To insure or not?

[brandonscottbr]

I use Jewelers Mutual for all my watches - I havent had to file a claim on one yet, however my Brother in law damaged lost one of his Submariners and they paid for the watch completely. If you have one stolen you do have to file a police report from what I understand.

[astewartconst]

I use to have a few watches insured long ago. My 116655 Yachtmaster was like $30 per month to insure.

I am of the mentality now to only insure what I cannot afford to lose. Meaning I would be F’ed if my house burned down because I have a a mortgage and not enough cash reserves to just replace it without a problem. A watch on the other hand if I lost the Yachtmaster for example I would probably cry a little but I would have no financial burden on going...there is no monthly payment associated to it and I do not need to replace it to continue my daily life


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[Paul7]

Originally Posted by Fabrice M

Jewelers Mutual is very expensive, if you own your home, then a rider is much cheaper and as good if not better. also Jewelers Mutual doesn't like to insure Rolex as they are the most risky watches. Insurances will typically insure you for everything such theft and loss anywhere in the world. The will not insure breakage.

The problem with a rider on your home policy is if you have a claim, it will raise your other insurance rates. I had this happen with a stolen firearm insured by a homeowner rider.

[finestdealer]

Absolutely

[pkincy]

I suppose that can be true. I haven't sold property and casualty in 40 years, but did have one client that was non renewed on his Homeowners because he had 2 small claims for property loss in the past year. One set of golf clubs lost from his garage and one other similar item. And the underwriter admitted to me that the problem was the 2 underwriting incidents as claims are called.

I do have mine insured on my homeowners but I have been with my insurance carrier since 1971 for all my cars and my properties and their contents. And my claims history is very good over that period.

I do find that my small premium for my very modest collection is a lot of peace of mind however. So I insure.

[blankapdx]

Originally Posted by trippinjimmy

Seriously man, you purchased a $10,000 piece of jewelry, and you're curious about $100 difference annually? I'm not trying to offend, but it's possible you can't afford the watch if this is an issue. Don't marginalize yourself.

Serious dude, its only a $10,000 piece of jewelry. I'm not trying to offend but if something would of happened to it and you can't afford to replace it. Maybe you shouldn't get it in the first place.

[Swashplate]

Originally Posted by kauffee

Where are you getting this? All of it is wrong.

JM has no issue with Rolex watches and in fact the drop-down menu has a special selection for Rolex watches versus just the generic “men’s watch.”

I pay 1% through JM. This is a pretty standard jewelry insurance rate.

Many on this forum who know the insurance industry recommend that you don’t tie jewelry to homeowners since your home is your most valuable asset and you never want to make a claim on it if you don’t have to.

JM does insure for breakage.

This. - (Ex Insurance Broker)

[tyler1980]

i wonder if there is a correlation with insured people and willing to take their watch with them everywhere for whatever activity/trip they may be doing and the non insured, leave it at home group.

I suspect the insured are less paranoid about every little thing. So, piece of mind matters

[JR16]

Originally Posted by tyler1980

i wonder if there is a correlation with insured people and willing to take their watch with them everywhere for whatever activity/trip they may be doing and the non insured, leave it at home group.

I suspect the insured are less paranoid about every little thing. So, piece of mind matters

Agree- I’m in the insure everything camp, and the piece of mind is worth the $$.


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[ONE WARRIER]

I love Jewelers Mutual. I have a BELL AND ROSS and a ROLEX insured with them and the price each year is about 1% of value. It sure beats having to come up with the kind of cash needed to replace my watches. Better safe than sorry and yes, damage to the watch is covered along with theft or just plain forgetting where you put your watches (if that's possible).

[HODDS]

I like to have it if I wear the watch almost daily and travel a lot with it.

[ONE WARRIER]

Those of you who choose to insure your watches through Homeowners Insurance should ask if your watches are covered against damage / breakage and loss / theft. I know Nationwide Insurance only covers against theft but does not cover damage or repairs of any kind. I checked with my insurance person.

[vesnyder]

This thread forced me to check my policy. Mine is less that 1% through State Farm but to keep it low I changed mine to a $1,000 deductible. Mine also covers repairs as well as replacement.

[ademarco]

My insurance broker wants me to get appraisals. Any recommendations for appraisals in SoCal?


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[Kliminator]

Originally Posted by tyler1980

i wonder if there is a correlation with insured people and willing to take their watch with them everywhere for whatever activity/trip they may be doing and the non insured, leave it at home group.

I suspect the insured are less paranoid about every little thing. So, piece of mind matters

I think that's generally true that knowing it's covered makes people more at ease. I have a few of my watches insured through JM but need to add my recent acquisitions to the policy

[wesdaniel]

Originally Posted by ademarco

My insurance broker wants me to get appraisals. Any recommendations for appraisals in SoCal?


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I've got a great guy in San Diego if you're in this area.

[wesdaniel]

Originally Posted by Paul7

The problem with a rider on your home policy is if you have a claim, it will raise your other insurance rates. I had this happen with a stolen firearm insured by a homeowner rider.

That's not a statement that's necessarily applicable across the board.

In 2013, I had a bicycle stolen (direct claim on my homeowner's insurance), a small fire (another direct claim on my homeowner's) and a Rolex stolen (a claim on my personal articles policy).

All were covered and my rates didn't increase and I didn't get cancelled.

I think a lot of the outcome has to do with your insurance carrier, your longer-term history with them and the location where you live.