What value to insure my DD at?

[Wilpert]

As per thread title,
I have a pretty good insurance cover on my home and even whilst out of the home, as I have been robbed before it and it wasnt much fun.

On my home insurance I have included my other halves jewellery and her new datejust, including away from the home.

My dilemma is what price to give my insurers as a value for my recent purchase, which is a 25 yo day date.

Do I tell them the price i paid or do I take a realistic view and accept that they will only likely pay out some sort of book price, which is most likely about 10 - 15 % less? I dont want to push my premium up too much for something that they would probably not pay the full amount for anyway.

[tjbender]

replacement value/retail for a new DD

[abovedeck]

Depends on what you want if it gets lost/stolen.

If you want a new DD, then insure it for 37k. If you want an original DD, then insure it for what you paid. The difference of $1k-2k is going to be pennies/year.

[Jack T]

Best bet is to obtain an appraisal for full MSRP.

[Speed]

Originally Posted by Jack T

Best bet is to obtain an appraisal for full MSRP.

This

[KZZN]

Hi,

I'd agree that it has to be the replacement retail value. In 2006 I bought a pre-owned Oysterquartz Day-Date for £4,000. At the time, a new yellow gold Day-Date retailed for £10,900, and that's how much I insured the OQ for, after getting an appraisal from the dealer confirming the value for the insurance company.

[Daytona88]

JM will only replace with identical item. Ie. they would not replace a 25 yo DD with a new model. It would probably be a single quick set 18238 in same PM and face. In that case, you would insure it for what it would cost you to replace for that. Good to have a conversation with your rep/agent to be sure. No need to over-insure and you also do not want to under-insure, especially if you got a sweetheart deal. Most will also require an appraisal and different appraisers give different appraisal values. JM requires that or an original bill of sale. Just know what you are getting.

[Partagas]

Originally Posted by Daytona88

JM will only replace with identical item. Ie. they would not replace a 25 yo DD with a new model.

Actually, I don't think that is accurate, pending the appraisal. JM told me a watch could be insured for the value of a brand new replacement. I went with the lower actual replacement value, as it was still $20k for my ~15 year old Day-Date. I felt that was enough to replace it with "like kind and quality". The appraiser told me he would've written it up for something like $35k (forget the exact $ amount) if I wanted to insure it for the value of a brand new Day-Date.

[Hodog16]

I would insure it for how much it would cost to get a replacement watch, for me this would be a new version of the DD. If I wanted new I'd go with the price from a trusted seller on TRF and if used was okay I'd go with that value as well. I wouldn't necessarily do for MSRP.

[breitlings]

I believe JM will only allow you to replace new at AD, if the insured value is less you add money or get a different model.

[GoingPlaces]

Replacement value new.

[crowncollection]

I just ask for replacement value of a used one + 2k to ensure you get a tip top replacement.


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[michael067]

As much as the watch is worth.


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[handsfull]

Originally Posted by Daytona88

JM will only replace with identical item. Ie. they would not replace a 25 yo DD with a new model. It would probably be a single quick set 18238 in same PM and face.

That isn't accurate. JM pays out the amount you insured it for.

[Daytona88]

Originally Posted by handsfull

That isn't accurate. JM pays out the amount you insured it for.

Interesting ... In my case, I inquired about how much I should insure my Explorer II 16570 which I could replace with a similar pre-owned one at about $4000. I told them that Rolex changed to the 42mm 216570 that would cost me about $8000 new. They told me specifically that I had to replace it with a 16570 and I could not apply my insured amount toward an updated model (216570). Guess I better pull out the policy and read the fine print!

[GFONG]

Originally Posted by tjbender

replacement value/retail for a new dd

x2