Watch insurance

[mnl]

Hi!

Very excited that I’ve just ordered a 15450 with ruthenium dial and will be picking it up in July, still can’t believe it!

But I want to be prepared for when I go pick it up, since I don’t want to have such an expensive watch without having it insured. I have rental insurance with State Farm and I’ve done a little research and found GemSafe and Jewelers Mutual as what seems to be two good alternatives [not sure if true but also read its better to have it insured separately so that if you need to make a claim it won’t affect your other insurance’s price]. I think I’m currently leaning more towards GemSafe but I’m not sure yet.

So my question is, how do you insure your watches? Do you use any of the options that I mentioned, which one would you recommend and why?

Thank you!!

[Chary]

I go thru my insurance, USAA. They do a rider.

[singe89]

Found the cheapest coverage to be $0 deductible full retail coverage as a separate policy on my home owners though State Farm. JM was considerably more in my case.

[OP15]

I know location plays a factor, but Jewelers Mutual is very expensive. I think it was around 2.5x more expensive than my Lloyds of London policy (jewelry, art and watches).

[mnl]

Originally Posted by Chary

I go thru my insurance, USAA. They do a rider.

Just checked the website but it looks like I'd need to change my renters insurance to be with them as well to be able to get their personal property insurance… [awesome Huracan btw! is that yours?!]

Originally Posted by singe89

Found the cheapest coverage to be $0 deductible full retail coverage as a separate policy on my home owners though State Farm. JM was considerably more in my case.

Originally Posted by OP15

I know location plays a factor, but Jewelers Mutual is very expensive. I think it was around 2.5x more expensive than my Lloyds of London policy (jewelry, art and watches).

Yeah I just checked and the JM quote is way higher than GS's. Will have to check the price for SF, might be worth just sticking to a single insurance company…



Thanks for the replies everyone!

[Rachdanon]

at what total value and above is insurance something one should consider?

[RHIII]

Originally Posted by Chary

I go thru my insurance, USAA. They do a rider.

same


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[Trailboss516]

I have it through State Farm

[V25V]

Each on my home policy.

[Agustin_Nielsen]

Is anyone willing to share a ballpark figure of how much is costs to insure a 25K USD appraised AP / yr?

[JR16]

Originally Posted by Agustin_Nielsen

Is anyone willing to share a ballpark figure of how much is costs to insure a 25K USD appraised AP / yr?

1-1.5% of appraised value is reasonable for a good policy


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[AshAP]

Originally Posted by JR16

1-1.5% of appraised value is reasonable for a good policy


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Yes now you mention that figure my platinum 44 is listed on my contents insurance with Hiscox and it adds about £500 per year to the premium with a replacement value of £58800. That is for ‘worldwide’ cover so there is no requirement to keep it in the safe.


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[Agustin_Nielsen]

Originally Posted by JR16

1-1.5% of appraised value is reasonable for a good policy


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Thank you!

[SatansLittleHelper]

Originally Posted by AshAP

Yes now you mention that figure my platinum 44 is listed on my contents insurance with Hiscox and it adds about £500 per year to the premium with a replacement value of £58800. That is for ‘worldwide’ cover so there is no requirement to keep it in the safe.


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That’s interesting. Is that with a few years no claims?

[AshAP]

Yes it’s with no claims history and also since I view the cover as disaster only cover I have an excess of £2500 which reduces the overall premium but TBH the things that would be worth claiming for cost significantly more than that anyway so it was a no brainer.