Insuring Rolex's

[Tcw495]

Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?

[JRell]

No I just send a photo of the receipt and insure it for what I bought it for. As long as I am made whole worst case scenario, I’m good.

[HKperf]

It's best to get your Rolex appraised, especially for models like the Daytona or Pepsi that can be worth more than MSRP. This ensures your insurance coverage reflects the current market value. Just sending the sales receipt might not give you full protection.

[Max7857]

I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.

[milgauss2232]

Originally Posted by Max7857

I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.

May I know how much are the premiums for such an insurance? Just a ball park figure

[Max7857]

Originally Posted by milgauss2232

May I know how much are the premiums for such an insurance? Just a ball park figure

Approximately $260/year

[JRell]

Originally Posted by Max7857

I insure through Chubb. On watches that have a market value much higher than retail I state the value I want and reference a couple of grey market dealers they can verify the asking prices. For example for my BLRO I wanted it insured for 23k and used DavidSW website as my reference. They did not require an appraisal if under 100k. If I have the misfortune of it being stolen I will receive the stated value of 23k. Plus they increase the value every year automatically to account for inflation.

I reached out to my insurance agent to see if they would cover market value and what the premium difference is. This thread has me thinking. The issue is I wouldn’t go grey even if something happened to my watch, so I would have to wait on my replacement at my AD. I am pretty confident they would help me out in that situation, so not sure I would need market value. What happens in that situation, I get market value and pay retail at my AD, and pocket the difference? That doesn’t sound right. Also I don’t want my premium going much higher.

[Max7857]

Originally Posted by JRell

I reached out to my insurance agent to see if they would cover market value and what the premium difference is. This thread has me thinking. The issue is I wouldn’t go grey even if something happened to my watch, so I would have to wait on my replacement at my AD. I am pretty confident they would help me out in that situation, so not sure I would need market value. What happens in that situation, I get market value and pay retail at my AD, and pocket the difference? That doesn’t sound right. Also I don’t want my premium going much higher.

They pay stated value. Your premium is x amount per $100 of valuation. So for 23k would be 230 x the rate. If you wanted to insure for say 12k then your premium would be 120 x the rate. You are paid the stated value regardless if you replace the watch or pay less than the stated value. Hope that helps.

[JRell]

Originally Posted by Max7857

They pay stated value. Your premium is x amount per $100 of valuation. So for 23k would be 230 x the rate. If you wanted to insure for say 12k then your premium would be 120 x the rate. You are paid the stated value regardless if you replace the watch or pay less than the stated value. Hope that helps.

It helps - thank you.

[Cassian739]

I use Hodinkee insurance, backed by Chubb. Super easy, they don’t require appraisal if under $100k, and will insure for market value.

[ArtNouveau]

My watches are insured through Hodinkee/Chubb, my premium based on my declared value. I claim a “low end of” market value so that I could buy another grey with minimal cash from my pocket. I’d like to think my AD would try to help me out but getting four higher demand pieces(including one that’s out of production)from them without a long wait would be iffy.
Premium is roughly $91 per $10000 coverage per year.

[Mr. Superlative]

Does Hodinkee offer the insurance underwritten by Chubb outside of the US? And if so, has anyone in Europe / UK purchased this?

[Neil McCauley]

Originally Posted by Mr. Superlative

Does Hodinkee offer the insurance underwritten by Chubb outside of the US? And if so, has anyone in Europe / UK purchased this?

Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.

[Linuxpenguins]

Originally Posted by Neil McCauley

Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.

TH March.

[Mr. Superlative]

Originally Posted by Linuxpenguins

TH March.

Not heard of this outfit. Can you share your experience re: their service, process, and overall cost etc?

[Mr. Superlative]

Originally Posted by Neil McCauley

Not to my knowledge, no.

I often feel like there is a huge gap in the market in the UK for a bespoke service, as it is quite difficult if you have a relatively big collection. To me it should be as easy as insuring a car.

Agreed. It definitely seems a lot more straight forward for folks based in the US to purchase good quality, hassle-free watch insurance.

[colonelpurple]

Originally Posted by Tcw495

Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?

My home insurance will only insure at "replacement cost", which is new cost for a watch which is still in production or has a replacement still in production

[Bambooshoot]

Apart from TH March, are there any other UK based insurers that anyone can recommend please?

[Giovannibravo]

Originally Posted by Tcw495

Do you all just send the sales receipt when you purchase a new rolex from an AD to your insurance company to add the policy at the MSRP value, or for certain items that are worth over MSRP (Daytona, Pepsi, etc.), do you have them appraised to insure them at closer to a "market" value?

Depends on the model. I normally get insured at MSRP + Tax. AD gives an appraisal to submit to the insurance company.

[Calatrava r]

I insure for what I paid plus the tax.