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Old 5 June 2014, 05:46 AM   #1
Rolexmarc
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Guys need watch insurance help...

I want to insure my watches against theft /loss/damage. When I called my insurance company they asked for the individual worth. How do I determine that? For instance the price I paid for my SD years ago was around 4k. Now it's more than double to replace? How does this work? When I get it appraised, how does the appraiser figure the watches worth?
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Old 5 June 2014, 05:50 AM   #2
Kevan
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You need new for old or in the case of a vintage a value for replacement. My AD gave me certificates of price of renewal, struggled a bit on the Pepsi GMT as its value may be more of a regular GMT. Then have each watch itemised on your policy. Then pay the bill.
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Old 5 June 2014, 07:34 AM   #3
francis
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My insurance needed an appraisal or bill of sale and will just insure it for what they can pick one up for used.. so if your vintage watch is costly than they have to replace it up to the amount you have it insured for..
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Old 5 June 2014, 08:04 AM   #4
Tools
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Insurance is almost always for replacement cost..
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Old 5 June 2014, 08:18 AM   #5
francis
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Quote:
Originally Posted by Tools View Post
Insurance is almost always for replacement cost..
Lets say today you buy 14060 from 1990.... you pay 5000 and insure it for 5200... then you have it stolen after a couple days.. it is my understanding that they will source you the same watch and pay up to the 5200.

So one might ask why dont I insure it for 7000... well you have to pay more for that insurance per year and they will find you one for around what you paid 5000. So that extra money toward the premium was a waste.

Also, if you have the same watch and fast forward twenty years and now its worth 8000 but you only have it insured for 5200 then you are out of luck as they will only pay 5200 towards the replacement.

The trick is to keep insured for around what it is worth on the market which means every couple of years just check the market going rate and insure to that number

This is per the policy that I myself have.. there probably are many other policies with other nuances...
Hope this helps
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Old 5 June 2014, 04:40 PM   #6
ExplorerChris
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Letter

Quote:
Originally Posted by Rolexmarc View Post
I want to insure my watches against theft /loss/damage. When I called my insurance company they asked for the individual worth. How do I determine that? For instance the price I paid for my SD years ago was around 4k. Now it's more than double to replace? How does this work? When I get it appraised, how does the appraiser figure the watches worth?
What I did was go to Rolex Canada and request a letter
The information in the letter included my name and address as well as serial number and model number as well as what the watch is. In my case OP Explorer II with a 93150 SS Oyster Fliplock Bracelet with extension and 14 links as well as 501 end lugs
The listed the replacement value for new or equivalent model as being $8700 plus applicable taxes.

They did that for me free of charge and sent me three copies of the letter
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