Rolex INSURANCE

[Rbdport]

Originally Posted by Power Play

After having insured watches and jewelry for many yrs, paying lots of premium dollars without ever submitting a claim, I no longer insure this kind of stuff. I figure I'm saving plenty of dough every year and am basically self-insuring. Just my approach...

Only takes one time to wish you had insurance. Hubby and I lived without insurance for the first 6 years we were married. We were dirt poor living in KS (and I do mean poor) and kept saying we couldn't afford it. Then a friend had a house fire and we said "we don't have much, but we better insure it.". Took out our first policy with USAA (I'm a brat, hubby was E5 in the Army reserves at that time- retired as SGM). One month later we were hit by a tornado, our few possessions were scattered over several counties. All of our furniture was "gifted," what we prefer to call "early poverty style.". Replacement value bought us a house full of beautiful replacement. If you still question the value of insurance, I can tell you that replacing JUST the content of "sock and undies" drawers was over $2000 20 years ago.

[Zuko]

I have USAA as well, but for the one piece of jewelry that i do insure, it is very expensive. So I am surprised to hear everyone's low rates. When you did insure your rolexs, did you need to get an appraisal?

[btinl]

I use Jeweler's Mutual. The premium is 1-2% of the value of the watch depending on where you live. I think NYC and LA have the highest premiums.

[bmac11c]

I just got my policy through USAA for my new GMTIIc. About $90/year. Definitely do NOT put it on your homeowners!

Bmac

[StarSovereign]

The best route to take is with your home/renters insurance company. Usually you can do a "Personal Property" line of insurance, and if you bundle it you can get a better price then going through a third party, at least that's what I've found. Since I have my homeowners/auto/life all through the same company my personal property for my watches was dirt cheap!

[threemonkeys]

Originally Posted by raskal83

Good luck collecting from them, I have heard they are the worse to go with in the case of jewelry.

I am very surprised people do not use Chubbs as they are known for their jewelry insurance. Yes, they do cost a bit more, but they usually have no deductible and cover up to 150% of the appraisal cost.

Can someone give more details about USAA. Do you have to be or been part of the military?

I had a claim on my State Farm policy (for a ring). No problem at all. They paid asap and there was no hassle at all.

[GED]

Originally Posted by Zuko

I have USAA as well, but for the one piece of jewelry that i do insure, it is very expensive. So I am surprised to hear everyone's low rates. When you did insure your rolexs, did you need to get an appraisal?

No, you fill out a form(online)where you give the model, model number, serial number and the price you paid. Hit the send button, it comes back with your total premium, monthly premium. You must also acknowledge a warning about filing a false claim. That's it.

BTW-It just occurred to me how incredibly stupid it is to post the name of my insurance company on a public forum like this-esp. a forum where many of its members probably are in upper income brackets.

As I write this there are 284 active members on this forum and 568 guests.

How many of these "guests" troll forums like this(or BMW, Mercedes, Porsche, forums, etc.)for the sole purpose of finding potential cyber crime victims, marks?

The possibilities are frightening.

[HongNinja]

I've heard all sorts of different opinions on this, but I've chosen to go with my homeowners insurance for covering my watches/jewelry. I called Travelers and made sure what they would cover, and had them add extra coverage on to my policy. This includes coverage if my wife or myself are robbed/etc. I think is was $125 for the year. Not bad.

I guess the true test would be to hear stories on how these companies have handled lose/theft/damage in the past.

Cheers!

[KingJames]

Originally Posted by Stonedcl

Jewlers mutual great to get insurance but never filed a claim with them yet..

X2...Havent had to file a claim..

[KingJames]

Originally Posted by never2late

Jewelers Mutual would cover that watch for about $57.00 per year with no effect on your homeowners policy. You should check them out and save some money. No. I'm not connected with the company in any way.

Really?! I pay about $120 (per year) for my Jewelers Mutual coverage of a SS GMTIIC....Am I missing something..maybe its where I live or some other factor?

[gwozhog]

My biggest concern is that I ride my motorcycle with my watch on all the time. If I wreck and damage the watch I do not think insurance will pay for that. As far as being robbed they better bring a metal detector that can search where the sun don't shine because nobody is finding me Roly.

[Time2time]

Home insurance is fine.

Valuable items list. As long as you keep them updated with any price rises, although the premium rises a little each time. But that gets you market value at time of claim and not what you originally insured them for.

Covers you even when outside of house too!!

[never2late]

Originally Posted by KingJames

Really?! I pay about $120 (per year) for my Jewelers Mutual coverage of a SS GMTIIC....Am I missing something..maybe its where I live or some other factor?

Cost depends on value of the watch, city and county of residence and your amount of deductible. My estimate was about $20.00 too low though. The actual quote is $73.00 on $6,500.00 coverage with no deductible. Not bad really.

[never2late]

Originally Posted by gwozhog

My biggest concern is that I ride my motorcycle with my watch on all the time. If I wreck and damage the watch I do not think insurance will pay for that. As far as being robbed they better bring a metal detector that can search where the sun don't shine because nobody is finding me Roly.

Go to Jewelers Mutual and read their contract . . . you will be surprised at what they cover.

[funkymonkcp]

I never realized how great USAA is. I just got off the phone getting insurance on my two watches and bass guitar. Have a 1988 5513 in excellent condition my father gave to me and I just bought my first watch, a Bremont Alt1-C. Those together came out to around 11k and then my bass guitar stuff totaled to around 8k. I only have to pay $10 a month for insurance on all that. That is crazy good. Even covers accidental damage which is even better.

[geronimo509]

Originally Posted by gwozhog

My biggest concern is that I ride my motorcycle with my watch on all the time. If I wreck and damage the watch I do not think insurance will pay for that. As far as being robbed they better bring a metal detector that can search where the sun don't shine because nobody is finding me Roly.

I asked state farm that even if I crash my bike and its my fault will they still cover the watch. The agent said yes. I hope she's not lying. She said pretty much anything could happen, lost, stolen dropped and broken, etc and I either take cash at the cost of what they can get one for or they actually replace it.

BTW, I doubt you would have time to hide your watch if you get mugged n robbed for your watch. lol

[(213)GMT]

Originally Posted by Watch Professor

Jewler's Mutual. I'd rather have my jewelry and watches not insured by my homeowner's policy as a claim would push up the premium for the entire policy.

JM here as well. Have my watches and wife's ring covered by them.

[mrbill2mrbill2]

Originally Posted by JAGERVEGAS

35 years here

33 years for me. You cannot beat USAA!

[Z-Sub]

part of homeowner insurance for me.

[Runnin' Rebel]

Originally Posted by mvp1222

USAA requires you or a member of your immediate family to have been military...and they are the best. Not only do they cover lost/stolen, but they also cover any damage, even if your stupid and drop your millie in the shower like I did.
I filed the claim, sent it to RSC for an estimate, and they wire transferred the funds for a crystal replacement right into my account. No deductible.

Just added my Yacht-Master to my USAA account and double checked with them on everything, your correct, I drop it and break the glass, they cover it with no deductible. Their rates are crazy good and loss/stolen no problem. Just have to update the value on the watches as they go up in price for replacement. Yacht-Master was like an extra 8 bucks a month

[mborkow]

Usaa