Appraisal

[DMVRolex]

Recommendations on best place to get my 15500ST appraised at? Closest AP AD is about 4 hours away in NYC.

It’s currently insured at retail price. Goal is to have insured at what the market is demanding for it in case it needs to be replaced.

[huncho]

AP boutiques will not appraise it at market value, only msrp. you'd have to go to a grey dealer

[DMVRolex]

Originally Posted by huncho

AP boutiques will not appraise it at market value, only msrp. you'd have to go to a grey dealer

Appreciate it. Approximately how much they charge for it?

[huncho]

Originally Posted by DMVRolex

Appreciate it. Approximately how much they charge for it?

usually in the range of 75-150

[Jgives]

Pretty much any jeweler does this too. I just got my 15500 appraised for $60K and insured by State Farm for that amount for $200/yr with $1K deductible. Appraisal cost me $75 for 2 AP’s.

[Reign]

Originally Posted by Jgives

Pretty much any jeweler does this too. I just got my 15500 appraised for $60K and insured by State Farm for that amount for $200/yr with $1K deductible. Appraisal cost me $75 for 2 AP’s.

Is this part of a home policy or standalone?

$200 on $60k is a fantastic deal


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[Jgives]

Originally Posted by Reign

Is this part of a home policy or standalone?

$200 on $60k is a fantastic deal


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It’s actually part of a renters policy. We are relocating from the Bay Area to Seattle temporarily and renting in the interim. So probably similar to home policy, but the renters policy is less than the insurance on my 15500…

[lovewatches1987]

Originally Posted by Jgives

Pretty much any jeweler does this too. I just got my 15500 appraised for $60K and insured by State Farm for that amount for $200/yr with $1K deductible. Appraisal cost me $75 for 2 AP’s.

Could you please share a contact information of that company who does it? I would appreciate it, thank you

[Sg6067]

Originally Posted by Jgives

Pretty much any jeweler does this too. I just got my 15500 appraised for $60K and insured by State Farm for that amount for $200/yr with $1K deductible. Appraisal cost me $75 for 2 AP’s.

I would triple check your State Farm policy pages and again with your agent. Most insurance companies will accept a “stated amount” based on a recent appraisal, and charge you based on that amount, however if you actually lost the item they won’t pay out above msrp to settle your loss regardless of what the grey market is doing. Specifically ask them what happens in the event of a loss and almost certainly the answer will not be, “we will write you a check for 60k.”
$200 is very cheap for that amount of coverage so if it all checks out then that’s a great deal!

[tubojunk]

Agreed with above posters. I use State Farm and have been a long client of theirs. I have talked with multiple agents including a friend who works for them that my rates are competitive.

My 15707ce cost more than $200 under a personal articles policy. State Farm also has a surcharge for any singular item over 25k so 60k for $200 doesn’t add up to me. I know you can put the items under homeowners policy but it is only for coverage at your home at a maximum of 5k. So if you go out wearing your watch, lose it you are out of luck.

Again, I’m by no means an insurance agent but you may want to read the fine print or ask your agent some of the details I mentioned.

[AG_Watches]

Originally Posted by tubojunk

Agreed with above posters. I use State Farm and have been a long client of theirs. I have talked with multiple agents including a friend who works for them that my rates are competitive.

My 15707ce cost more than $200 under a personal articles policy. State Farm also has a surcharge for any singular item over 25k so 60k for $200 doesn’t add up to me. I know you can put the items under homeowners policy but it is only for coverage at your home at a maximum of 5k. So if you go out wearing your watch, lose it you are out of luck.

Again, I’m by no means an insurance agent but you may want to read the fine print or ask your agent some of the details I mentioned.

This is my understanding as well. I have a personal article policy through state farm for my 26331 st roughly 31k which I believe is 600$ a year due to the home
Policy not being adequate for most scenarios. Personal article policy also insures against mysterious loss.

[SwissmadeTexan]

Yeah, no shot state farm is insuring that watch under most conditions for $200 at market value. Better read the fine print. As said above you will get screwed the second you make a claim. You get robbed out at dinner? On a business trip? Lose it at sea? You’re likely to be disappointed and in a fight with you State Farm. This discussion doesn’t even account for the increase in premiums that will be inevitable and may even follow your homeowners to different companies.

I was robbed at gun point for my Rolex Hulk. I had it insured at market value thru jewelers mutual and had a new watch in 4 days. Premiums didn’t even increase. Needless to say I’m pretty loyal to them and I’m covered under nearly any condition of loss anywhere in the world.

[loled]

Very interesting posts. I'm going to keep checking this.

[HansGruber]

Make sure you check on the appraisal requirements from your insurer. Who do you have? I actually just went through this and ended up switching providers because they insisted I get my watch appraised by a GIA certified gemologist.

Originally Posted by DMVRolex

Recommendations on best place to get my 15500ST appraised at? Closest AP AD is about 4 hours away in NYC.

It’s currently insured at retail price. Goal is to have insured at what the market is demanding for it in case it needs to be replaced.

[dismail]

Just recently insured my 15500ST gray dial with Jewelers mutual. Came out to around 300$ a year for $25k worth of coverage. I am a new customer with them so that may be why it’s a little higher than the usual pricing.

[MILGAUSS88]

Hodinkee was offering market value insurance, no appraisal necessary, through Chubb.
Rates seemed competitive.
There were some posts about it on this site if you want to do a little searching.

[yOyOYoo]

Originally Posted by dismail

Just recently insured my 15500ST gray dial with Jewelers mutual. Came out to around 300$ a year for $25k worth of coverage. I am a new customer with them so that may be why it’s a little higher than the usual pricing.

Your 15500 is worth much more than $25K to replace.

[fspfsp]

Most all jewelers will do them, and will do replacement cost. I had to put all my watches on separate riders within my insurance. Depending on appraised amt, but usually $150/year.

[007timer]

Originally Posted by SwissmadeTexan

Yeah, no shot state farm is insuring that watch under most conditions for $200 at market value. Better read the fine print. As said above you will get screwed the second you make a claim. You get robbed out at dinner? On a business trip? Lose it at sea? You’re likely to be disappointed and in a fight with you State Farm. This discussion doesn’t even account for the increase in premiums that will be inevitable and may even follow your homeowners to different companies.

I was robbed at gun point for my Rolex Hulk. I had it insured at market value thru jewelers mutual and had a new watch in 4 days. Premiums didn’t even increase. Needless to say I’m pretty loyal to them and I’m covered under nearly any condition of loss anywhere in the world.

Sorry to hear about your robbery. Glad you are safe. How did you manage to get a new LV in 4 days?


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[robertengel]

Do you guys have any recommendations for similar services (appraisal plus insurance) in the EU?

[macrowatch]

I think at the end of the day (over simplification) is you are looking at generic coverage attached to an existing policy. This will generally be cheaper, but coverage will be iffy depending on circumstances and fine print of the policy. Also don't forget the deductible. I remember I had one policy where it was $5k deductible per item...so...basically there was no coverage for the omegas since they were all worth less than $5k.

Then you have the specialized and itemized coverages where the underwriters have some clue what they are doing (think Art for example). The appraisal typically matters less here since you are setting the value you want insured it, they will decline anything that doesn't make market sense. But say for a 5711, what do you want to insure it at? $30k USD approx retail, $50k? $100k? They won't insure for $200k, but between list price and market...well...that's kind of your choice, and really there's no point in an appraisal in that situation for the insurers in that space since they just get more premium for whatever value you choose below market price.