Insure Your Watch?

[Colorado_kid]

Originally Posted by 1William

Maybe we have a thread and someone can direct me there but I would like to know members experiences when they have made a claim. Specifically Hodinkee/Chubb.

Me too. Also id be curious to know if most collectors insure or is a rare thing… etc.


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[bmwsubmariner]

Originally Posted by Colorado_kid

I can't seem to find it now but recall a thread about a guy in San Francisco that insured through Hodinkee and had his Patek stolen.

He said it was a nightmare of an experience. But the thread brought up more questions than answers ... so not sure.

https://www.rolexforums.com/showthread.php?p=12721297

[bmwsubmariner]

I use State Farm. They do require an appraisal, which DavidSW has been happy to provide and all my watch purchases have been through him. Still more annoying than Hodinkee who doesn't require this on watches under a certain $ amount. Since I don't buy many watches, this isn't a huge inconvenience. Main reason I use State Farm is I know if something goes wrong, I can talk with someone in person which gives me some peace of mind.

I know many people just depreciate their watches down to $0 when they buy them and look at it as lost money when they purchase. I don't and would rather wear my watches with concern for my safety first and not have to think about the value.

[tjs1295]

I’m with JJ on this one….. no insurance.

[Rolex2008]

I insure my watches thorough my house insurance. Adds very little to my monthly premiums and I am covered for worldwide theft and accidental damage.

Literally costs me about £15 per month on top of monthly premiums and thats for 3 luxury watches. Not sure why anyone wouldn’t do this.

[seabreeze]

Rather than start a new thread, is it better to receive this one ??

How have you guys been handling the value increases? I have a 10 + yr old policy with Jewelers mutual. It has annual escalators that I pay for but in looking at the values today, they are all about half what it might take to replace the few watches I have. They said I can submit updated appraisals....is that what you all do? I dont think they will replace a watch over the insured amount.

[Wrathchild]

Yep. Of course.
Rider policy. Very cheap, 100% covered no questions.

[OTX]

Of course I would insure it. Rolex is the most stolen watch in the world!. Worth the peace of mind in case I get robbed or lose it. I was walking with my family in Chicago on a Saturday at around 9am with my Bluesy on when I overheard a group of guys talking about my watch. As soon as I passed them, one guy told another guy, did you see his watch?. Go get it!. These people looked like thugs!. He replied back with he’s a big guy, let’s not mess with him. I’m 6’2, 250 pounds. I’ll never forget that. Makes me think twice about wearing it. Now I’m more picky where I wear it. Insurance is a no brainer!.

[Calatrava r]

I insure through my homeowner's insurance on a personal article's rider.

[Njkdog]

Personally, I have not. Although I do understand why people do sometimes. If I lost my collection, it would be more so emotionally devastating rather than financially.

[georgew]

Originally Posted by Calatrava r

I insure through my homeowner's insurance on a personal article's rider.

yep, this. And I recently had the older watches re-appraised (last was 2012 - increase in value was significant - 50% for some, and 100% for a few others). The newer watches came with appraisal or purchase receipt. Makes me feel more comfortable wearing them (without being stupid about it)

[Wrathchild]

Originally Posted by georgew

yep, this. And I recently had the older watches re-appraised (last was 2012 - increase in value was significant - 50% for some, and 100% for a few others). The newer watches came with appraisal or purchase receipt. Makes me feel more comfortable wearing them (without being stupid about it)

Yep! Same thing. It’s pretty affordable and 100% covered.
Everyone should do this

[Wrathchild]

Originally Posted by OTX

Of course I would insure it. Rolex is the most stolen watch in the world!. Worth the peace of mind in case I get robbed or lose it. I was walking with my family in Chicago on a Saturday at around 9am with my Bluesy on when I overheard a group of guys talking about my watch. As soon as I passed them, one guy told another guy, did you see his watch?. Go get it!. These people looked like thugs!. He replied back with he’s a big guy, let’s not mess with him. I’m 6’2, 250 pounds. I’ll never forget that. Makes me think twice about wearing it. Now I’m more picky where I wear it. Insurance is a no brainer!.

Jesus, that’s pretty scary. Good thing they didn’t try anything, never know what they are packing.
I don’t get why people don’t insure their watches…. Seems careless and silly.

[Wrathchild]

Originally Posted by Xky

It’d cost me £100 per month to insure that watch as a single watch in London.


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£100 a month ?? LOL!
You should move

My BLRO is only $120 a year on a rider.

[KatGirl]

I own over 100 watches, so No, I don’t insure them. Being retired, I’m home most of the time. When I travel, I bring my best ones along, and there is a caretaker on the property daily.

Kat


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[OTX]

Originally Posted by Wrathchild

Jesus, that’s pretty scary. Good thing they didn’t try anything, never know what they are packing.
I don’t get why people don’t insure their watches…. Seems careless and silly.

It definitely was scary!. To be honest, before then I never insured any of my watches. After that incident, insurance is a must!. Gotta be careful where you wear these things.

[Wrathchild]

Originally Posted by tjs1295

I’m with JJ on this one….. no insurance.

Better hope this never happens to you
https://www.rolexforums.com/showthread.php?t=925426

[S7gpt]

I also insure through house insurance for retail price for ours, not that much more and gives some piece of mind

[1st amg]

Definitely insured all mine. Some of these watches TRF members are worth much more than cars and the cars are insured


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[Will866]

Trying to find insurance for my son’s sub. Nobody will cover him. I believe it is because he is 25 and lives in Florida.

[GST15]

Safe deposit box when I am away. When I am home, I go with an insurance company named Smith & Wesson!

[Tqmb79]

Originally Posted by GST15

Safe deposit box when I am away. When I am home, I go with an insurance company named Smith & Wesson!

Lol. I’m in the same boat!

[TimedOut]

If you insure your watches, are they insured for retail value? Lot of folks here have awesome watches which took years to acquire them. So, even if you get paid retail, you wouldn’t be able to replace them quickly.

[Tphamnd02]

Mine are appraised for current market value or appraisal value. Also added to my home insurance. Agent just says if I ever file a claim, it’ll be hard to find someone else to insure.

[928ktgold]

My home insurance covered my watches for $3500 per year. It just doubled to $7000 this year. I’m going to look for alternatives now. Farmer’s

[jamesbondOO7]

I didn’t even insure the ones I sold when I shipped across Europe. I shipped 3 at a time with DHL.

[jamesbondOO7]

Originally Posted by 1st amg

Definitely insured all mine. Some of these watches TRF members are worth much more than cars and the cars are insured


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Cars are not exactly the same risk though. I can self-insure the risk of theft. Accident is a bit different but to kill a 30-year old father with 3 kids with a watch is not a likely risk (sorry just the example my father was always using when he was talking about the potential risk of bad driving…).

[East of Eden]

Originally Posted by ck867

where can i find insurance on my watch in the US? where should i go look? I'm personally thinking at the moment that i want to buy a gun safe that is atleast 500+ pounds to hold my watches plus future firearms. Anybody else do this?

Better than nothing, but there is no safe that can’t be broken into or removed, and what’s to stop a perp from putting a gun to your head and forcing you to open it?

[East of Eden]

Originally Posted by GST15

Safe deposit box when I am away. When I am home, I go with an insurance company named Smith & Wesson!

Great, but that won’t help you when you leave the house. Insurance for me, the peace of mind is worth it

[928ktgold]

Originally Posted by jtorrebl

My home insurance covered my watches for $3500 per year. It just doubled to $7000 this year. I’m going to look for alternatives now. Farmer’s

I just insured 2 watches with Hodinkee. My most expensive watch was covered for $550 and my home policy with its new 2024 price increase was going to be $1600 for a lower value of coverage. Hodinkee was 1/3 the price for $3000 more coverage in valuation than my old policy. Plus it took like 5 minutes to do.