Rolex DEEP SEA insurance...

[acadianl79]

Called my insurance rep to get a separate rider to insure my Rolex DEEPSEA...

Had to send em pics + appraisal for current replacement value.

They quoted me $748 per year then add roughly 15% sales and service tax...


I was shocked as i never made an insurance claim in my whole life except maybe for a broken car window 10 years ago.

my regular insurance policy would not cover higher than 3K for jewelry.

They are insane,
A body guard in the form of a Rottweiler or a Doberman would cost probably less over the span of ownership of the watch.

Think i am gonna say f*** em.

This is the first negative experience i have had so far with this amazing watch.
To be honest, i do not know how to handle it . with winter clothes, it was easy to hide the watch under a shirt sleeve but now we are in the hot season and the deepsea is kinda hard to hide with a short sleeve polo shirt.

Wanted an insurance policy in case i get robbed for the watch but when i do the math, i basically get a brand new hi-end Rolex in 10 years or 2 used ones with the savings...


If you were in my shoes, what would you do ?

Learn martial art ?
BTW, we can not carry in Canada...it is illegal concealed or open

[jianliu1]

maybe it's just me,but i never insure any of my watch.

[acadianl79]

Me neither.

My other watch is a Omega seamaster 2254.50
The value is much less and the watch is less "flashy" than the Deepsea.
so no worries there.

The Deepsea however...is quite a bunch of $$$$ in a relatively small package.

[Zed Homme]

Is crime that big of a threat in your area?

[P Diddy]

too easy for something to happen to the watch. theft and insurance fraud two huge problems.

[MURRAY]

When I last checked it was around $10 per thousand per year.....so a $20,000 rider was like $200 annually....they are trying to rob you (before someone else does...).....

[nauticajoe]

Get a carrying permit like me!

Wow! That's as expensive as my home owners insurance! That's crazy...

You may want to ask them why the high rate for this rider? I would shop it with Jewelers Mutual if I were you. I've got a Daytona....they are only asking for $120 a year w/ -0- ded.

Good luck!

[propedderkustom]

Maybe you could find less expensive stand-alone jewelry insurance (less likely) or move to a different insurance company for all of your needs that is less expensive (more work).

I insure all of my watches for retail value and would recommend this to everyone. If you can afford the watch, you should be able to take care of it with the proper insurance. It's actually inexpensive peace of mind when you think about it.

[rfknauss]

Originally Posted by MURRAY

When I last checked it was around $10 per thousand per year.....so a $20,000 rider was like $200 annually....they are trying to rob you (before someone else does...).....

Yes, that is the rate ($10 per thousand per year) my homeowner's insurance (Erie) charged me to insure my LV.

[acadianl79]

Originally Posted by rfknauss

Yes, that is the rate ($10 per thousand per year) my homeowner's insurance (Erie) charged me to insure my LV.

Wow !
Very informative post.

[newsman]

$73/year for full replacement coverage on a $9,300 DJ II.

What kind of an insurance company are you with? Sounds more like a loan shark!

[hooliganhooker]

x1000 on what has already been said. Find a different insurance agent. State farm issued me a Personal Articles policy for all my "valuables" for just under $10/$1000

[George Ab]

I believe your agent has attempted a mugging.
Life is a risk, and I don't see Canada as a high crime area. I live on the border across from Victoria so I've spent quite a bit of time in Canada, eh..... Next to NYC, Montreal is probably my favorite city (summer time) in North America.
I use common sense and my gut and have never had any problems.

[greekbum]

I guess I am self insured watch wearer risk taker
To each his own if its insurance you want im sure somebody sells it reasonably.

[nickriebe]

I insured both my Explorer II and my wifes OP for full replacement cost and i think my insurance only went up like 20 bucks a month.... sounds like you need a new insurance company.

[psv]

Yeah, I would switch insurance company - they're taking you for a ride.

[konn42]

I use Jewelers mutual for my sub and my wife's engagement ring. Very reasonable prices. You only need to show them an appraisal. You can insure for replacement value or market value...

[snowbird]

Yes that's extremely high, I think more like 1% of the value is typical.

[sakuraba]

At that premium, you'd be able to buy another one in 8 years!

[acadianl79]

Originally Posted by sakuraba

At that premium, you'd be able to buy another one in 8 years!

Yep !,

I did the math...
i does not make any sense.

[sakuraba]

Instead of taking up martial arts, how about track and field instead.

Seriously, I would just be aware of my surroundings and avoid places/ situations that would be questionable. If you can do this for 8 years, you would have already beaten the insurance angle.

[Speed]

Call around for more estimates. My rolexes have been $40 + per watch per year.

[swazi85]

I live in Swaziland in Southern africa and I got a quote of E8000 per year, which is roughly $100 a month to insure my deepsea. So you guys should count yourself lucky

[mitchy]

I'm payin a little over 800 a year to insure my gmtiic and Tudor and omega seamaster inside and outside the home and for 30days anywhere in the world. So 700 is a bit much just for a DSSD. Maybe do sum shopping around find a better quote :)

[SeamasterGMT]

wow. I got a good deal then. I added my Deepsea to my house insurance for an extra £3 per month. That includes being abroad. My Omega (because it is worth less than £3000 is no extra cost. My total Buildings and contents insurance is now £23 per month.

[InVision]

My State Farm insurance rider is like $700 for $80K jewelry annually. I think they miscalculated somehow.

Mike

[Mxf255]

Originally Posted by konn42

I use Jewelers mutual for my sub and my wife's engagement ring. Very reasonable prices. You only need to show them an appraisal. You can insure for replacement value or market value...

That's who insures my deep sea. I think the premium is a little more than $100/year. I just scanned the appraisal and it's insured for replacement value. I think it's a reasonable rate for the coverage.

[steveseiko]

I was given a similar quote as acadianl79 by my insurer. Must be a Canadian thing. Still looking for something more reasonable.

[t e x]

Originally Posted by MURRAY

When I last checked it was around $10 per thousand per year.....so a $20,000 rider was like $200 annually....they are trying to rob you (before someone else does...).....

$60 p/year full replacement value worldwide coverage for my LV.

[chris russell]

of the rider on the watch? If the latter, it would make more sense to just buy a second one and put it in a safety-deposit box in case the first one gets stolen. That way you would in a number of years if it does not get stolen, have a second one to sell, probably for more than you paid for it.