company would be able to “cut in line” and get another Aquanaut. They may say “here’s your MSRP $21,900” and then I’m on my own for probably about $10,000 more looking at gray market prices. Sure it takes away some of the sting, but $10,000 more in addition to the lost/stolen watch would really hurt.


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[037]

Originally Posted by 77T

State Farm does not source replacement watches when you file a claim. Don’t know where that specious legend started.

State Farm gets them straight through manufacturers.

Source: https://b2b.statefarm.com/b2b/roles/.../watches.shtml

Someone here had a watch replaced by State Farm and the warranty card showed Rolex as the dealer.

I wouldn't call that a specious legend.

[77T]

Originally Posted by 037

State Farm gets them straight through manufacturers.

Source: https://b2b.statefarm.com/b2b/roles/.../watches.shtml

Someone here had a watch replaced by State Farm and the warranty card showed Rolex as the dealer.

I wouldn't call that a specious legend.

Thanks for that weblink -

I had a claim for a stolen Rolex settled with State Farm. It was in mid-2017.

Their home office claims dept. did not have an arrangement with Rolex. I even escalated and their VP confirmed that State Farm does not perform replacements. I accepted a check since the replacement value was quite fair.

Do you recall when or who posted that story about them replacing his?



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[037]

Originally Posted by 77T

Thanks for that weblink -

I had a claim for a stolen Rolex settled with State Farm. It was in mid-2017.

Their home office claims dept. did not have an arrangement with Rolex. I even escalated and their VP confirmed that State Farm does not perform replacements. I accepted a check since the replacement value was quite fair.

Do you recall when or who posted that story about them replacing his?

That's bizarre. I had a loss about a decade ago and was given the option of a replacement or reimbursement. My agent said that's still the case. They do have a relationship with Rolex from what I've been told.

The thread discussing the warranty card must have been in the last year or so because I remember seeing it since I joined. If I find it I'll post the link.

[77T]

Thanks - it is water under the bridge for my claim from 2017 but I will double check with my agent tomorrow using the link you provided.

I’ve added more to my PAP and want to know for sure.


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[037]

Originally Posted by 77T

Thanks - it is water under the bridge for my claim from 2017 but I will double check with my agent tomorrow using the link you provided.

I’ve added more to my PAP and want to know for sure.

Found it. Took some creative Google work. Post #30: https://www.rolexforums.com/showthre...82#post8177482

State Farm was on the card, not Rolex. Blame my memory on that one.

[BrazenC5]

Originally Posted by srvrf

I do have a State Farm Personal Articles Policy so that's where it will be added. So I guess it looks like anyone with a popular steel sports watch just has to wear it partially insured. And in that case, I can't imagine being comfortable wearing a 5990 insured for $57k when it looks like replacement value is closer to $110k.

Call your agent, they should be able to insure on appraised value.

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