Insurance on Watches

[Stack]

I wanted to see how many of you guys had insurance on your time pieces. I have only this one Panerai and I was thinking about getting insurance on it since I have insurance on the wife's ring in case it gets lost or stolen but wondered if it was worth getting on the watch.

I got quoted at $755 a year for insurance to add it to my homeowners. As much as i love the piece of mind I am wondering if it's really worth it. At that rate I could just save it up and buy a new watch in a few years lol.

EDIT: Just heard back about insurance. That was the price of everything I have on the policy together lol. Other Jewelry, homeowners etc...not just the watch alone...sorry guys.

[MikeJaye]

I always get my watches insured, but $750 sounds steep. Here in the Uk it costs me £150 to insure £15,000 worth of watches...a small price to pay for peace of mind.

[mfer]

I use jewelersmutual.com based on a friend who has used them and filed a claim with them.

[Stack]

Originally Posted by MikeJaye

I always get my watches insured, but $750 sounds steep. Here in the Uk it costs me £150 to insure £15,000 worth of watches...a small price to pay for peace of mind.

Yeah that's what I thought myself. It's through Liberty Mutual Insurance here in the states which is a very good company and I have my other insurance through and they are amazing on claims.

[Stack]

Originally Posted by mfer

I use jewelersmutual.com based on a friend who has used them and filed a claim with them.

Yeah I just checked them out and they are quoting about $111 bucks for no deductible for the 312.

Much better price.

[B. Doggy]

Most certainly! I just add it to the homeowners policy..

[SoCal C4S]

Check with State Farm. I have my watches insured through them for under $200 a year.

[Stack]

Originally Posted by SoCal C4S

Check with State Farm. I have my watches insured through them for under $200 a year.

yeah he said it's about $200 for the watch alone. The rest of if was my other stuff on the account. I originally thought he said 755 just for the watch lol.

[jacksonian]

Originally Posted by SoCal C4S

Check with State Farm. I have my watches insured through them for under $200 a year.

Really? For how much in watches? I have StateFarm and the quote comes out to about 1% of the value of the watch per year for full replacement and no deductible.

Mik, I checked the jewelersmutual website and they were higher.

I'm still torn as to whether I want to do it or not. I generally self-insure, but I have some fairly expensive pieces. That's the tough part about insurance, you don't need it til you need it!

[mfer]

Originally Posted by jacksonian

Mik, I checked the jewelersmutual website and they were higher.

Yeah, they were higher than my homeowners too.

The only reason I took them is b/c my friend said his wife loses earrings all the time. He told me he as reported 3 pairs lost (not stolen, just lost) to jewelersmutual and they never gave him ANY grief. Said he had the check in a couple weeks for the full amount they were insured for.

I've "heard" (not confirmed) that home owners will give you less than insured for and could cause increases in future house/jewelery premiums. Something to consider, but I'm just a guy on the net. I suggest you do your own research. Insurance is something you need to investigate and read the policy on.

Good luck. I know I sleep a LOT better knowing all my junk is insured.

[jacksonian]

Originally Posted by mfer

Yeah, they were higher than my homeowners too.

The only reason I took them is b/c my friend said his wife loses earrings all the time. He told me he as reported 3 pairs lost (not stolen, just lost) to jewelersmutual and they never gave him ANY grief. Said he had the check in a couple weeks for the full amount they were insured for.

I've "heard" (not confirmed) that home owners will give you less than insured for and could cause increases in future house/jewelery premiums. Something to consider, but I'm just a guy on the net. I suggest you do your own research. Insurance is something you need to investigate and read the policy on.

Good luck. I know I sleep a LOT better knowing all my junk is insured.

Good points. If the homeowner's is going to make it hard to get the claim processed or cause other rates to go up, then the premium for the other coverage may be worth it. I'm having StateFarm give me the details on the exact coverage and what it takes to get the claim paid.

[garGARgar]

I too have JM for my two watches and will be soon added my wife's engagement ring to the policy. JM ended up being cheaper than a rider on my renter's insurance. I hope never to have to file a claim.

[jacksonian]

Hey Mik,
Reading through JM's sample policy, the coverage does look good as far as being easy to file a claim and covering most anything that could happen including just accidental loss. I'll have to thoroughly compare it to what StateFarm's policy.

Price wise, it looks like JM is about 25% higher maybe. But again, if it's impossible to make a claim with the homeowner's policy and it's a breeze with JM, then that may be worth it.

[mfer]

Originally Posted by jacksonian

Hey Mik,
Reading through JM's sample policy, the coverage does look good as far as being easy to file a claim and covering most anything that could happen including just accidental loss. I'll have to thoroughly compare it to what StateFarm's policy.

Price wise, it looks like JM is about 25% higher maybe. But again, if it's impossible to make a claim with the homeowner's policy and it's a breeze with JM, then that may be worth it.

Also, I think the more you insure, the closer you get to that 1% of total value mark. I remember each time I added a piece of jewelery, my policy went down just a smidge of overall % wise.

[jacksonian]

Hey guys, this is funny. I was reading the JM policy closely. It covers loss, right? Not if a mouse steals your wife's earrings! :)

"Vermin, Rodents, or Insects – “We” do not pay for loss or damage caused by vermin, rodents, or insects."

[Speed]

Gotta have insurance!!! State Farm here as well.

[jacksonian]

Originally Posted by mfer

Also, I think the more you insure, the closer you get to that 1% of total value mark. I remember each time I added a piece of jewelery, my policy went down just a smidge of overall % wise.

I'm looking to insure quite a bit. Right now the #'s come out with StateFarm at 0.09% and JM at 1.33%

[B. Doggy]

For whatever it's worth, fellas: I have family that works for State Farm and I use them myself. I've never come across a situation where they didn't cut a check in a situation that it was warranted. It was also done quickly. Again, I add my jewelry to the homeowners policy and this is my personal experience.

[jacksonian]

Originally Posted by B. Doggy

For whatever it's worth, fellas: I have family that works for State Farm and I use them myself. I've never come across a situation where they didn't cut a check in a situation that it was warranted. It was also done quickly. Again, I add my jewelry to the homeowners policy and this is my personal experience.

Thanks, Bryan. Any insight as to whether a claim on a personal articles rider like this would/could affect your homeowner's rates? Not asking you to go on record if you know, just curious. I'll go over it thoroughly with my agent tomorrow.

[mfer]

Originally Posted by B. Doggy

For whatever it's worth, fellas: I have family that works for State Farm and I use them myself. I've never come across a situation where they didn't cut a check in a situation that it was warranted. It was also done quickly. Again, I add my jewelry to the homeowners policy and this is my personal experience.

See, both are good. Just be sure to read the policy I guess is my message.

[Stack]

For what it's worth I have Liberty Mutual and I have had a great experience with a claim in the past. It was super easy. Part of their home owners is a feature for electronics which I put on for like 10 bucks more and covers cell phones and laptops being lost.

I lost my iphone, called in the claim. Went and bought a new one and had the claim cleared minus my $50 deductible. Got the check in 2 days.

If there service for all claims are this easy then I have no problem paying a bit more to just add it on their service. Figure we should all give our experiences with every company we have worked with so we get a good comprehensive list going.

[forgeahead]

I use JM as well. My wife's engagement ring (30k)was stolen from the Coronado Hotel. Our homeowners' insurance sent an adjuster out to check us out. It was a legitimate claim and they paid it. They dropped us the next year. I use JM primarily not to affect my homeowners' policy because changing that is a big pia. No experience with claims with JM.

[TopNotchChach]

im going to get jm when i buy my panerai. just to cover my two pieces. :)

[kunlun]

Raising this thread from the dead as it comes up on searches.

JM is 1.5%+ but they don't raise your rates of you file a claim. They won't cover a person renting an apartment.

Liberty Mutual has renter insurance and can cover watches at 1%, so it works out to a big savings. However, if you file a claim, your rates go up to JM levels. Hopefully, you never have to use the insurance, but you either pay at the front (JM), or at the back, so to speak.

That's my finding. I ended up with Liberty.