Hodinkee Insurance?

[rkny]

Originally Posted by SaintMickey

Fair point. Especially on the 150% coverage.

Not to mention you chose your own coverage. With my renter’s insurance, each watch requires an appraisal and is only covered for the appraised value.

With Hodinkee, my 2020 Submariner is covered at the number I arrived at based on market value plus tax…$15K. No appraisal needed.

[Htab]

What do they require to Insure? Do they just need pics serial numbers and value? What’s there website? Does it cover damage also? If the watch is dropped and damaged? Thanks

[rkny]

Originally Posted by Htab

What do they require to Insure? Do they just need pics serial numbers and value? What’s there website? Does it cover damage also? If the watch is dropped and damaged? Thanks

No pics. No Serial. Just the make/model and your desired coverage. Damage is covered. Google Hodinkee Insurance. And don’t ask what google’s website is.

[JodyHighroller]

I switched over to Hodinkee/Chubb from State Farm.

There were many features over State Farm that made the slightly increased premiums worth it imo. My favorite features are newly acquired watches are automatically covered up to 90 days up to 25% of total policy (no rush to add on policy same day), consignment/loaner protection, and the ease of modifying the policy from the Hodinkee phone app. I was shocked that their policy even covers your watch whenever it is in transit, for example to the RSC, etc.

The thing that annoyed me the most with State Farm was any changes that needed to be made with the policy would take at least 3-4 weeks to become fully effective. The Hodinkee solution is much more modernized. Also, claim experience is something I looked into as well.

Originally Posted by SaintMickey

Thanks guys. I guess I better call back Aaron Rodgers and see what he really quoted me for.

Didn't think topic would be so controversial.

Your original post read a bit snarky so that’s why.

[George58]

no insurance for me only time I insured my watch is when I swam in a lake or ocean

[JSol1]

I also use Hodinkee. I’ve moved my high market value watches to them and have JM for wife’s jewelry and a couple of watches that aren’t affected by grey pricing.
Hodinkee has zero deductible and I select $500 for JM. The 150% coverage for a couple of my pieces is a big deal…

[1William]

I have both JM and Hodinkee on my watches. For ease of listing the Hodinkee Insurance is much easier and the premiums are consistent with the coverage provided. Has anyone had to file a claim with Hodinkee? If so, how was the process handled and what was the outcome. Thanks.

[vinny84]

Originally Posted by JodyHighroller

I switched over to Hodinkee/Chubb from State Farm.

There were many features over State Farm that made the slightly increased premiums worth it imo. My favorite features are newly acquired watches are automatically covered up to 90 days up to 25% of total policy (no rush to add on policy same day), consignment/loaner protection, and the ease of modifying the policy from the Hodinkee phone app. I was shocked that their policy even covers your watch whenever it is in transit, for example to the RSC, etc.

The thing that annoyed me the most with State Farm was any changes that needed to be made with the policy would take at least 3-4 weeks to become fully effective. The Hodinkee solution is much more modernized. Also, claim experience is something I looked into as well.

I have State Farm now, I guess I'll be getting a quote with Hodinkee here soon

[beshannon]

Originally Posted by SaintMickey

T

Didn't think topic would be so controversial.

It does not seem to be controversial at all.

For 150% no deductible coverage, it was far less than my homeowners or Jewelers Mutual.

[jaisonline]

At the end of the day, I think our expensive watches should be insured for various reasons in the news. Can’t hurt to try it for one year. During year one, it gives you time to see if another company is a better fit for year 2.

Can’t imagine walking the streets (even w/ common sense / awareness) w/ a SS Daytona, Patek, etc….

Probably a good option for those even w/ a 1-2 watch collection.

[chiscott_29]

Originally Posted by rkny

No pics. No Serial. Just the make/model and your desired coverage. Damage is covered. Google Hodinkee Insurance. And don’t ask what google’s website is.

I’m fairly certain pictures and serial numbers are required within 30 days of binding.


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[beshannon]

Originally Posted by chiscott_29

I’m fairly certain pictures and serial numbers are required within 30 days of binding.


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And you would be incorrect

[chiscott_29]

Originally Posted by beshannon

And you would be incorrect

I have a question for you. Have you ever considered conducting yourself as an adult? Or, treating these boards as a way of sharing information?

Seriously, it’s people like you that make me spend a LOT less time on here. You seriously act like a 5 year old.


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[beshannon]

Originally Posted by chiscott_29

I have a question for you. Have you ever considered conducting yourself as an adult? Or, treating these boards as a way of sharing information?

Seriously, it’s people like you that make me spend a LOT less time on here. You seriously act like a 5 year old.


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I am sorry you feel that way. I was responding to your statement and sharing information.

Good luck to you.

[SaintMickey]

Originally Posted by chiscott_29

I have a question for you. Have you ever considered conducting yourself as an adult? Or, treating these boards as a way of sharing information?

Seriously, it’s people like you that make me spend a LOT less time on here. You seriously act like a 5 year old.


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Amen brother.

[drmizzou]

Sorry, am a bit confused by the 150% coverage. Is it 150% of msrp value or does one list what ever the current market value is for said timepiece and they cover 150% of that? i.e. white dial Daytona current market value is over $40k, so does hodinkee insure for that value? Thx.

[nachopc]

Originally Posted by SaintMickey

Who'd do this? Not me....

I can't imagine what you guys do that have hundreds of thousands of dollars worth of watches but thinking Hodinkee insurance isn't it.

Does it include robbery in the street ?


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[NYG1121]

it is a bit confusing as how does one truly determine market value? It sure is not what chrono24 says in real life.. So essentially I can state whatever I want for my market value and pay a premium for it? What if the market value goes down? Do I get any of my premium back?

[chiscott_29]

Originally Posted by drmizzou

Sorry, am a bit confused by the 150% coverage. Is it 150% of msrp value or does one list what ever the current market value is for said timepiece and they cover 150% of that? i.e. white dial Daytona current market value is over $40k, so does hodinkee insure for that value? Thx.

150% of the “agreed value”. You set agreed value to whatever you want when you quote. Most people I would surmise set the “agreed value” close to prevailing market price.


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[chiscott_29]

Originally Posted by NYG1121

it is a bit confusing as how does one truly determine market value? It sure is not what chrono24 says in real life.. So essentially I can state whatever I want for my market value and pay a premium for it? What if the market value goes down? Do I get any of my premium back?

Absolutely no premium refunds…

You can state whatever you want. My strategy is to set my agreed value to slightly below the prevailing rate of where watches sell, which I typically get from the trusted dealers on this site (Nashville, OCWatch, Takuya). Then, when I make premium payments every 6 months, I review my agreed values and change them as necessary using the process above.

Even with relatively wild price swings that seem to be customary over the past few months, the 150% coverage will cover you even if the price spikes up.


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[rkny]

Originally Posted by chiscott_29

I have a question for you. Have you ever considered conducting yourself as an adult? Or, treating these boards as a way of sharing information?

Seriously, it’s people like you that make me spend a LOT less time on here. You seriously act like a 5 year old.


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To be fair, you presented incorrect information to someone who was explaining, from experience, how Hodinkee insurance works. Declaring you’re “fairly certain” about an aspect of Hodinkee Insurance, when it’s clear you don’t have it, to someone who does in fact have it, is no more “acting like an adult” or “sharing information” than the reply you chastised.

[chiscott_29]

Originally Posted by rkny

To be fair, you presented incorrect information to someone who was explaining, from experience, how Hodinkee insurance works. Declaring you’re “fairly certain” about an aspect of Hodinkee Insurance, when it’s clear you don’t have it, to someone who does in fact have it, is no more acting like an adult or “sharing information” than the reply you chastised.

I DO have experience…read above please as I said I have HODINKEE for my coverage.

After I submitted a quote, they asked me to ensure all watches had updated photos and they advised me to enter serial numbers as those would be required if there are any claims made.

So, I didn’t present “incorrect” information. I presented my experience and hedged my words since I can’t obviously speak for everybody.


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[Sam80]

Do they need appraisals abd ask you take pictures of the pieces?

[samson66]

So do most people only insure their most expensive watches? This insurance only covers specifically insured watches, correct? So if I insure my Sea Dweller only, and my Tudor is lost, I get nothing? This is my issue with this type of insurance. You have to pick and choose what to cover or pay a fortune to cover everything (if I understand how this works).

My watches are covered under my HO policy. I pick a number and that's what they cover up to. So whichever watch I lose or have stolen, it should be covered as long as it doesn't exceed the total insured amount.

I'd like to move off my HO policy because I worry if I ever make a claim on a watch I run the risk of them dropping my homeowner's policy entirely. But I think every other place requires you to insure each watch individually.

[JSol1]

Originally Posted by drmizzou

Sorry, am a bit confused by the 150% coverage. Is it 150% of msrp value or does one list what ever the current market value is for said timepiece and they cover 150% of that? i.e. white dial Daytona current market value is over $40k, so does hodinkee insure for that value? Thx.

It is 150% of what you insured the watch for. However, if you only have one watch covered they will only payout the amount you selected. If you have multiple watches covered then they will go up to 150% based on market value. Basically they cover the 150% from the pool of your total coverage.

[JSol1]

Originally Posted by samson66

So do most people only insure their most expensive watches? This insurance only covers specifically insured watches, correct? So if I insure my Sea Dweller only, and my Tudor is lost, I get nothing? This is my issue with this type of insurance. You have to pick and choose what to cover or pay a fortune to cover everything (if I understand how this works).

My watches are covered under my HO policy. I pick a number and that's what they cover up to. So whichever watch I lose or have stolen, it should be covered as long as it doesn't exceed the total insured amount.

I'd like to move off my HO policy because I worry if I ever make a claim on a watch I run the risk of them dropping my homeowner's policy entirely. But I think every other place requires you to insure each watch individually.

Correct. You insure each watch individually. I looked into my HO/Umbrella for coverage but decided to go with specialty coverage for my watches and wife’s jewelry…

[JSol1]

Originally Posted by Sam80

Do they need appraisals abd ask you take pictures of the pieces?

No appraisals and they allow for pictures of the piece.
For those curious about how this works (as I was) you can go on their site and go through the process up until you pay to see if you’re comfortable with it…

[ArtNouveau]

Originally Posted by chiscott_29

I DO have experience…read above please as I said I have HODINKEE for my coverage.

After I submitted a quote, they asked me to ensure all watches had updated photos and they advised me to enter serial numbers as those would be required if there are any claims made.

So, I didn’t present “incorrect” information. I presented my experience and hedged my words since I can’t obviously speak for everybody.


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Although I initiated my Hodinkee policy online, I spoke with them over the phone before starting. I asked and was told specifically that they did not need my serial numbers.

[ArtNouveau]

Originally Posted by samson66

So do most people only insure their most expensive watches? This insurance only covers specifically insured watches, correct? So if I insure my Sea Dweller only, and my Tudor is lost, I get nothing? This is my issue with this type of insurance. You have to pick and choose what to cover or pay a fortune to cover everything (if I understand how this works).

My watches are covered under my HO policy. I pick a number and that's what they cover up to. So whichever watch I lose or have stolen, it should be covered as long as it doesn't exceed the total insured amount.

I'd like to move off my HO policy because I worry if I ever make a claim on a watch I run the risk of them dropping my homeowner's policy entirely. But I think every other place requires you to insure each watch individually.

I have over a dozen watches but only insured the two most expensive/hard to replace pieces. I certainly hope not to lose any of the others but the financial burden would be much less than the insured pair.

[chiscott_29]

Originally Posted by samson66

So do most people only insure their most expensive watches? This insurance only covers specifically insured watches, correct? So if I insure my Sea Dweller only, and my Tudor is lost, I get nothing? This is my issue with this type of insurance. You have to pick and choose what to cover or pay a fortune to cover everything (if I understand how this works).

My watches are covered under my HO policy. I pick a number and that's what they cover up to. So whichever watch I lose or have stolen, it should be covered as long as it doesn't exceed the total insured amount.

I'd like to move off my HO policy because I worry if I ever make a claim on a watch I run the risk of them dropping my homeowner's policy entirely. But I think every other place requires you to insure each watch individually.

You might want to look into a Blanket Personal Collections policy for your less expensive pieces. With this, you set a limit per piece and per policy. So, for example, you could get a blanket policy that has a $10,000 limit per piece, and $50,000 limit for the policy. You don’t need to provide any specifics for any watches covered by your blanket.

I do not believe HODINKEE currently offers any type of blanket policy and hope they soon do.

I have a smaller blanket policy to cover things I don’t insure with HODINKEE. That’s with Nationwide Private Client.


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