Insurance Question - New Day-Date

[AConnolly]

Hey Guys,

I'm considering buying a new day-date (118238) and want to make sure I cover the insurance side of things properly. First of all, I live in Canada (which may or may not matter). Also, I already have an OP 116000, and a Datejust 116234 which I also want to have properly insured.

So, here is my situation: My current home insurance (TD Meloche Monnex) has an endorsement for up to $50,000 for jewelry covering all risks (which includes mysterious disappearance, robbery, etc), and this endorsement has a $1,000 deductible. The endorsement only costs me an extra $200 per year. My agent told me as long as my watches have accepted appraisals on file with the policy that they would be fully covered (except for the deductible of course). I have already done this for my current two watches of course. I also looked into adding floaters for the watches, and was told the price increase would be about 2% of the appraised value of the item, per year, so in the case of the day-date, something between $700-800 per year. Obviously, this is much more money than the generic endorsement for jewelry I already have, which would easily cover the price of the day-date. The only obvious advantage of the floater is that it has a $0.00 deductible.

What I'm looking for from you guys: Is there any other advantage to a floater that I have not mentioned above? I'm perfectly willing to pay the $700-800 per year for increase peace of mind, if there is a good reason to do so. But, if the only difference is truly the $1000.00 deductible, then I think saving the money is probably the better course of action.

Thanks in advance for any input.

Cheers,
Andrew

[rebel_1]

My Jewelers Mutual premium is between 1.5% and 2.5% of the value of the item depending on the value of the item. So, $700, you could do better with JM and have a lower deductible.

[Ballzzz]

Originally Posted by rebel_1

My Jewelers Mutual premium is between 1.5% and 2.5% of the value of the item depending on the value of the item. So, $700, you could do better with JM and have a lower deductible.

How is Jewlers mutual? If the watch was robbed/lost do they send you a check or send a wire to the Jewlers of your choice etc? There track record is proven? I know they have been around for a long time st least.

[rebel_1]

I’d need to check my policy, but I’m pretty sure they replace the item.

[haven_seeker]

I'm curious to hear more on this as well.

[Cesare308]

I have insured my watch under State Farm and it includes inside and out of the house just in case anything happens, it’s about 90 a month. If I were you I would look into getting the alternate policy. I also live in Canada and I own the blnr


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[Jack T]

Originally Posted by Cesare308

I have insured my watch under State Farm and it includes inside and out of the house just in case anything happens, it’s about 90 a month. If I were you I would look into getting the alternate policy. I also live in Canada and I own the blnr

$90 a month just for the watch? That is quite expensive.

[Swashplate]

That is steep. I just added my GMTc to my floater for a whopping $58 annually with Safeco. That is for an agreed value of $8500


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[smc23]

I’m in Canada as well and have chosen to go with Jewelers Mutual. Annual fee was just a little less than my home policy so decided to go with them. I’m insuring all my watches including my Smurf

[soaking.fused]

I have a floating insurance policy Via State Farm for watches > $2500 and is set up for zero deductible in the event of loss/theft.


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[Quailhunter]

A rider on my home owner’s policy covers all our special items, including watches, at new replacement value. My old DayDate would be replaced with a new watch. It costs about 1.5% of insured value per year. We have had very few claims over the 20 years we have been in this house. Lots of claims would probably result in higher cost.