Insurance and appraisal

[Fabrice M]

So I know there are many thread about insurance, and I can see the consensus seems to be Jewelers Mutual . My question isn't really about which insurance company but the process. The way I understand the process, you have to provide receipts of what you paid for, but unfortunately it doesn't take into account the possible rise in value, especially vintage and some classic watches. So how do you go about insuring your collection to the ongoing prices rather that what you paid for, which leads to my second question which is: Appraisal? Where do you find someone that can appraise your collection at today's fair replacement value? An AD may definitely be of help for current modern Rolexes, but my experience with AD's locally, is that they don't know anything about the pre-owned/vintage market. What do you guys do?

[jph4387]

Originally Posted by Fabrice M

So I know there are many thread about insurance, and I can see the consensus seems to be Jewelers Mutual . My question isn't really about which insurance company but the process. The way I understand the process, you have to provide receipts of what you paid for, but unfortunately it doesn't take into account the possible rise in value, especially vintage and some classic watches. So how do you go about insuring your collection to the ongoing prices rather that what you paid for, which leads to my second question which is: Appraisal? Where do you find someone that can appraise your collection at today's fair replacement value? An AD may definitely be of help for current modern Rolexes, but my experience with AD's locally, is that they don't know anything about the pre-owned/vintage market. What do you guys do?

Not true. When I got insurance, I just went to the AD, got a current appraisal for the RRP plus tax and it was insured for that, i.e. replacement cost, regardless what I paid for it.

[Trailboss516]

From my understanding, if the value of the watch rises you can get it re-appraised and adjust the insurance on it.

[Fabrice M]

Right but where do you go for appraisals? An AD has no idea what a double red sd is Worth...

[HERITAGE82]

I got appraisals from my local watch dealer / jeweler. He put whatever value I wanted on them because you are correct it’s not possible for an AD to give you accurate value on discontinued models. Jewelers Mutual doesn’t care what you insure the watches for because you will pay a premium based on that value.

[Trailboss516]

Based on your location I would search "Denver Jewelry Appraisal" and go from there...not sure if other ppl do it differently. Call in advance, it seems like some of these places need you to make an appointment and don't accommodate walk-ins.

[kauffee]

Have you tried calling local jewelry appraisers and local ADs and watch shops and asking them if they appraise vintage watches?

[Chillychow]

In Canada, items on your home insurance are insured for REPLACEMENT value. If there is a gap between the appraised value and the actual replacement value, that is covered. All insurance companies require up to date appraisals (usually no more than 3 years old) to mitigate this risk. As for the US, you should read your policy - everything will be listed there.

Also, there are limits on general insurance policies for jewelry coverage (I'm sure just about everyone here would be aware of this), so scheduling high value items or taking out a separate policy is required. Of note, claims for scheduled items do not usually carry a deductible.

[spoilsofwar01]

Hi, I'm based in the uk, I bought my 1968 5513 from a vintage watch dealer who gave me an insurance appraisal / valuation document, time moves on and this is now out of date.... its not an exact science however take a look on chrono24 for comparisons this should give you a ball park idea of a value, sorry I cant help further, all the best

[tyler1980]

Originally Posted by Fabrice M

Right but where do you go for appraisals? An AD has no idea what a double red sd is Worth...

you go to a professional valuer. Your insurance company will give you an idea of what credentials that person will need to have to satisfy them.

Generally people insure based on new replacement value, however used replacement value is also an option. That one is market pricing. Usually it is a lower value than new replacement value on 99% of watches. However insuring a 5711 for example, i insure at "used replacement value" since that is the price i would have to pay to actually replace it. An appraisal is almost always needed for that and usually its not from an AD. Same goes for discontinued watches unless the payout you want is the last RRP before discontinuation/the retail price you paid.

[imperio]

JM raises the appraised value of my insured items 3% or 5% (I can't remember which) each year. If I think its value has risen higher than that, I can get an appraisal done and submit for their review. That's what I was told over the phone when I called to get one of my watches insured. All my watches were insured at RRP.