Do you insure for retail or market price?

[brandrea]

Originally Posted by 037

In that case, when are you going shopping again? Can you wear the GMT? Asking for a friend.



I insure at MSRP since the likelihood of complete loss is minimal for me. I travel with a G-Shock when going somewhere of questionable environment, which anymore seems often.

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[RMC12]

Originally Posted by Greenwood_

That’s not the case in the Uk. With a secondhand value appraisal from a Jewellers, the insurance company will cover the watch for its market replacement cost.

That's what I have done. Had my watches valued at a jewellers and insured them for that amount. I review this on an annual basis. You obviously have to pay a nominal figure for the valuation and the premiums go up slightly but I think it is worth it for total peace of mind.

[Laszlo]

Your appraisel should be market to properly insure.

[Peter99]

My insurer U.K. refused to cover for market price. So it had to be retail.

[m3tek44]

I have all my watch market price.

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[Chadridv]

Originally Posted by fooey

There ain't a chance an insurer will pay out £30k for a £10k watch!

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My insurance company sends me reminders to update appraisals for precisely this reason. They know appreciation and currently market values rise.

They’ll pay out for whatever price you pay the premium on.

[DoricSpiker]

I run an insurance business in London so it may be different in the US however my advice would be to insure your Rolex watches at market value. If your insurer says to you, that’s not the retail price, just ask them to replace it for you then at that price. If they can’t request a cheque for the market value that you have been Insuring it for. Always update your values when you renew your policy every year.
Other watches that you can get easily from an AD, you should insure for the retail price.


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[Greenwood_]

Originally Posted by Peter99

My insurer U.K. refused to cover for market price. So it had to be retail.

I’d recommend TH March should you wish to insure at market value.

[1665fan]

Whose the dumbass who insures there Paul Newman for $325.00?

[28mm]

Spoke to my insurance agent today adding a couple of watches. Went over the values and was told that only certain dollar amount watches 'may' require an appraisal in advance. I've had to call to add watches and each time I get a different answer. It doesn't matter as regardless, I have the watch appraised and then insure it for that amount.

Went over (again) what happens in the event of a claim and was told 'usually' they just cut a check for items like this and that would be on the appraised value.

Here's something really odd, that I went over 3x...Let's say the total of 10 watches is $100K and I add 2 more to bring the total to $130K..

In my specific case, I was told the policy will increase by.....$50

I said, I find that hard to believe and was assured this was all it would go up.

This is with Travelers to add specific named items to a Geico home insurance policy.

Once I get the appraisals for the watches I am adding, I will send them in and then they will bind them and give me an effective date.

Still have trouble believing the policy will only increase $50..Just can't be..

[airchitect]

My insurance co will only pay to msrp. Should be different red ent if disco though.


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[indianmachine]

hodinkee covers you up to 50% more on market appreciation on whatever insured value you choose

[JodyHighroller]

Thank you all for chiming in. I switched over to Hodinkee Insurance after conducting my due diligence and numerous calls to their support line. They’ve been immensely helpful with answering my numerous questions.

[JSol1]

Originally Posted by HogwldFLTR

Jeweler's Mutual will only pay the sales price as far as I can tell. I had to submit a copy of the sales receipt for the Platona. I'll try to increase the value this year. Anyone else insure for market value with them?

After doing a bit of research on this, I found this to be correct. I’ve since moved my high appreciation pieces to Hodinkee (Chubb) and left my wife’s high value Jewelry and some watches that can be had at Market Value with JM.

[bp1000]

Originally Posted by IanV8

I spoke to TH March last week and despite having a Euro grade 3 safe (£30,000 cash / £375,000 watches etc.) they refused to insure my collection, the value of which is well below the safe rating.

Did they say why? That's very surprising.

[jaySL350]

Insured for what was payed for the watch,,,,
Pay more then msrp insurance but peace of mind is paramount,,,

[Pinchy]

Originally Posted by rkny

Hodinkee pays up to 150% of declared value, up to your max coverage. If you have one watch insured for $10K they will pay $10K max. But if you have another watch insured, for $5K, for a total of 2 watches insured at $15K, and you file a claim for the $10K watch, they will pay up to $15K for that watch if market value is $15K.

The great thing about Hodinkee is no appraisals necessary. A few clicks and you’re covered.

I haven't looked at their process but it sounds... advantageous if you can limit your total losses.

Eg. I have a handful rolex and another handful of other luxury watches bought mostly from ADs at MSRP.

I usually only take 3 from the bank to my rotation at home at any given time limiting my losses to those 3, probably 2 (I should be wearing one if I leave the house).

Would it work to insure say 5 sports rolex at MSRP (let's say that's $60K), but if my 116500LN and 124270 get stolen, I could still be covered for market value of the daytona $39K and 124270 $11k ie $52K < $60K

[HogwldFLTR]

Originally Posted by 77T

I don’t have a JM policy but had a Platona and the AD was only allowed to appraise it for MSRP. Despite the face it sells for 110K secondary market and $90K wholesale.

My State Farm rep added it to my personal articles policy and said what mattered (in case of loss) was the replacement cost at that future date. The policy allows SF a reasonable period to get a comparable model. In other words, a used Platona.

Just sharing if that helps.


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Originally Posted by JSol1

After doing a bit of research on this, I found this to be correct. I’ve since moved my high appreciation pieces to Hodinkee (Chubb) and left my wife’s high value Jewelry and some watches that can be had at Market Value with JM.

Switched to Hodinkee and insured for replacement value.

[JodyHighroller]

Originally Posted by Pinchy

I haven't looked at their process but it sounds... advantageous if you can limit your total losses.

Eg. I have a handful rolex and another handful of other luxury watches bought mostly from ADs at MSRP.

I usually only take 3 from the bank to my rotation at home at any given time limiting my losses to those 3, probably 2 (I should be wearing one if I leave the house).

Would it work to insure say 5 sports rolex at MSRP (let's say that's $60K), but if my 116500LN and 124270 get stolen, I could still be covered for market value of the daytona $39K and 124270 $11k ie $52K < $60K

It can indeed work out in your favor if you reduce your chances of a total collection loss.

Once you pass the $200k threshold with Hodinkee/Chubb then you may be eligible for premium discounts. Questions will evolve around your home security, domestic employees, home storage (safe), how often you travel and with what pieces, etc.