Insurance and valuation

[pdoukas]

I have not called my insurance carrier yet, but I expect anything new I add will need some sort of valuation. When purchasing a watch from the forums, what wold be the best process to get an appraisal if there were no papers? Go to AD or professional appraisal house? Do they factor in rarity or collectibility? I know nothing about how that would work.

Pete

[conrail]

Pete, I've used my local jewelry stores in the past. Most will appraise items for much more than you paid, or the item is worth, even without knowing it is rare/collectible.

[pdoukas]

Originally Posted by conrail

Pete, I've used my local jewelry stores in the past. Most will appraise items for much more than you paid, or the item is worth, even without knowing it is rare/collectible.

Do they give an official appraisal? Rather, something to give to the Insurance Carrier?

Pete

[mboverst]

Originally Posted by pdoukas

Do they give an official appraisal? Rather, something to give to the Insurance Carrier?

Pete

Yes, most will give an appraisal with their store letterhead and sign it for you. This is usually more than enough for the insurance company.

[conrail]

Originally Posted by pdoukas

Do they give an official appraisal? Rather, something to give to the Insurance Carrier?

Pete

Yup, tell them what you need it for or just say you need a written appraisal and they'll do it up for you. If its written and on the store's paper, or letterhead, that's more than plenty for just about any insurance carrier.

[matt4hand]

I went to a local AD and they told me they are not allowed to appraise Rolex watches that they did not sell. They said they can loose the ability to sell Rolex. A bunch of BS in my book as I have had other AD's do this in the last 6 months

[jay_man2]

My AD does appraisals by appointment for $95, and provides a free appraisal with each purchase. They even appraised my Datejust purchased in '87 from another AD at no charge.

[mboverst]

Originally Posted by jay_man2

My AD does appraisals by appointment for $95, and provides a free appraisal with each purchase. They even appraised my Datejust purchased in '87 from another AD at no charge.

I'm in the wrong business!

Price list...check
Printer/paper...check

Looks like I'm set-up to make $95 for thirty seconds of work!

[cruvon]

Didn't think I could get insurance on vintages without it being ridiculously expensive. Any one has any experience of a successful claim from an insurance company on a stolen watch based on one of these appraisals? Wonder if the insurance companies would give a hard time in honoring those appraisals.