Insurance anyone?!

[A.Sharp]

After reading: "how do you keep your rolex safe when not wearing it"... I read some insurance responses...

How does that work?

If you put a claim in, wont the premium go up so much it isnt even worth it?

How much does it normally cost to insure?

does insurance cover the watch when your are out of the home, lets say for example traveling or something?

[MortgageGuy]

Not sure about the claims but I use Jewelers Mutual for all watches/jewelery... About $70/year per watch (this is for something valued around 8k) I think but this depends on where you live.

This way it is not associated with my Homeowner's Insurance in the event of a loss

Give them a call they are super easy to work with and have amazing customer service

[A.Sharp]

wow thats awesome i will

[ChristianN]

I pay around $300 a total per year for insuring my watches, that's about $30k or so insured. Covers the normal stuff pluss external impacts and has a ~$100 deductable.

So basically, I can fall down the stairs, ruin my 116610LV, pay a $100 deductable and get it either fixed up to as-new or simply get a new one.

It's one of my fundamental tools to avoid having these things owning me and not the other way around. Watches should not be a source of stress.

[gwalker]

I pay around $300 (I think) yr for about $50k jewelry/watches on our home owners policy.

[xhype]

i must be living in a really bad area because the charge me $180.00 for my watch

[ChristianN]

Originally Posted by xhype

i must be living in a really bad area because the charge me $180.00 for my watch

Here in Norway, these policies are only sold with other insurances. For me, this came on top of about ~$4000 in yearly insurance for the cars and all that jazz.

[dshanker]

my SubC is $55/year from State Farm - no deductible either and covers damage as well as total loss or destruction

[Rookhawk]

I was wondering about this because it seems like jewelry is really expensive to insure, about 1% of value per year. It amazes me that I can get $100,000 in fine firearms insurance for $330 a year. 0.3% of value per year.

It just seems odd that jewelry is higher than other valuables considering I could trip and fall on a $50,000 Purdey shotgun and take an 80% loss in value claimed against insurance, yet a watch taking that loss is quite unlikely. It seems a watch would be less likely to have a total or partial loss?

Maybe watches can get specialty policies at lower rates so the risk premium isn't baked in for the most common jewelry loss? (a diamond falling out of a ring)

Any insurance gurus know how to get cheaper Rolex insurance nearer to the 0.33% of value premium?

[SaddleSC]

Jewelers Mutual here. My 116610LV costs around $90 a year to insure.

[ChristianN]

I think it's more expensive to insure a watch because of a few factors, they'r easily sold on the black market when hot, very small and easy to transport when stolen, and you carry them around with you quite a lot and in a lot of stupid situations.

Other valuables, like the ones mentioned by Rookhawk, is probably not as easy to steal, sell and / or get as much use as a watch.

Insurance formulas are usually quite easy to figure out (not to the detail, but conceptualy at least) if you start thinking like a risk manager / analyst.

[blue lion]

Once I get my appraisal I will be checking into insurance too.

[WhatTheDeuce]

I was quoted 0.8%, but that's along with homeowners and auto.

[david_ord]

$122 per year with Statefarm for $10,000's worth of damage or loss for my DSSD. Zero deductible. I wonder how much it would increase if I lose or damage it. I hope to never find out.

Since it was new, I didn't have to get it appraised. I did, however, have to email a picture of the watch and receipt to my agent.

[z32turbo]

No matter the cost insurance is well worth it!

[steebee2]

I use State Farm, it's about $100 per $10K, give or take. I had to make a claim last year. They rightfully did a full investigation and did an hour long interview with me asking plenty of questions regarding the incident and my personal finances. It took about 4 weeks, they offered me cash or replacement. I chose replacement and the watch arrived directly from RUSA. Best $100 I spent.

No rise in premium after claim either.

[oneillba]

Originally Posted by steebee2

I use State Farm, it's about $100 per $10K, give or take. I had to make a claim last year. They rightfully did a full investigation and did an hour long interview with me asking plenty of questions regarding the incident and my personal finances. It took about 4 weeks, they offered me cash or replacement. I chose replacement and the watch arrived directly from RUSA. Best $100 I spent.

No rise in premium after claim either.

That's exactly why I have mine insured.

[handsfull]

Originally Posted by SaddleSC

Jewelers Mutual here.

+1. I don't like to have my jewelry attached to my homeowners policy if it's not necessary.

[rr-nyc]

Originally Posted by christiann

it's one of my fundamental tools to avoid having these things owning me and not the other way around. Watches should not be a source of stress.

+1

[rr-nyc]

I've always had riders for my watches and other jewelry. I've had one claim, for an Omega Speedmaster I once owned, and my premiums didn't change. One call to make a claim, faxed in a police report and they offered a replacement watch or cash. At the time, I chose cash

[A.Sharp]

Originally Posted by ChristianN

I pay around $300 a total per year for insuring my watches, that's about $30k or so insured. Covers the normal stuff pluss external impacts and has a ~$100 deductable.

So basically, I can fall down the stairs, ruin my 116610LV, pay a $100 deductable and get it either fixed up to as-new or simply get a new one.

It's one of my fundamental tools to avoid having these things owning me and not the other way around. Watches should not be a source of stress.

This is soooo true! i love it... Wait so do you use the same company as the second post? I got a quote and it was $156 for just my ss dj...?

[Hazelnut]

Originally Posted by A.Sharp

This is soooo true! i love it... Wait so do you use the same company as the second post? I got a quote and it was $156 for just my ss dj...?

Just a guess but the premium might be so high compared to others because you live in NYC or its boroughs. Just because the high density of people raises the risk of damage or loss. Same with xhype.

[Brian J]

$21,000 in coverage is $142 per year for me. That's attached to my homeowners. By the way my pieces are not worth $21k but that's what the "appraisals" came in at.

Interesting take on having an independent policy vs attached to your home. I like that and will look into it.

[FNFZ4]

Originally Posted by xhype

i must be living in a really bad area because the charge me $180.00 for my watch

THere a more factors than just where you live. Some insurance company take in consideration your credit, age, and educational attainment

Originally Posted by david_ord

$122 per year with Statefarm for $10,000's worth of damage or loss for my DSSD. Zero deductible. I wonder how much it would increase if I lose or damage it. I hope to never find out.

Since it was new, I didn't have to get it appraised. I did, however, have to email a picture of the watch and receipt to my agent.

I think thats about average for a 10k watch. I have seen lower though.

[mhaedo]

I rent in a big city. Although it's a very nice area of the city, my rates are still high. My renters insurance and Jewelers mutual both came in at 2%. Chubb wouldn't even write me, but said if they would I would be 3.4%. I chose the rider on renters insurance for convenience.

[mhaedo]

Originally Posted by xhype

i must be living in a really bad area because the charge me $180.00 for my watch

That's ridiculously high. You must be paying close to 4%. I live in Philadelphia which is considered high risk and pay 2%, which is twice what most people pay. You need to shop around.

[Rookhawk]

I just wanted to give everyone an update on the Insurance discussion. I too am a USAA member (by far the best deals on all types of insurance with no hassle claims) so I called to discuss insurance options with them.

First, they offered me a $50,000 jewelry policy that cost $545 a year with no deductible. This policy required me to schedule (name and document) every item worth more than $2500 and it required an appraisal for any item more than 5 years old. I said thanks, but no thanks.

Second, they offered me a $10,000 blanket policy for $110 with no deductible and NO SCHEDULING OF ITEMS. This seemed like a steal to me because consider this:

1. I wear $15k in jewelry and go to work
2. Wife wears $15k in jewelry and takes the kids to the day's errands
3. We put 10k of jewelry in the safe at home
4. We put $10k of jewelry on the dresser at home.

Odds are that we are not going to have a one-day $50k loss ever (unless we're held up in our home at gunpoint, but that would mean I'm a bad shot too).

Point being: If you don't have to schedule your items and the items are never in the same location, you really don't need as much insurance as you'd think. The $10k for $110 per year is really protecting $50k in assets.

Oh, and USAA gave me another $35.75 discount on our auto insurance since we added another product that in turn lowered the $110 per year to $74.25.

That was how I was able to cover my nut for a cheap price.

Thanks for the USAA suggestion everyone!

[outtatime]

Originally Posted by handsfull

+1. I don't like to have my jewelry attached to my homeowners policy if it's not necessary.

Any particular reason? I don't have my stuff insured right now but after a recent break-in to one of our cars in my garage, I'm going to have to. I was going to add it to my homeowner's not even thinking I could go somewhere else.

I'm really not looking forward to having my stuff appraised. I don't trust anyone around here to handle my watches long enough to "appraise" them. Knowing these dealers, they'll come back from the appraisal so beat up they'll be worth 1/2 of what they were when I took them in.

[Rookhawk]

The reason people don't want all their insurance bundled under shared policies is that a claim against one tips off the insurer that your risks are higher than originally calculated. You may slowly realize increased premiums in general.

On the other hand, not putting all your eggs in one basket (one insurer) means you get fewer bundling discounts so you may pay more.

The only thing I found cheaper ala carte was fine arms insurance. It is by far the cheapest type of policy I've found (1/4 to 1/10th the price) compared to what your average homeowner's policy can provide as an endorsement.

[chicfarmer1]

Originally Posted by Rookhawk

I
Point being: If you don't have to schedule your items and the items are never in the same location, you really don't need as much insurance as you'd think. The $10k for $110 per year is really protecting $50k in assets.

Scheduling isn't a minus, it's a plus, in my book. The more specific you are about your covered items the less debate there is when you're insuring a unique or rare piece of jewelry, for example. Even if things are made in multiples, your serial no. and other facts will help as a basis for claiming its replacement value.

I've always scheduled and feel it is my responsibility to get those particulars down, not only in writing but in video means as well. I would not want to have to prove anything during a claim, and this is the easiest way to avoid they say/you say.

Does it mean I have to pay for all the scheduled items? Yes, it does. And absolutely lowers the headache potential, so to me that is worth it.