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izwar · 2 September 2016, 12:13 AM

Hey guys i just purchased a Day Date 41MM Rose Gold with diamond bezel and i have been trying to get insurance for it with no luck. State Farm rep told me they will only work with existing clients of state farm and i tried jewelers mutual and they denied me saying they ran my credit ( which isnt bad) and do not want to give me insurance.

Any other companies out there you would recommend?

Thank you !

MonBK · 2 September 2016, 12:14 AM

With bad credit, don't know of any company.

Have you tried to add it to your home owners?

mjclark32 · 2 September 2016, 12:22 AM

JM ran your credit? Don't remember them running mine... Just address, appraisal, watch serial etc

The Libertine · 2 September 2016, 12:27 AM

Quote:

Originally Posted by izwar

Hey guys i just purchased a Day Date 41MM Rose Gold with diamond bezel and i have been trying to get insurance for it with no luck. State Farm rep told me they will only work with existing clients of state farm and i tried jewelers mutual and they denied me saying they ran my credit ( which isnt bad) and do not want to give me insurance.

Any other companies out there you would recommend?

Thank you !

What about your own insurance company? Could you not add a rider to an existing policy or even a separate policy?

Rocco21 · 2 September 2016, 01:56 AM

Insurance compaines check credit?since when?never heard of this.

r8t3d_M · 2 September 2016, 02:02 AM

Quote:

Originally Posted by Rocco21

Insurance compaines check credit?since when?never heard of this.

I'm not sure if all insurance companies do but JM does. I applied for a policy with JM last month and was told that they would check my credit.

TxHarleyGuy · 2 September 2016, 02:05 AM

I purchased two Rolex watches just last week. I went online with Jewelers Mutual, filled out the online application, and was not only approved then and there, but the insurance took effect immediately. As to the running of a credit report (soft pull or hard inquiry), I'm uncertain?

Big Jay · 2 September 2016, 02:06 AM

This seems to be an ongoing issues with JM. They do in fact run some sort of credit check. It seems like they go off of 3 variables:

1) Security of the watch in relation to value (Do you have a $30,000 DD and live with roommates)
2) Credit (They do some sort of soft check. That's all I know)
3) Recent loss history (Recent big homeowner claim, auto claim, etc.)

The credit thing is weird. I don't know how they could possibly determine denial through a soft check. I didn't get denied. My avg score is in the 800's. Maybe something like debt to open credit ratio?

Big Jay · 2 September 2016, 02:07 AM

Quote:

Originally Posted by TxHarleyGuy

I purchased two Rolex watches just last week. I went online with Jewelers Mutual, filled out the online application, and was not only approved but the insurance took effect immediately. As to the running of a credit report (soft pull or hard inquiry), I'm uncertain?

They actually underwrote my watch. Granted, it only took them like 3 days to come back with approval. Maybe because my watch was bought used?

Scapegoat · 2 September 2016, 02:15 AM

Hopefully all goes well!

stratguy · 2 September 2016, 02:15 AM

I just secured a policy with JM on my DSSD. My credit is locked with all three credit bureaus due to a recent data breach. Based on that, I don't think they could have run my credit. It took a couple of days to get the policy approved, but they didn't ask me for anything after I applied online.

rkot07 · 2 September 2016, 02:15 AM

Just got approved with JM yesterday they did not run my credit. I don't know how they would run my credit since they don't require my SSN.

They did ask me to take a pic of the watch with a background they emailed over and send it back. Took 2 days to get approved.

Sent from my iPhone using Tapatalk

beshannon · 2 September 2016, 02:34 AM

Quote:

Originally Posted by Rocco21

Insurance compaines check credit?since when?never heard of this.

For a long time now.

They are checking more often and starting to look for other things that define risk.

Danny83 · 2 September 2016, 02:37 AM

They only run your insurance score. Maybe try Chubb insurance

RolexAviator · 2 September 2016, 02:49 AM

Gem shield has been excellent with all of my watch and ring insurance needs.

Syed117 · 2 September 2016, 02:50 AM

We had a similar thread a while back where another member was denied based on credit.

http://www.rolexforums.com/showthrea...+mutual+credit

Boothroyd · 2 September 2016, 04:59 AM

My understanding is that insurance companies in general are running credit checks, not over a concern of you paying your premiums, but they have correlated low credit ratings with higher claims risks. I think this is becoming standard in the property insurance industry.

Lordofrolex · 2 September 2016, 05:02 AM

Quote:

Originally Posted by mjclark32

JM ran your credit? Don't remember them running mine... Just address, appraisal, watch serial etc

I don't think they ran my credit either.

GoingPlaces · 2 September 2016, 05:14 AM

Quote:

Originally Posted by Danny83

They only run your insurance score. Maybe try Chubb insurance

This. Chubb is the best.

trematix · 2 September 2016, 07:53 AM

I am in the insurance industry and most major carriesr do some sort of credit check. It is a soft check. Also based on numbers, there's a correlation with credit and claims.

roaddog359 · 2 September 2016, 08:05 AM

Quote:

Originally Posted by stratguy

I just secured a policy with JM on my DSSD. My credit is locked with all three credit bureaus due to a recent data breach. Based on that, I don't think they could have run my credit. It took a couple of days to get the policy approved, but they didn't ask me for anything after I applied online.

Same here! I have a credit freeze with all 3 credit companies. I never removed the freeze when I applied for my JM policy online. Mine was approved.

izwar · 2 September 2016, 10:31 AM

Hey guys it was a soft pull they said. My credit is a 650 so not even that terrible and i have never had any claims of any type on any insurance so just weird.

Any other companies out there potentially i can give a shot?

Tools · 2 September 2016, 12:42 PM

A lot of companies use a "credit score" as a basis for approving stuff, right or wrong. Apparently it demonstrates a level of risk to them and so they have an arbitrary cutoff number or rate based on where you fall.

Most folks use a rider on their homeowners/renters policy.

Etschell · 3 September 2016, 01:58 AM

Quote:

Originally Posted by izwar

Hey guys i just purchased a Day Date 41MM Rose Gold with diamond bezel and i have been trying to get insurance for it with no luck. State Farm rep told me they will only work with existing clients of state farm and i tried jewelers mutual and they denied me saying they ran my credit ( which isnt bad) and do not want to give me insurance.

Any other companies out there you would recommend?

Thank you !

youre in miami right? get an ak47 and a pit bull.

rr-nyc · 3 September 2016, 02:04 AM

Did you ask JM for any reason they denied you? Your credit isn't bad and if you e never had a claim, the only thing that comes to mind is you live in a high risk zip code. Like others suggested, try going through your home owners or renters insurance.

I have a renters policy in NYC 10012 (co-op building) and a homeowners in Miami Beach 33141. Adding our jewelry to our renters policy in NYC was significantly cheaper than adding them on to our homeowners in FL. Both are in nice areas so I have no idea why the big difference.

Sent from my iPhone using Tapatalk

Etschell · 3 September 2016, 02:13 AM

Quote:

Originally Posted by rr-nyc

Did you ask JM for any reason they denied you? Your credit isn't bad and if you e never had a claim, the only thing that comes to mind is you live in a high risk zip code. Like others suggested, try going through your home owners or renters insurance.

I have a renters policy in NYC 10012 (co-op building) and a homeowners in Miami Beach 33141. Adding our jewelry to our renters policy in NYC was significantly cheaper than adding them on to our homeowners in FL. Both are in nice areas so I have no idea why the big difference.

Sent from my iPhone using Tapatalk

jm isnt going to insure one rolex worth 30-40k. its very high risk.

perpetualman88 · 3 September 2016, 02:25 AM

find new home owners insurer who will cover your watch they are much easier to work with

Etschell · 3 September 2016, 02:42 AM

Quote:

Originally Posted by perpetualman88

find new home owners insurer who will cover your watch they are much easier to work with

sounds easy but it isnt. in south florida other than citizens everyone else is smaller. most smaller companies want nothing to do with high end jewelry insurance. its the hurricane thing.

Orangejoe · 3 September 2016, 03:23 AM

Quote:

Originally Posted by izwar

Hey guys it was a soft pull they said. My credit is a 650 so not even that terrible and i have never had any claims of any type on any insurance so just weird.

Any other companies out there potentially i can give a shot?

I think 750 is the new 650. 650 is not what it used to be.

Etschell · 3 September 2016, 03:47 AM

650 is horrible.

2 September 2016, 12:13 AM	#1
izwar "TRF" Member Join Date: Sep 2016 Location: miami Posts: 2	Denied for Insurance Hey guys i just purchased a Day Date 41MM Rose Gold with diamond bezel and i have been trying to get insurance for it with no luck. State Farm rep told me they will only work with existing clients of state farm and i tried jewelers mutual and they denied me saying they ran my credit ( which isnt bad) and do not want to give me insurance. Any other companies out there you would recommend? Thank you !

2 September 2016, 12:22 AM	#3
mjclark32 "TRF" Member Join Date: Mar 2010 Real Name: MJC Location: PHL USA Watch: IWC, Rolex, AP Posts: 29,232	JM ran your credit? Don't remember them running mine... Just address, appraisal, watch serial etc __________________

2 September 2016, 02:15 AM	#12
rkot07 "TRF" Member Join Date: Apr 2009 Real Name: Rick Location: California Watch: GMT II, DD, DJ II Posts: 591	Denied for Insurance Just got approved with JM yesterday they did not run my credit. I don't know how they would run my credit since they don't require my SSN. They did ask me to take a pic of the watch with a background they emailed over and send it back. Took 2 days to get approved. Sent from my iPhone using Tapatalk

2 September 2016, 04:59 AM	#17
Boothroyd 2024 SubLV41 Pledge Member Join Date: May 2011 Real Name: Daniel Location: Minneapolis, MN Watch: Wilsdorf(s) Posts: 10,258	My understanding is that insurance companies in general are running credit checks, not over a concern of you paying your premiums, but they have correlated low credit ratings with higher claims risks. I think this is becoming standard in the property insurance industry. __________________ Explorer 214270 MK I/Datejust II Black 116300/Tudor Heritage Black Bay Black 79220N

2 September 2016, 12:42 PM	#23
Tools TRF Moderator & 2024 SubLV41 Patron Join Date: May 2007 Real Name: Larry Location: Mojave Desert Watch: GMT's Posts: 43,514	A lot of companies use a "credit score" as a basis for approving stuff, right or wrong. Apparently it demonstrates a level of risk to them and so they have an arbitrary cutoff number or rate based on where you fall. Most folks use a rider on their homeowners/renters policy. __________________ (Chill ... It's just a watch Forum.....) NAWCC Member

2 September 2016, 12:14 AM	#2
MonBK Banned Join Date: Nov 2010 Location: Kingstown Posts: 58,279	With bad credit, don't know of any company. Have you tried to add it to your home owners?

2 September 2016, 01:56 AM	#5
Rocco21 Banned Join Date: Jan 2016 Real Name: Rob Location: Cape Cod Watch: 126660,126600 Posts: 1,324	Insurance compaines check credit?since when?never heard of this.

2 September 2016, 02:05 AM	#7
TxHarleyGuy Banned Join Date: Aug 2016 Location: Texas Posts: 96	I purchased two Rolex watches just last week. I went online with Jewelers Mutual, filled out the online application, and was not only approved then and there, but the insurance took effect immediately. As to the running of a credit report (soft pull or hard inquiry), I'm uncertain?

2 September 2016, 02:06 AM	#8
Big Jay "TRF" Member Join Date: Jul 2016 Location: Under the sea Watch: Rolex Sub 14060M Posts: 262	This seems to be an ongoing issues with JM. They do in fact run some sort of credit check. It seems like they go off of 3 variables: 1) Security of the watch in relation to value (Do you have a $30,000 DD and live with roommates) 2) Credit (They do some sort of soft check. That's all I know) 3) Recent loss history (Recent big homeowner claim, auto claim, etc.) The credit thing is weird. I don't know how they could possibly determine denial through a soft check. I didn't get denied. My avg score is in the 800's. Maybe something like debt to open credit ratio?

2 September 2016, 02:15 AM	#10
Scapegoat "TRF" Member Join Date: Jun 2016 Real Name: Lee Location: South East Asia Watch: Tudor Pro Posts: 1,798	Hopefully all goes well!

2 September 2016, 02:15 AM	#11
stratguy "TRF" Member Join Date: Apr 2016 Location: USA Watch: Speedmaster Pro Posts: 670	I just secured a policy with JM on my DSSD. My credit is locked with all three credit bureaus due to a recent data breach. Based on that, I don't think they could have run my credit. It took a couple of days to get the policy approved, but they didn't ask me for anything after I applied online.

2 September 2016, 02:37 AM	#14
Danny83 2024 ROLEX DATEJUST41 Pledge Member Join Date: Sep 2013 Real Name: Danny Location: Bay Area CA Watch: Yellow Gold Posts: 20,312	They only run your insurance score. Maybe try Chubb insurance

2 September 2016, 02:49 AM	#15
RolexAviator "TRF" Member Join Date: Jan 2016 Location: USA Watch: 126610LV Posts: 324	Gem shield has been excellent with all of my watch and ring insurance needs.

2 September 2016, 02:50 AM	#16
Syed117 "TRF" Member Join Date: Oct 2012 Real Name: Syed Location: The Ether Posts: 3,388	We had a similar thread a while back where another member was denied based on credit. http://www.rolexforums.com/showthrea...+mutual+credit

2 September 2016, 07:53 AM	#20
trematix "TRF" Member Join Date: Dec 2009 Location: OC Watch: 116618LB, 15500OR Posts: 158	I am in the insurance industry and most major carriesr do some sort of credit check. It is a soft check. Also based on numbers, there's a correlation with credit and claims.

2 September 2016, 10:31 AM	#22
izwar "TRF" Member Join Date: Sep 2016 Location: miami Posts: 2	Hey guys it was a soft pull they said. My credit is a 650 so not even that terrible and i have never had any claims of any type on any insurance so just weird. Any other companies out there potentially i can give a shot?

3 September 2016, 02:04 AM	#25
rr-nyc Liar & Ratbag Join Date: Nov 2009 Real Name: Renato Location: NYC / Miami Beach Watch: Rolex Daytona Posts: 5,344	Denied for Insurance Did you ask JM for any reason they denied you? Your credit isn't bad and if you e never had a claim, the only thing that comes to mind is you live in a high risk zip code. Like others suggested, try going through your home owners or renters insurance. I have a renters policy in NYC 10012 (co-op building) and a homeowners in Miami Beach 33141. Adding our jewelry to our renters policy in NYC was significantly cheaper than adding them on to our homeowners in FL. Both are in nice areas so I have no idea why the big difference. Sent from my iPhone using Tapatalk

3 September 2016, 02:25 AM	#27
perpetualman88 2024 ROLEX SUBMARINER 41 Pledge Member Join Date: Jun 2011 Real Name: David Farkas Location: Los Angeles Watch: 116610, 5712/1A Posts: 8,182	find new home owners insurer who will cover your watch they are much easier to work with

3 September 2016, 03:47 AM	#30
Etschell "TRF" Member Join Date: Dec 2013 Location: FL Watch: platinum sub Posts: 15,884	650 is horrible. __________________ If you wind it, they will run. 25 or 6 to 4.

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