7 Rolexes -- No Receipts - How you prove worth to insurance companies?

[RolexDivers]

Hi folks,

My wife has 2 Rolexes and I have 5. I was thinking of getting them insured via our home insurance. The problem is that for my 5 Rolexes, I do not have receipts since they were bought preowned. I wired the $$ to the sellers in all cases and got my watches.

So any of you who have no receipts for your watches but were able to get your watches insured? What docs are required to prove the worth?


Thanks,

[mannyv11]

an appraisal should do it. Just find a local jeweler who will do an appraisal for you and give that to the insurance company

[psv]

Ask your insurance person/company to provide them with a couple of appraisers that they work with. Case closed.

[jctrolex]

When I insured my watches my insurer didn't even want to see the receipts they wanted appraisals on all the pieces by an accredited appraiser. My jeweller appraised the newer ones I bought from him for free and he charged me $50 for the older pieces. They also wanted the appraisals updated every 5 years.

[Kyu]

Make sure The jewelry store gives a higher amount.
My friend had a Rolex purchased with receipt, Got a car broken into and they took the watch.
a Rolex Sub LV , Receipt shows the MSRP, but when I claimed it for him.
they concluded that because of the year which was 2 years old by then, and depending on the value drop of it being used ? and they evaluated it with the minimum cost since they "research showed" that the lowest they were able to find was at a certain price range and this is based off of the cheapest sub regardless of limited edition or not. They only wrote me a 4k check which was outrageous.

But this was from a 3rd party insurance, maybe home owners insurance is different ?I had to fight it for awhile to even get the check for him.

[Ck8]

Originally Posted by RolexDivers

Hi folks,

My wife has 2 Rolexes and I have 5. I was thinking of getting them insured via our home insurance. The problem is that for my 5 Rolexes, I do not have receipts since they were bought preowned. I wired the $$ to the sellers in all cases and got my watches.

So any of you who have no receipts for your watches but were able to get your watches insured? What docs are required to prove the worth?


Thanks,

Do what I do, get insurance that covers new for old with unlimited cover. Copy your receipts to prove that you purchased your watches. Doesn;t how much you had paid the insurance company should payout for a new item. I normally take photos occasionally with a daily newspaper to prove up to certain date I still have the watches.

[Kyu]

Originally Posted by Ck8

Do what I do, get insurance that covers new for old with unlimited cover. Copy your receipts to prove that you purchased your watches. Doesn;t how much you had paid the insurance company should payout for a new item. I normally take photos occasionally with a daily newspaper to prove up to certain date I still have the watches.

Which insurance do u use ? Any recommendation ?

[rmfnla]

Photographs help, too.

[southtexas]

I filed a claim with nationwide last year. I had an inland marine policy on my watch. At time of application, I provided make, model, serial number, and msrp (which was 20% more than I paid). I didn't think to up the limit. Five years later my watch got stolen. They told me to send a police report (watch stolen in S America), which I did. Watch was sub TT blue, insured for USD $7,700. At time of claim, their watch appraiser (adjuster?) said that was a fair amount to replace with a like-year watch (new was almost 12,000?). Got a check in a few days.

If I recall, insurance was $200/yr or something low like that.

[samuel019]

All of mine are covered under my home owners policy. Some have receipts but they all have appraisals. I have appraisals even on the ones with receipts because I typically get 12-17% off from my A D and the receipt will show that and the discounted price doesnt reflect true replacement value. If I only had a discounted receipt they would only insure for that amount. However I want the full tilt amount. My home owners also allows for a once a year 10% increase on each piece without a new appraisal to cover inflation.

[samuel019]

By the way I admire your courage. Maybe I have OCD or something but when I buy a new piece the first thing I do is take pictures and call my insurance company and send them all the info via e mail. I couldnt imagine having something bad happen and be out of 7-10k with no insurance coverage. I literally call my insurance company the same day! Gotta make sure you CYA.

[Ck8]

Originally Posted by Kyu

Which insurance do u use ? Any recommendation ?

It is home insurance in the UK. Most insurance companies have old for new on claims, so it does not matter how much you paid for the contents they would replace with new.

[Ck8]

Originally Posted by samuel019

All of mine are covered under my home owners policy. Some have receipts but they all have appraisals. I have appraisals even on the ones with receipts because I typically get 12-17% off from my A D and the receipt will show that and the discounted price doesnt reflect true replacement value. If I only had a discounted receipt they would only insure for that amount. However I want the full tilt amount. My home owners also allows for a once a year 10% increase on each piece without a new appraisal to cover inflation.

What you call appraisals are valuations in the UK. The jewellers in the UK can charge £50 or a % of the value for each valuation. This is only useful if you need to factor in conditions or an item no longer for sale, but if you have new for old insurance there is no point in paying for a valuation when it is fully stated in the brochure.

[samuel019]

Originally Posted by Ck8

What you call appraisals are valuations in the UK. The jewellers in the UK can charge £50 or a % of the value for each valuation. This is only useful if you need to factor in conditions or an item no longer for sale, but if you have new for old insurance there is no point in paying for a valuation when it is fully stated in the brochure.

I see your point. However in most cases the insurance companies here in the U S want appraisals/reciepts to also validate the authenticity. I am a finance director that deals with insurance companies everyday at work. About 65 hours a week worth.

[yemenmocha]

As others have mentioned, make clear what value you're insuring for - so don't fall into the trap of only having it insured for a replacement cost for a used model.

[Watchflair]

I use Jewelers Mutual in the US. I have my watches insured for replacement value of the appraisal.

[Dennis2005]

Originally Posted by mannyv11

an appraisal should do it. Just find a local jeweler who will do an appraisal for you and give that to the insurance company

x2!!

[RolexDivers]

Sounds like I need to get an appraisal. THank you all for your kind help and directing me towards the correct course of action. I thought I was SOL, sinceI had no receipts....

Thank you!!

[Grey.Coupe]

Recommend replacement value appraisals for your insurance. Coverage will be more expensive but worth it if you lose them...

[RolexDivers]

Is there a company that deals strictly with insurance for watches??

[FNFZ4]

jewelry appraisal

[FNFZ4]

Originally Posted by RolexDivers

Is there a company that deals strictly with insurance for watches??

jewelers mutual

[RolexDivers]

Originally Posted by FNFZ4

jewelers mutual

Thank you...

[gwalker]

My insurance company doesn't care about receipts. They want appraisals. All of mine are insured at replacement value and make sure those words are in your policy. Look at it like this, if you paid $20k for a Ferrari and totaled it you would want it replaced and not just some $20k check.

[VICI]

Take pics of all your watches.

My insurance company asked for insurance value and description. No receipts requested.

[Speed]

It's a racket, but everyone has to earn a living.

After the initial "appraisal" where my guy looks up the retail price on a sheet, takes a light box photo of the watch and emails an appraisal + pic to my insurance agent...he wants $25 per watch to update each appraisal. Right now I am a few price increases behind!

[Xristos]

The only watch that is not "safe" is on my wrist. Loss or damage in the form of SCUBA or armed robbery are most likely. So...I just carry the $5000 general loss clause on my policy. Extra annual premiums add over tHe years. Insurance is a gamble. Go with the odds.

[Boopie]

My insurance company did not ask for an appraisal for our Rolexes (mine and my husband's). I just figured out what the replacement cost would be, and bought insurance in that amount. I figured, in worst case scenario, I would rather have the money to buy a new one than a used one.

Of course, insuring the watch for more $$ would cost me more $$...e.g., insuring a Rolex for, say, $6K (which would allow me to buy a used one) would be less than for $10K (a new one). I think there was a threshold amount where an appraisal was required...I can't remember what it was, maybe around $20K?

[slvrbulletv6]

Will a boutique Rolex store/RSC give appraisal? I need to get a appraisal to indicate the current retail cost for a full replacement of a new Rolex of my model.

[77T]

Originally Posted by slvrbulletv6

Will a boutique Rolex store/RSC give appraisal? I need to get a appraisal to indicate the current retail cost for a full replacement of a new Rolex of my model.

Sure thing - there's a small fee involved, but that + pictures are what the insurance company will need.