Appraisals for insurance purposes...

[SwissmadeTexan]

Hey quick question... Was wondering how you guys go about obtaining appraisals for your watches for insurance purposes...? I have contacted a few people in Houston and they either want to keep the watch for days or want some absurd amount of money for appraisals. One place even quoted me like 300 bucks!! Just wondering what is the norm??

[Art 1]

Mine were sent to me by the AD that I purchased my watches from.

[JustABreathAway]

Well, my AD did this as part of purchasing from them, but if you're going to fully insure the watch against theft, damage, or loss, I'd have it done at an AD for full MSRP replacement value. I've heard of $150 or $200 as a reasonable fee for this service from an AD if you didn't buy the watch from them or don't have a strong prior relationship with them. I haven't heard of the process taking longer than 30 or 60 minutes.

[train-time]

If you bought the watch from a local AD, they usually provide one for free with the purchase. If not, the AD's in our area use a contracted fee appraiser that comes around usually once a week and charge around $75 for an appraisal. You just have to schedule an appointment the day they are there.

[JUSTROLEXES]

An appraisal should be $75 to $100 and most Jewelry stores should be able to make a copy of the warranty card and take a picture of the watch and hand them back to you and then they can take a week or so to provide you with the appraisal but no need to keep the watch there...
Since you're close to Dallas also RSC can provide an appraisal as well

[SwissmadeTexan]

Thanks I didn't buy the watch from an AD. Got it from a trusted seller here. And the closest AD and really the only one even close to me, supposedly has an appraiser come in once a month at some weird day and time, and you have to make an appointment and take off work to get it done... can't remember what they were gonna charge tho...

[perpetualman88]

Call me tomorrow Chris id be more than happy to get you an appraisal

[gwalker]

Always get mine from a jeweler. Usually costs $100-200. Never had to pay for one because I purchased from AD. Just get it insured for replacement value not what you paid FYI.

[SwissmadeTexan]

Originally Posted by perpetualman88

Call me tomorrow Chris id be more than happy to get you an appraisal

Ok thanks David!

[MortgageGuy]

I have obtained several and never have I paid over $75... In fact usually about $50

[mboverst]

Originally Posted by SwissmadeTexan

Hey quick question... Was wondering how you guys go about obtaining appraisals for your watches for insurance purposes...? I have contacted a few people in Houston and they either want to keep the watch for days or want some absurd amount of money for appraisals. One place even quoted me like 300 bucks!! Just wondering what is the norm??

If you're ever in Dallas, just give me a buzz and I'll draft one up for you.

[Tudor66]

I had appraisals for two of my Rolex watches given to me as part of the purchase from the watch store(s). Though I've heard 100 dollars for a written appraisal with photos, detailed description andh signed by a certified (can't recall the term) is the going rate in southern California...,

[Speed]

I have taken my watches to a local jewelry appraiser. Charges $100 / 30 minutes. He basically photographs the watch in a light box, looks up the retail price on a sheet and sends a PDF of the description, price and pic to my insurance agent.

What a racket...but I need to do it. As prices rise, he wants $25 an appraisal to type in a new updated retail price and email the appraisal again. Yeesh.

[FNFZ4]

Originally Posted by justrolexes

An appraisal should be $75 to $100 and most Jewelry stores should be able to make a copy of the warranty card and take a picture of the watch and hand them back to you and then they can take a week or so to provide you with the appraisal but no need to keep the watch there...
Since you're close to Dallas also RSC can provide an appraisal as well

Sir Tony, will Beverly Hills also do this?

Originally Posted by Newbieone

I had appraisals for two of my Rolex watches given to me as part of the purchase from the watch store(s). Though I've heard 100 dollars for a written appraisal with photos, detailed description andh signed by a certified (can't recall the term) is the going rate in southern California...,

n where in SOCAL? how much?

[Domo LA]

I actually had this done yesterday. I played a few appraisers against each other, and in the end paid $150 for 3 pieces of jewelry. A SS White Face Daytona, a Day/Date, and a Cartier LOVE Bracelet. Shop around.

[Domo LA]

PS

It took 25 mintues and the items were never taken out of my sight.

[Rootbeer]

I''m a bit baffled as to what these appraisers actually do that's taking any time at all?

Here in the UK it is possible to insure on a new for old basis. All I do is tell the insurance company what it costs to buy a new one. No appraisal necessary.

Even if you are taking it in to a jewellers, surely a mass produced modern Rolex is 'worth' the list price which takes 2 mins to look up on the price list?

[djobala]

I sent my Sub-C to RSC Dallas with my SD( dweller in for overhaul) so shipped together. I requested insurance appraisal on both and is free for both but the Sub-C was free because it is still under the two year warranty period according to service rep. Free on shipping back to me as well.In the mail as I I write this.I purchased on grey market and wanted authenticated cause Rsc Dallas opens watch and my local Ad would not for an appraisal so I got the best of both. They did want to refinish watch for 210 dollars which I declined at this time. I told them in a few years when I send in for service then I would have then buff watch out cause this service is free with overhaul. Cya

[renfield33]

Are you sure you need an appraisal. I just added mine as a scheduled item on my renter's insurance and told them the amount.

[swiss ghost]

Originally Posted by Rootbeer

I''m a bit baffled as to what these appraisers actually do that's taking any time at all?

Here in the UK it is possible to insure on a new for old basis. All I do is tell the insurance company what it costs to buy a new one. No appraisal necessary.

Even if you are taking it in to a jewellers, surely a mass produced modern Rolex is 'worth' the list price which takes 2 mins to look up on the price list?

no appraisal?

thats odd. whats to stop you from insuring a FAKE?

im pretty sure insurance companies cannot be that dumb.

[swiss ghost]

Originally Posted by renfield33

Are you sure you need an appraisal. I just added mine as a scheduled item on my renter's insurance and told them the amount.

wow

than you should buy 5 fakes and have them stolen. nudge nudge wink wink

I have never ever heard of an insurance company insuring something of any value without proof of authenticity and appraisal

[azguy]

I explored this locally a few months ago. One AD would not even do and apprasial unless the watch was bought there. The other wanted $150 and said it would take a few days and I needed the watch and any and all documentation I had including boxes, etc.

This seems like a lot of money, all things considered

[DoxaDavid]

Originally Posted by swiss ghost

wow

than you should buy 5 fakes and have them stolen. nudge nudge wink wink

I have never ever heard of an insurance company insuring something of any value without proof of authenticity and appraisal

That would be insurance fraud which will get you some quality rest time at the "gray bar hotel" with a nice roommate named Bubba!

There are many insurance companies who do not require an appraisal. I have Firemans Fund Ins and they do not require appraisals nor did my last carrier General Causualty. I think it depends on who you have so perhaps this would be a good time to look around for different insurance?

Good luck.

[swiss ghost]

Originally Posted by DoxaDavid

That would be insurance fraud which will get you some quality rest time at the "gray bar hotel" with a nice roommate named Bubba!

There are many insurance companies who do not require an appraisal. I have Firemans Fund Ins and they do not require appraisals nor did my last carrier General Causualty. I think it depends on who you have so perhaps this would be a good time to look around for different insurance?

Good luck.

yeah. good luck with getting caught with the fraud. if insurance companies are stupid enough to insure a rolex without an appraisal or proof of authenticity than im pretty sure they would be easy to commit insurance fraud with. Most insurance companies dont even blink or investigate claims under $10000 let alone an $8000 submariner. I for one do not condone fraud but apparently some insurance companies are just inviting it.

[DoxaDavid]

Originally Posted by swiss ghost

yeah. good luck with getting caught with the fraud. if insurance companies are stupid enough to insure a rolex without an appraisal or proof of authenticity than im pretty sure they would be easy to commit insurance fraud with. Most insurance companies dont even blink or investigate claims under $10000 let alone an $8000 submariner. I for one do not condone fraud but apparently some insurance companies are just inviting it.

Getting caught verses having the ethics to not even go there are two different things however my company does investigations for insurance companies so go ahead and believe that if you want but they do catch plenty and will prosecute. You are undoubtably correct a high percentage wont get caught but I still don't think it's worth it.

The fact they don't do appraisals doesn't make them stupid. One of the reasons insurance companies run your credit is to see what kind of financial shape you are in. Not that I agree with this but their reasoning is if you have marginal or poor credit they believe you will likely be more of a risk(i.e. maybe commit a fraud?) so will charge you a higher rate thereby covering their potential losses down the road. Insurance is all about a numbers game so if they get 1000 people to pay $10 a month more because one decides to defraud them because they don't require appraisals, they still win but everyone else loses because they paid a higher rate. This is unfortunately how it works.

[swiss ghost]

Originally Posted by DoxaDavid

Getting caught verses having the ethics to not even go there are two different things however my company does investigations for insurance companies so go ahead and believe that if you want but they do catch plenty and will prosecute. You are undoubtably correct a high percentage wont get caught but I still don't think it's worth it.

The fact they don't do appraisals doesn't make them stupid. One of the reasons insurance companies run your credit is to see what kind of financial shape you are in. Not that I agree with this but their reasoning is if you have marginal or poor credit they believe you will likely be more of a risk(i.e. maybe commit a fraud?) so will charge you a higher rate thereby covering their potential losses down the road. Insurance is all about a numbers game so if they get 1000 people to pay $10 a month more because one decides to defraud them because they don't require appraisals, they still win but everyone else loses because they paid a higher rate. This is unfortunately how it works.

sorry david. i disagree. insurance comapnies NOT asking for appraisals INVITE fraud therefore increasing rates. Any insurance company worth its salt will ask for an appraisal before insuring a rolex. Considering how mnay fake rolexes exist it is completely irresonsible and moronic for an insurance company to not want proof.

[rr-nyc]

I had a renters policy with Allstate and had schedules for a couple watches. I didn't have to provide appraisals.

The airline lost my luggage once and the bag alone was worth more than the airline gives so I made a claim on my renters policy. I had to provide receipts for the suits and shoes I was claiming before it was paid

[GED]

Originally Posted by DoxaDavid

Getting caught verses having the ethics to not even go there are two different things however my company does investigations for insurance companies so go ahead and believe that if you want but they do catch plenty and will prosecute. You are undoubtably correct a high percentage wont get caught but I still don't think it's worth it.

The fact they don't do appraisals doesn't make them stupid. One of the reasons insurance companies run your credit is to see what kind of financial shape you are in. Not that I agree with this but their reasoning is if you have marginal or poor credit they believe you will likely be more of a risk(i.e. maybe commit a fraud?) so will charge you a higher rate thereby covering their potential losses down the road. Insurance is all about a numbers game so if they get 1000 people to pay $10 a month more because one decides to defraud them because they don't require appraisals, they still win but everyone else loses because they paid a higher rate. This is unfortunately how it works.

I agree w/you about the insurance companies who don't do appraisals(see my post #7 under the "Question about Insurance" thread on this page).

My insurance company also didn't ask for an appraisal for my GMT's "Personal Articles Floater" they added to my homeowners insurance policy, which is insured for the original amount I paid for the watch from an AD in April 2011(about a month before the price increase that May).

However, they did ask for the model number, model name, the serial number and the exact price I paid for it(all of which is on my floater-policy).

And I was able to fill out the policy form online; didn't need to speak with an agent-took about 15 minutes.

However, while doing this I had to "electronically sign"
an anti-fraud statement warning about fraudulent claims about the insured item's true retail value, model #, etc.

[Mrcheatle]

... I know this had insurance fraud written all over it, BUT... my insurance company never once listed the serial number for my one watch($6k value), like the did for the other. I remember when I first listed it I didn't even get an appraisal, they just asked me for the value. With that said, they have no possible way of tracking it if I were to "lose it", right??

Please note: I'm not making the phone call! FYI... just wanted to see if they made a mistake on their end?!

[Rootbeer]

Originally Posted by swiss ghost

insurance comapnies NOT asking for appraisals INVITE fraud therefore increasing rates.

Now this is odd because what i pay is in line with what other insurers charge here in the UK and also on a par with what specialists charge in the US (where it seems appraisals are common).

I suspect this appraisal business is simply a cultural convention that varies from country to country rather than having a directly impact on policy cost. All I can say is that it is not something I have ever needed to do.