Would like some advice on insurance

[wyattearp]

Hi all, I've just had my new-old Gmt II appraised and am looking to have it insured. I live in Canada(toronto) and don't really know where to start as I don't have insurance for anything else (20 yrs old, living at home, no car).

The watch shop who did my appraisal priced my GMT's replacement value quite highly (equivalent to a new gmtIIc) considering that my gmt was 'discontinued.'

So what I'm looking to have accomplished in the near future is open up a policy on my own (my parents don't understand the WIS mentality) and try to keep the monthly payments/premium/deductable fair as well as understand them better.

Any help is appreciated!

Cheers!

[matt4hand]

I would ask them to add it on their home insurance policy. It can usually be added as a rider on their regular plan. Then you can just pay the premium to them. My 4 watches and my wife's ring run us about 250 a year.

[steve1985]

Have your parents put it on their home insurance as a rider. If you want to keep your payment lower you can insure the Rolex for whatever you paid for it instead of the apprasial price. I did that for my Wife's rings

[Nugs]

I just got a valuation and insurance quote for my Sea Dweller today. It was valued at $12k (as that's what the AD is charging for the one they have left) and to add that to my home and contents insurance was $1,300 p.a!!
Needless to say I'm looking at other options.

[leannet2107]

Originally Posted by Nugs

I just got a valuation and insurance quote for my Sea Dweller today. It was valued at $12k (as that's what the AD is charging for the one they have left) and to add that to my home and contents insurance was $1,300 p.a!!
Needless to say I'm looking at other options.

........................


Nugs, you should be looking at other insurance companies. Should only be about $35 -$40 per thousand for a specified item such as a watch on a policy as a special risk in Oz.. I have been working in insurance for past 10 years.. $1300 for one watch is just so wrong.. Check out other companies.. Quickly

[timo12345]

I'm London based and I use TH March for individual watch insurance. They asked me lots of weird questions like the occupations of people I lived with, who has access to the house, type of door locks, exact London location etc then gave me a quote. So far they have been really good. Haven't had to claim yet (touch wood), which is the real sign of a good insurer but so far have been okay.

[wyattearp]

Thanks for the help. I've inquired into a rider with my parents insurance company (state farm) and apparently the premium is based on the appraised value, then you can choose the deductible (I think a fairly high deductible would be a good idea in order to lessen the premium, while still be safely clear over my watch's 'street value' price).

I'll update once I find out solid details. But Matt (4hand), that $250 a year for 4 watches and a ring sounds ideal. May I ask what company you're with?

[wyattearp]

Talked with my parents insurance rep today and as a rider, the policy will be very reasonable -- 118 a year for an 8k appraisal!

[jay_man2]

Originally Posted by wyattearp

Talked with my parents insurance rep today and as a rider, the policy will be very reasonable -- 118 a year for an 8k appraisal!

Sounds like a zero deductible rider. For me a $500 deductible on an $8k appraisal is $46 a year.

[BIC]

I have USAA. The watches are covered by the standard homeowners insurance with some caveats; only against fire & theft less the deductible. But, I have purchased Valuable Personal Property. This is a totally separate policy that can be purchased without having a homeowners policy (I seem to recall).

I currently have several items together on the policy so can't give you an accurate price on one item, but my recollection for one brand-new GMT is something like 35 USD per year. The advantage to this type of policy is that there is no deductible and I am not only covered for fire & theft, but also accidental damage and just plain losing it. This policy gives me peace of mind to wear my watches without worry. Insure it for its actual replacement value, not the inflated appraisal, that's all the insurance company will pay.

[wyattearp]

Jeez 35 bucks sounds a lot nicer than 118 with a 500 deductible. I'm still not complaining though, its protected against theft anywhere in the world, loss in anyform (fire, drop in ocean etc) with the only limitations being nuclear damage or war related damage - things that I hear are pretty standard in the insurance game.

[Dr.Brian]

Originally Posted by Nugs

I just got a valuation and insurance quote for my Sea Dweller today. It was valued at $12k (as that's what the AD is charging for the one they have left) and to add that to my home and contents insurance was $1,300 p.a!!
Needless to say I'm looking at other options.

That's more than 10 times higher than I pay in the US, maybe 20 times. Crazy.
I also have USAA. They're the best. Full coverage, no deductible.
All my valuable jewelry is covered this way.

[Stonedcl]

Check with jewelers mutual I do not know if they cover Canada but I pay about $200 a year for my wife's engagement ring (insured up to $12k and my datejust insured up $6k) with $50 deductible

[mjrennie]

Originally Posted by matt4hand

I would ask them to add it on their home insurance policy. It can usually be added as a rider on their regular plan. Then you can just pay the premium to them. My 4 watches and my wife's ring run us about 250 a year.

We have 3 subs and they add no more than £40 a year to the household premium and I always update them on current replacement costs when Rolex have their weekly price rise.

And I call this country of ours 'rip-off Britain'. Everything is expensive. Perhaps not!