Rolex Insurance JM/SF experience

[AndyS]

I recently had the opportunity to purchase my first Rolex, a DJ II 41. I love it and have been wondering why I didn’t do it sooner, nonetheless I’ve read many threads and discussions regarding ins. I thought it resourceful to do so myself so I checked with Jewelers Mutual as well as State Farm. SF has a personal articles policy that is totally separate from homeowners. I provided a receipt as documentation. Approx 6500 value. The difference between the two was quite a learning experience. I chose zero deductible with JM. After submitting my application etc: JM sent an email stating they would insure but only w a 500 deductible. I called and also leaned that it’s replacement only and in some instances I would be responsible for taxes and any other charges, whatever that means. They also advised that I would have to submit documentation in the event the value went up and the watch became more valuable or more costly to replace. I also apparently asked a silly question about “upgrading” in the event the ins was necessary, with myself obviously paying the difference out of my pocket. That was met with quite a bit of skepticism and a few sighs..hmm whatever. Ok fair enough 78 bucks, sign me up but wait, I wanted to call my agent at SF. Same value and doc. Agent came back with zero deductible, automatic inflation hedge yearly and my choice replacement or I could just take the check and upgrade if I wanted to. Stated it’s bad enough to have to deal with it we just want you to have options, whatever you’d like and our goal is for you not to have to pay a dime if you choose replacement. Wow, I asked if it was separate from homeowners and it was and if a claim was ever made it wouldn’t go against my homeowners whatsoever. Fair enough, sign me up 62 bucks. Hardly a difference in premium but felt overall coverage was substantially better and got the feeling less hoops to jump through if I ever had to use it. I hope to never have to. Sorry for the long read but I wanted to get it out there because like myself I know some are on the fence whether to insure or not. Overall I’m more at ease because I did.

[breitlings]

Thanks for this post and your insight. I'm looking for insurance for my daytona.

[wildcat465]

Originally Posted by AndyS

I recently had the opportunity to purchase my first Rolex, a DJ II 41. I love it and have been wondering why I didn’t do it sooner, nonetheless I’ve read many threads and discussions regarding ins. I thought it resourceful to do so myself so I checked with Jewelers Mutual as well as State Farm. SF has a personal articles policy that is totally separate from homeowners. I provided a receipt as documentation. Approx 6500 value. The difference between the two was quite a learning experience. I chose zero deductible with JM. After submitting my application etc: JM sent an email stating they would insure but only w a 500 deductible. I called and also leaned that it’s replacement only and in some instances I would be responsible for taxes and any other charges, whatever that means. They also advised that I would have to submit documentation in the event the value went up and the watch became more valuable or more costly to replace. I also apparently asked a silly question about “upgrading” in the event the ins was necessary, with myself obviously paying the difference out of my pocket. That was met with quite a bit of skepticism and a few sighs..hmm whatever. Ok fair enough 78 bucks, sign me up but wait, I wanted to call my agent at SF. Same value and doc. Agent came back with zero deductible, automatic inflation hedge yearly and my choice replacement or I could just take the check and upgrade if I wanted to. Stated it’s bad enough to have to deal with it we just want you to have options, whatever you’d like and our goal is for you not to have to pay a dime if you choose replacement. Wow, I asked if it was separate from homeowners and it was and if a claim was ever made it wouldn’t go against my homeowners whatsoever. Fair enough, sign me up 62 bucks. Hardly a difference in premium but felt overall coverage was substantially better and got the feeling less hoops to jump through if I ever had to use it. I hope to never have to. Sorry for the long read but I wanted to get it out there because like myself I know some are on the fence whether to insure or not. Overall I’m more at ease because I did.

My policy coverage escalates annually automatically. Should you have the unfortunate loss, they will pay less your deductible up to the coverage limit which is based on an apprasial. Payment will be made to the vendor who will provide wholesale cost to JM who will, in turn, pay about 20% above that for profit . . .and you can choose whatever you want from the Jeweler...you don't need to replace what you had. It's really a painless process if you ever need to file a claim.