Insuring a moderately sized watch collection

[ltmgeller]

Hi folks. I'm looking to insure my moderately sized watch collection and was wondering what members here do with multiple expensive pieces. I have a YG ddII, d-blue DSSD, BLNR, black TT subc, a bunch of 5 digit sports watches, and by wife's diamond dialed datejust. Also a culprit of breitling D and omegas in the mix as well. I'm looking at jewlers mutual but wanted to pick your brains first. Do you insure all your watches, just the pm pieces etc... Your help is greatly appreciated.

[cop414]

Mike, we use JM for my Submariner and her diamond, quite reasonable but I'm not sure what you'd pay for your collection. Also the rates vary according to your zip code I believe. My policy covers loss, damage and theft with 0 deductible.

[subtona]

Prices I have gotten were typically about $10 per $1000, This can add up.

1 company did offer a better deal by insuring a max per incident considering that any one incident wouldn't be expected to be a total loss of the collection, ie they wouldn't require insurance on each and every watch, only in a value to which any watch/s could be applied.
It worked out to about $5 per $1000.

[ltmgeller]

Originally Posted by cop414

Mike, we use JM for my Submariner and her diamond, quite reasonable but I'm not sure what you'd pay for your collection. Also the rates vary according to your zip code I believe. My policy covers loss, damage and theft with 0 deductible.

Thanks Tim, I started pricing them out at JM and it started getting up there. They are safe in the vault so there will usually be more than 2-3 out at a time. A price per incident policy might be better suited for me.

Originally Posted by subtona

Prices I have gotten were typically about $10 per $1000, This can add up.

1 company did offer a better deal by insuring a max per incident considering that any one incident wouldn't be expected to be a total loss of the collection, ie they wouldn't require insurance on each and every watch, only in a value to which any watch/s could be applied.
It worked out to about $5 per $1000.

Thanks Gus, do remember the name of that company? That sounds more like what I need. I have $100k contents policy on the homeowners that includes Jewlery but I'm afraid it won't cover every situation that may occur.

[cop414]

You bet Mike, I can understand where this coverage can really add up. I wanted a stand alone policy so that if something happens the claim won't go against homeowners insurance.

[subtona]

Originally Posted by ltmgeller

Thanks Tim, I started pricing them out at JM and it started getting up there. They are safe in the vault so there will usually be more than 2-3 out at a time. A price per incident policy might be better suited for me.



Thanks Gus, do remember the name of that company? That sounds more like what I need. I have $100k contents policy on the homeowners that includes Jewlery but I'm afraid it won't cover every situation that may occur.

I believe it was Chubb.

[ltmgeller]

Originally Posted by cop414

You bet Mike, I can understand where this coverage can really add up. I wanted a stand alone policy so that if something happens the claim won't go against homeowners insurance.

That's my biggest concern too.

Originally Posted by subtona

I believe it was Chubb.

Thanks again

[Rolex addict]

I insure each watch individually on a rider policy. With 8 rolexes, it does add up. However, if anything happens it's worth it. Insurance should really be called "in case crap happens." It's also good to keep in mind that a safe may protect them from theft, but most aren't able to withstand the real life temperature and time a house fire lasts.

[RichM]

I have them all insured. This is my first year with JM. For me it works out to be about $100 per $10,000 of coverage.

If you're looking to keep the cost down, put deductibles on some of the big ticket items.

Two thoughts here. You buy insurance because you know you're going to have to use it, or you buy insurance thinking you'll never use it. In both cases you know you have to have it, but will you ever really use it. Hopefully not.

The savings you get by having deductibles begin to add up after the years.

It's not for everybody but it is something to consider. Just my 2 cents.

[Kevan]

I gradually built up my insurance, adding each watch or diamond piece, to my home insurance as they were purchased.

Each renewal comes with a comment that they would not cover if I was a new customer. I also have so many approaches from other companies who stop me at the second Rolex.

The policy is for house and contents, then about £50,000 ($75,000) specified watches and the same in jewellery, all specified. The premium, also house and silly contents cover, £780/$1131 per annum.

Needed a safe and alarm.

Yet I pay almost half of that to simply cover my apartment!

(Home - UK, apartment - UAE)