How to insure a Rolex if purchased from a trusted seller on TRF?

[LowFades]

Hey all,

I am entering the final stages of deciding to purchase a Rolex and I would love to buy from a trusted seller from this website. Just a few questions regarding getting it insured:


To get a Rolex insured, I would have to get it appraised, right? What is the appx. appraisal cost if getting it appraised in NYC? Is the watch appraised at the retail cost or the price the seller sold it to me for, which would be less than the retail cost if going to Rolex or an AD (for a new watch)

Secondly, if I purchase it from a trusted seller, what purchase verification can I provide to the appraiser so they will know the watch is legit?

Lastly, when purchasing insurance, do they care where I bought the watch from, as long as it has been appraised?


Thanks

[Defiancekofb]

Originally Posted by LowFades

Hey all,

I am entering the final stages of deciding to purchase a Rolex and I would love to buy from a trusted seller from this website. Just a few questions regarding getting it insured:


To get a Rolex insured, I would have to get it appraised, right? What is the appx. appraisal cost if getting it appraised in NYC? Is the watch appraised at the retail cost or the price the seller sold it to me for, which would be less than the retail cost if going to Rolex or an AD (for a new watch)

Secondly, if I purchase it from a trusted seller, what purchase verification can I provide to the appraiser so they will know the watch is legit?

Lastly, when purchasing insurance, do they care where I bought the watch from, as long as it has been appraised?


Thanks

When I last purchased from a TRF member, I called up a few ADs around the area. A few said they only do appraisals for current customers. Others said it would take a few days (pure BS) and I would have to drop off watch and pick it up. One shop which was alittle off the beaten path wrote the appraisal on the spot. $50. They don't care who's name is on the warranty card, but I think they have a system in place to check if the serial number would turn the watch up stolen. Because it took a good while for the place that gave me the appraisal letter to be written up.

[77T]

If it's a current model, all the appraisal does is state replacement value. It's other value is authentication - I.e., that a 3rd party verified that it is what is says it is on the dial.
One thing to ask for is a bill of sale. And consider Jewelers Mutual if your own ho owners agent is reluctant to write a rider.


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[Dubarzy]

I bought my BLNR from DavidSW and insured it through Jewelers Mutual. I sent JM a copy of the warranty card and had it insured to the MSRP value. They did not require an appraisal. You may be in a different situation if you are not purchasing a reference that is currently in production.

[Chewbacca]

Originally Posted by LowFades

Hey all,

I am entering the final stages of deciding to purchase a Rolex and I would love to buy from a trusted seller from this website. Just a few questions regarding getting it insured:


To get a Rolex insured, I would have to get it appraised, right? depends on your insurer. What is the appx. appraisal cost if getting it appraised in NYC? depends on the jeweller. typically no more than $200 Is the watch appraised at the retail cost or the price the seller sold it to me for, which would be less than the retail cost if going to Rolex or an AD (for a new watch) typically replacement for jewellery. but again, check with your insurer -- in writing

Secondly, (fourthly) if I purchase it from a trusted seller, what purchase verification can I provide to the appraiser so they will know the watch is legit?copy of emails indicating sale price with ser#, screenshots of payment and screenshots of the sellers ad should suffice.

Lastly, (pfew) when purchasing insurance, do they care where I bought the watch from, as long as it has been appraised? depends on the insurer


Thanks

[Tri-Tip]

I bought my Exp II from a trusted seller and he provided an appraisal.

[LowFades]

Originally Posted by Dubarzy

I bought my BLNR from DavidSW and insured it through Jewelers Mutual. I sent JM a copy of the warranty card and had it insured to the MSRP value. They did not require an appraisal. You may be in a different situation if you are not purchasing a reference that is currently in production.

It would be a new 116233. You filled the warranty card out with your name and then it was insured to MSRP value?

[Dubarzy]

Originally Posted by LowFades

It would be a new 116233. You filled the warranty card out with your name and then it was insured to MSRP value?

The warranty card is not in my name (it was a LNIB purchase). And yes, insured to full MSRP.

[Chadridv]

I use Jewelers mutual for my watches, almost all purchased from Trusted Sellers.

Under 10k, JM required nothing. Over 10k they required an appraisal which I received directly from both Akatakuya and DavidSW. JM was completely satisfied with documentation from both sellers.

I have my LVC (under 10k) insured as well as my AP ROO (over 10k). Hope that helps.

[rod727]

Bought my 116610 submariner from DavdSW.....had it appraised locally and insured through Jewelers mutual.....no issues...I paid $30 for the appraisal

[Bluside]

All my insurance company wants to see is a bill of sale or receipt.

[CashGap]

Both watches i added were under $10,000 each. My home insurer asked for no documentation, and rates were about 15% below what I just saw on the Jeweler's Mutual website for same coverage and deductible.

Things like this can vary WILDLY by carrier and by zip code even with the same carrier.

[rod727]

Originally Posted by CashGap

Both watches i added were under $10,000 each. My home insurer asked for no documentation, and rates were about 15% below what I just saw on the Jeweler's Mutual website for same coverage and deductible.

Things like this can vary WILDLY by carrier and by zip code even with the same carrier.

I ended up paying approximately 1% of insured value for premium....$7500 policy cost me $75 annual

[cdmorenot]

Find a local jeweler , get an appraisal. Done.

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[LowFades]

Originally Posted by Chadridv

I use Jewelers mutual for my watches, almost all purchased from Trusted Sellers.

Under 10k, JM required nothing. Over 10k they required an appraisal which I received directly from both Akatakuya and DavidSW. JM was completely satisfied with documentation from both sellers.

I have my LVC (under 10k) insured as well as my AP ROO (over 10k). Hope that helps.

10k MSRP or what you paid from the reseller?

[Partagas]

I had zero issues insuring a new purchase from Thanh Do - takuya with Jewelers Mutual.

[Jim Smyth]

Originally Posted by Dubarzy

I bought my BLNR from DavidSW and insured it through Jewelers Mutual. I sent JM a copy of the warranty card and had it insured to the MSRP value. They did not require an appraisal. You may be in a different situation if you are not purchasing a reference that is currently in production.

I did the same thing and David and he sent me a email appraisel that I sent on to Jewelers Mutual which made all the rest not necessary. They always insure for MSRP to cover if it ever needs to be replaced.

[rebel_1]

As a side note, I wouldn't necessarily insure for the full MSRP amount with JM unless you think it would cost the full MSRP to replace. Also, JM has a pretty good discount available for pieces that spend a lot of time in a bank safety deposit box. Like 75% premium discount. You should ask about this. Two more things to add, the premium % increases with the value of the watch and it is covered if you ship it (according to the agent I spoke with last week) so when you ship it in for service, you don't need to purchase separate insurance. This alone is a great reason to use JM.

[RichM]

Originally Posted by Tri-Tip

I bought my Exp II from a trusted seller and he provided an appraisal.

Same here. Just ask. Congrats in advance.

[murph145]

yup bought mine from a trusted seller on TRF and just called JM where I have my wifes ring insured I just added it to that policy. She just asked some basic questions and that was it.

[ltmgeller]

I use jewlers mutual and insured my watches for replacement value. I had a friend of mine who is a Jewler do the appraisals.

[spd707]

+1 for Jewlers Mutual.