Watch Insurance will it work?

[Runthatbackturbo]

Really want to insure my new DJ41 . I am thinking Jewlers Mutual . For an 11k coverage i am qouted at $150 a year zero deductible. How exactly does it work ? I'm pretty clumsy with losing things or forgetting pretty fearful of getting robbed comes to play as well.

[c41006]

What do you mean “how does it work”?

[Horological2019]

Originally Posted by Runthatbackturbo

Really want to insure my new DJ41 . I am thinking Jewlers Mutual . For an 11k coverage i am qouted at $150 a year zero deductible. How exactly does it work ? I'm pretty clumsy with losing things or forgetting pretty fearful of getting robbed comes to play as well.

That is higher than what I pay but that is based on our respective risk factors and I have a deductible. As far as how it works - you’ll have to read the policy because that will govern what you might expect when you file a claim.

[123Blueface]

Originally Posted by Horological2019

That is higher than what I pay but that is based on our respective risk factors and I have a deductible. As far as how it works - you’ll have to read the policy because that will govern what you might expect when you file a claim.

This

For me and my claim, JM worked just fine.

[seabreeze60]

I have State Farm’s jewelry add-on policy. Price is a little higher for a non-deductible policy. As it was explained to me if I damage, lose or have my watch stolen, SF will repair or replace, no charge. Same as with a car. You call the agent, tell them what happened and file a claim. The repair would be done by Rolex. Sense SF is on the hook for the value of the Rolex it should be done right.

Personally I like having the insurance in case I damage the watch. Rolex repairs are very expensive. I don’t think SF is the cheapest but I have all my policies there and the agency takes care of me.

[Runthatbackturbo]

Originally Posted by 123Blueface

This

For me and my claim, JM worked just fine.

What was the process like ? i have a fear of them denying me or not believing me.

[drtii]

Originally Posted by Runthatbackturbo

What was the process like ? i have a fear of them denying me or not believing me.

You're going to have to keep in mind that State Farm doesn't just accept anybody for their insurance policies, either. That's something the commenter failed to mention.

SF price are very high compared to the market on all of their lines, and he chose them because it was an extra option and he already had bundled coverage. To seek them out for their jewelry coverage with no existing policy would probably be cost prohibitive.

That being said, I would rather deal with SF than JM just because I probably wouldn't get dropped after filing a claim like you do with JM.

[Horological2019]

Originally Posted by Runthatbackturbo

What was the process like ? i have a fear of them denying me or not believing me.

So when they initially underwrite you for a policy, your credit, claims and perhaps criminal history will be reviewed. if you have any shortcomings on any of these as well as other risk factors, they might still insure you but the premium will be high and you might get more scrutiny if you file a claim. As long as you didn't lose your watch under one of the policy's exclusion, why would they deny you? As for believing you, that is what underwriting is for - to weed out the crooks and liars and generally bad insurance risk clients.