Rolex Watch Insurance in Canada

[yunach]

Hey Guys.
Looking to insure watches in Canada.
Any recommendations?
I called RBC and its about $500/yr so roughly $45/month.
Is this good? Any better options?

[InfinityNexus]

What is the value of what you're trying to insure? I would call jewellers mutual (all provinces except QC, unfortunately), I think they're around half of what RBC charges

[speedmaster73]

Originally Posted by yunach

Hey Guys.
Looking to insure watches in Canada.
Any recommendations?
I called RBC and its about $500/yr so roughly $45/month.
Is this good? Any better options?

depends on value of Rolex....assuming its less than $30000 cdn...that's a rip off....

[Colin10101]

Wow how valuable is that Rolex? I pay $220 CAD per year for my two pieces with Jewellers Mutual. I would look there, their website has a great quick quote syste.

[GordonC]

Originally Posted by yunach

Hey Guys.
Looking to insure watches in Canada.
Any recommendations?
I called RBC and its about $500/yr so roughly $45/month.
Is this good? Any better options?

RBC as in Royal Bank?

I don't have specific watch insurance - I inquired about this after getting my Daytona, and my insurer said it was not required, that my homeowners insurance would cover replacement of items like watches and jewelry as long as the overall contents coverage limit was adequate.

[yunach]

Originally Posted by GordonC

RBC as in Royal Bank?

I don't have specific watch insurance - I inquired about this after getting my Daytona, and my insurer said it was not required, that my homeowners insurance would cover replacement of items like watches and jewelry as long as the overall contents coverage limit was adequate.

Yes Royal Bank.
I called in as well and they said only up to $5,000 is covered.
Anything more should have its own policy.
Might want to check into that on your end as well..

[yunach]

Originally Posted by Colin10101

Wow how valuable is that Rolex? I pay $220 CAD per year for my two pieces with Jewellers Mutual. I would look there, their website has a great quick quote syste.

Thats great. Will check into it for sure.
220 a year covers how much?

[JSI]

Same as GordonC, all stuff is covered under my home insurance. Its all bundle with my auto insurance from thePersonal.

[johneh]

Originally Posted by JSI

Same as GordonC, all stuff is covered under my home insurance. Its all bundle with my auto insurance from thePersonal.

You might want to call them to confirm. I've worked in insurance (finance, mind you) for 6 years and I can tell you that I haven't heard of an insurer that will cover watches or other high value jewelry without a rider. Generally they'll offer some coverage, but it would most likely max out at $5k. That's not $5k per item, that's $5k for ALL jewelry in the house.

Jewelers Mutual runs at $140/$10,000 in Canada with a $0 deductible.

[speedmaster73]

Originally Posted by johneh

You might want to call them to confirm. I've worked in insurance (finance, mind you) for 6 years and I can tell you that I haven't heard of an insurer that will cover watches or other high value jewelry without a rider. Generally they'll offer some coverage, but it would most likely max out at $5k. That's not $5k per item, that's $5k for ALL jewelry in the house.

Jewelers Mutual runs at $140/$10,000 in Canada with a $0 deductible.

X2. Correct

[kamalrae]

Jewelers Mutual, as many have stated. Easy process and from what I have heard through this forum their claim process is fair (if you ever need to use it).

I am not sure if RBC has a similar HO policy as TD, but I have a $50k limit for any piece or pieces of jewelery through my house policy as a standard, although I carry the specific coverage through JM as I do not want to rely on making a claim against my home insurance and affect my premiums. I know other home policies only cover to $5k for watches.

[smc23]

Originally Posted by johneh

You might want to call them to confirm. I've worked in insurance (finance, mind you) for 6 years and I can tell you that I haven't heard of an insurer that will cover watches or other high value jewelry without a rider. Generally they'll offer some coverage, but it would most likely max out at $5k. That's not $5k per item, that's $5k for ALL jewelry in the house.

Jewelers Mutual runs at $140/$10,000 in Canada with a $0 deductible.

x3

Got my 116619LB insured through them for about that.

[weasel642001]

My home and auto insurer would not cover any watch over $2500 without a rider. They required an appraisal as well.


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[Maiden]

Hi I have four Rolex's insured individually through my home insurance with the Co operators. I'm not sure of the exact cost as it also includes some of my wife's jewelery. I do remember when I priced it out a year and half a go it was quite affordable. I also got the "full" insurance, ie if I lost the watch, if a springbar pops off and it falls in a lake I still get full replacement value. I would shop your homeowners policy against individual ones. Good luck!

Just to add to the above it is a separate "rider" my insurer only required a receipt although appraisals are fine as well. (and may be preferred as they are of a higher value)

[brandrea]

Originally Posted by yunach

Hey Guys.
Looking to insure watches in Canada.
Any recommendations?
I called RBC and its about $500/yr so roughly $45/month.
Is this good? Any better options?

Sounds about right provided the watch is worth 40k

[silverbullet818]

I only insure my highest value pieces. The rest I take a chance on. If I insure all my watches, after a few years I can BUY a new one!!

Crazy insurance costs on Canada.

[yunach]

Originally Posted by johneh

You might want to call them to confirm. I've worked in insurance (finance, mind you) for 6 years and I can tell you that I haven't heard of an insurer that will cover watches or other high value jewelry without a rider. Generally they'll offer some coverage, but it would most likely max out at $5k. That's not $5k per item, that's $5k for ALL jewelry in the house.

Jewelers Mutual runs at $140/$10,000 in Canada with a $0 deductible.

X4.
I got insurance today from Jewellers Mutual. It's definitely the best option out there. $300 cheaper than RBC per year.
Thanks guys.

[GordonC]

Originally Posted by johneh

You might want to call them to confirm. I've worked in insurance (finance, mind you) for 6 years and I can tell you that I haven't heard of an insurer that will cover watches or other high value jewelry without a rider. Generally they'll offer some coverage, but it would most likely max out at $5k. That's not $5k per item, that's $5k for ALL jewelry in the house.

Jewelers Mutual runs at $140/$10,000 in Canada with a $0 deductible.

Just checked online - I'm with Meloche Monnex, a division of TD Insurance - group policy coverage under APEGA, the engineering association in Alberta. Here's their website discussing home insurance options: http://www.melochemonnex.com/en/resi...ce_limitations

My policy includes their Platinum Plus Solution, which adds $540/yr to my policy annual cost. Along with all the benefits (additional coverage) of Platinum Plus, it includes 100% replacement cost for jewelry and watches to a total of $50,000.

[kamalrae]

Originally Posted by GordonC

Just checked online - I'm with Meloche Monnex, a division of TD Insurance - group policy coverage under APEGA, the engineering association in Alberta. Here's their website discussing home insurance options: http://www.melochemonnex.com/en/resi...ce_limitations

My policy includes their Platinum Plus Solution, which adds $540/yr to my policy annual cost. Along with all the benefits (additional coverage) of Platinum Plus, it includes 100% replacement cost for jewelry and watches to a total of $50,000.

This is exactly the plan I have. This is probably the only redeeming factor of TD meloche.

APEGA is also for geoscience. Don't forget about us...

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[GordonC]

Originally Posted by kamalrae

APEGA is also for geoscience. Don't forget about us...

I was doing well to remember that there is only one 'G' in APEGA now! I couldn't recall offhand if it was for geologists or geophysicists or geosomething, so I thought it prudent to just leave it out. :D My apologies!

[kamalrae]

Originally Posted by GordonC

I was doing well to remember that there is only one 'G' in APEGA now! I couldn't recall offhand if it was for geologists or geophysicists or geosomething, so I thought it prudent to just leave it out. :D My apologies!

Haha yes, APEGA just put us all under one 'G'. I'm just kidding around :D

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