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Flyinghunter · 20 April 2018, 11:15 AM

Greetings TRF! I've been a long term client of my home/auto policy and recently asked for a quote to cover $25k in property. They quoted $1450. Compared to other threads I've recently seen on TRF, my quote seems too high?

I look forward to the comments/feedback.

RHIII · 20 April 2018, 11:28 AM

I would agree — that definitely seems high. I think a good rule of thumb when insuring luxury items (e.g. jewelry and watches) — is to expect premiums (annual) to run 1%-2% of the total value... this has been true based on my expieriences...

Just my .02

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superdog · 20 April 2018, 11:33 AM

If I recall correctly, a watch of that value typically costs me around 5-600.

Etschell · 20 April 2018, 11:36 AM

any more than 2 percent of the insured value is off. what is the deductible per occurrence??

JayAK · 20 April 2018, 11:49 AM

1-2% is fair, your quote seems high, but without knowing all of the facts it’s hard to be certain.

superstarmar · 20 April 2018, 11:50 AM

I had 2 watches at $30 K
Paid just over $500 a year ...

jrs146 · 20 April 2018, 11:56 AM

My policy ends up being about 1.2% with zero deductible. So I’d say yeah it’s too high. I use jewelers mutual

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Flyinghunter · 20 April 2018, 12:24 PM

zero deductible

beshannon · 20 April 2018, 08:57 PM

Quote:

Originally Posted by Flyinghunter

zero deductible

Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .

You are asking the insurance company to assume 100% of the risk.

Flyinghunter · 20 April 2018, 09:01 PM

Quote:

Originally Posted by beshannon

Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .

You are asking the insurance company to assume 100% of the risk.

Very high credit score. No claims.

77T · 20 April 2018, 09:05 PM

Perhaps look at a $1000 deductible quote to compare? As others said, that is a bit high.

All other geo/personal demographics aside (and if those played a role, then your home & auto would be correspondingly higher) the only thing left that I can imagine is the premium uplift inherent in a $0 deductible.

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Snow-Dweller · 20 April 2018, 09:06 PM

I pay 2%

77T · 20 April 2018, 09:16 PM

Quote:

Originally Posted by beshannon

Well that is a big part of it but insurance is also priced based on location, credit score, prior claims . . .

You are asking the insurance company to assume 100% of the risk.

Agree. In the tables for personal property, $0 deductible raises the premium.

Jewelry (watches fall into that risk category) leads the personal property loss category along with those things which shall not be mentioned on TRF. This affects where you land on the rate table for a premium.

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~JJ · 20 April 2018, 09:22 PM

Talking watches? I'm paying around $15-$20 per month for every $10k in value @ State Farm.

johnjm · 20 April 2018, 09:25 PM

Cheap as chips here, $200 a year for $10000

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123Blueface · 20 April 2018, 09:42 PM

Very high.
Should be 1-2% as others have stated but generally with a $100 deductible at least.

RichM · 20 April 2018, 10:52 PM

That's high. Run the number through Jewelers Mutual. I've found them to be about $110 per $10,000 insured.

Edit: I just did put the number in using my zip. Estimated premium $350. I’m not sure what property you have. I used Gents Watch.

RHIII · 21 April 2018, 01:21 AM

Quote:

Originally Posted by Rich Mickol

That's high. Run the number through Jewelers Mutual. I've found them to be about $110 per $10,000 insured.

Edit: I just did put the number in using my zip. Estimated premium $350. I’m not sure what property you have. I used Gents Watch.

I’m sure location, previous claims and all that kind of stuff has something to do with it.

I have my wine collection insured - privately and the premium is completely insignificant compared to what the collection is....

Many independent variables.

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Bigblu10 · 21 April 2018, 02:42 AM

I pay $600 yearly through Nationwide jewelry policy for full replacement value of 116618LB, which is $34,250. No deductible.

droptopman · 21 April 2018, 02:58 AM

As everyone stated, 1-2%. I am around 1K annually to insure 75K through Ameriprise.

Jrpontiac · 21 April 2018, 03:49 PM

I just added a $3500 seamaster to my policy this week. It cost $25/ yr. With Safeco.

ejvette · 21 April 2018, 06:29 PM

I know my home owners policy charges 100 per 1000 that's 10% of the declared value that's why I self insure.

Laszlo · 21 April 2018, 07:32 PM

Wow. All of this sounds so stressful. Our insurance I suppose is reasonable and covers the usual home owners general items etc. For art, watches, etc., that's handled independently, but again, reasonable fees. For all I know we're screwed.

emersm · 22 April 2018, 01:57 AM

I pay approximately $10 for every $1,000 of insurance for my watches. Full replacement cost.

20 April 2018, 11:15 AM	#1
Flyinghunter "TRF" Member Join Date: Nov 2017 Location: South Posts: 342	$1,450/yr quote for $25k. Too high? Greetings TRF! I've been a long term client of my home/auto policy and recently asked for a quote to cover $25k in property. They quoted $1450. Compared to other threads I've recently seen on TRF, my quote seems too high? I look forward to the comments/feedback.

20 April 2018, 11:28 AM	#2
RHIII Member Join Date: Jul 2014 Real Name: Roger Location: ... Watch: AP/Rolex/PP Posts: 6,309	$1,450/yr quote for $25k. Too high? I would agree — that definitely seems high. I think a good rule of thumb when insuring luxury items (e.g. jewelry and watches) — is to expect premiums (annual) to run 1%-2% of the total value... this has been true based on my expieriences... Just my .02 Sent from my iPhone using Tapatalk

20 April 2018, 11:33 AM	#3
superdog 2024 Pledge Member Join Date: Oct 2011 Real Name: Seth Location: nj Watch: Omega Posts: 24,834	If I recall correctly, a watch of that value typically costs me around 5-600. __________________ If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff)

20 April 2018, 11:36 AM	#4
Etschell "TRF" Member Join Date: Dec 2013 Location: FL Watch: platinum sub Posts: 15,884	any more than 2 percent of the insured value is off. what is the deductible per occurrence?? __________________ If you wind it, they will run. 25 or 6 to 4.

20 April 2018, 11:56 AM	#7
jrs146 "TRF" Member Join Date: Aug 2011 Real Name: Josh Location: Lost in time Watch: Me Nae Nae Posts: 9,823	My policy ends up being about 1.2% with zero deductible. So I’d say yeah it’s too high. I use jewelers mutual Sent from my iPhone using Tapatalk __________________ "Sometimes the songs that we hear are just songs of our own." -Jerome J. Garcia, Robert C. Hunter

20 April 2018, 11:49 AM	#5
JayAK "TRF" Member Join Date: Aug 2010 Location: USA Watch: 116618LN Posts: 609	1-2% is fair, your quote seems high, but without knowing all of the facts it’s hard to be certain.

20 April 2018, 11:50 AM	#6
superstarmar Banned Join Date: Jun 2015 Location: In Motion Watch: my wrist presence Posts: 7,436	I had 2 watches at $30 K Paid just over $500 a year ...

20 April 2018, 12:24 PM	#8
Flyinghunter "TRF" Member Join Date: Nov 2017 Location: South Posts: 342	zero deductible

20 April 2018, 09:05 PM	#11
77T 2024 SubLV41 Pledge Member Join Date: Dec 2010 Real Name: PaulG Location: Georgia Posts: 42,017	Perhaps look at a $1000 deductible quote to compare? As others said, that is a bit high. All other geo/personal demographics aside (and if those played a role, then your home & auto would be correspondingly higher) the only thing left that I can imagine is the premium uplift inherent in a $0 deductible. Sent from my iPhone using Tapatalk Pro __________________ Does anyone really know what time it is?

20 April 2018, 09:06 PM	#12
Snow-Dweller 2024 Pledge Member Join Date: Mar 2014 Real Name: Clive Location: The Alps Watch: collections change Posts: 6,284	I pay 2% __________________ . The path from WIShood to WISdom can have many turnings... ——————————————————————————————————— . 16803. 16570. 18038. 114300. GMW-B5000D.

20 April 2018, 09:22 PM	#14
~JJ "TRF" Member Join Date: Feb 2012 Location: Chicago Watch: explorer Posts: 2,291	Talking watches? I'm paying around $15-$20 per month for every $10k in value @ State Farm.

20 April 2018, 09:25 PM	#15
johnjm "TRF" Member Join Date: Mar 2008 Location: South Africa Posts: 1,152	Cheap as chips here, $200 a year for $10000 Sent from my Pixel 2 using Tapatalk __________________ 114300;116710;116500;114060;126710;5500;6084

20 April 2018, 09:42 PM	#16
123Blueface "TRF" Member Join Date: Jun 2015 Location: USA Watch: All Posts: 5,316	Very high. Should be 1-2% as others have stated but generally with a $100 deductible at least.

20 April 2018, 10:52 PM	#17
RichM 2024 SubLV41 Pledge Member Join Date: Mar 2015 Real Name: Richie Location: "Nowhere Man" Watch: out now,take care! Posts: 29,772	That's high. Run the number through Jewelers Mutual. I've found them to be about $110 per $10,000 insured. Edit: I just did put the number in using my zip. Estimated premium $350. I’m not sure what property you have. I used Gents Watch. __________________ "I love to work at nothing all day" TRF #139960

21 April 2018, 02:42 AM	#19
Bigblu10 Banned Join Date: Jul 2017 Real Name: Jaime Location: Here Posts: 5,606	I pay $600 yearly through Nationwide jewelry policy for full replacement value of 116618LB, which is $34,250. No deductible.

21 April 2018, 02:58 AM	#20
droptopman "TRF" Member Join Date: Jun 2015 Real Name: Mark Location: Washington State Watch: SUBS and GMT's! Posts: 9,664	As everyone stated, 1-2%. I am around 1K annually to insure 75K through Ameriprise. __________________ Judge Smails: Ty, what did you shoot today? Ty: Oh, Judge, I don't keep score. Judge Smails: Then how do you measure yourself with other golfers? Ty: By height.

21 April 2018, 03:49 PM	#21
Jrpontiac "TRF" Member Join Date: Nov 2017 Location: Spokane, WA Posts: 35	I just added a $3500 seamaster to my policy this week. It cost $25/ yr. With Safeco.

21 April 2018, 06:29 PM	#22
ejvette 2024 SubLV41 Pledge Member Join Date: Apr 2014 Real Name: Ed Location: East Hampton NY Watch: me break clays.. Posts: 7,516	I know my home owners policy charges 100 per 1000 that's 10% of the declared value that's why I self insure. __________________ Rolex•Omega•Breitling•Grand Seiko•Tudor "No one on their death bed ever said I wish I worked more" My Grandma * Card carrying member of TRF's Global Association of Retro-Grouch-Curmudgeons *

21 April 2018, 07:32 PM	#23
Laszlo 2024 SubLV41 Pledge Member Join Date: Nov 2007 Location: San Francisco, CA Watch: Date & No Date Posts: 10,868	Wow. All of this sounds so stressful. Our insurance I suppose is reasonable and covers the usual home owners general items etc. For art, watches, etc., that's handled independently, but again, reasonable fees. For all I know we're screwed. __________________ "You might as well question why we breathe. If we stop breathing, we'll die. If we stop fighting our enemies, the world will die." Paul Henreid as Victor Laszlo in Casablanca

22 April 2018, 01:57 AM	#24
emersm 2024 SubLV41 Pledge Member Join Date: Sep 2012 Real Name: Merle Location: USA Watch: Rolex Posts: 2,542	I pay approximately $10 for every $1,000 of insurance for my watches. Full replacement cost.

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