Watch dealers (un)willing to deal with insurance

[kumar75203]

I have an insurance policy with Jeweler's Mutual and I had to make a claim. They're ready to settle/pay the claim but 99% of the dealers I've contacted ghost me when I bring up the part about dealing with my insurance company.

(The only one willing to communicate was Prestige Time in NYC but they can't locate either watch I want.)

The watches I'm interested in are

1st choice: AP 15450 in yellow gold with blue dial
2nd choice: Rolex 126715 rose gold root beer

Any suggestions on a particular jeweler or how to proceed?

Thanks in advance for any insight.

[123Blueface]

When I had my claim with them, jeweler that had watch was not willing to deal with claim process as well.
JM allowed me to purchase watch on my own (which allowed me the points to cover my deductible) and within a week, I received my check for reimbursement.
Request same option.

[kumar75203]

thank you

I will request that option and see what they say.

My adjuster has been adamant that the jeweler is required to confirm the value of my replacement as that's the amount they pay, not the amount it's insured for (or whichever is the lesser amount).

[007timer]

Why would they refuse to work with them? It’s an insurance claim, which means the customer is coming back for another purchase.

I was thinking about getting a policy with them

[Etschell]

Originally Posted by 007timer

Why would they refuse to work with them? It’s an insurance claim, which means the customer is coming back for another purchase.

I was thinking about getting a policy with them

Because they could be taken by fraud.

[FrankNYC]

I’m guessing this isn’t common? As far as safety you can look up the company online and call that number to verify everything is legit

[77T]

Originally Posted by Etschell

Because they could be taken by fraud.

How?

The dealer doesn’t release the watch to the insured until the JM wire clears or a certified check clears.


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[themast]

Originally Posted by 77T

How?

The dealer doesn’t release the watch to the insured until the JM wire clears or a certified check clears.


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I think he meant that the jeweler does not want to be involved in an insurance fraud case (not saying this is the OP case).

[Etschell]

Originally Posted by 77T

How?

The dealer doesn’t release the watch to the insured until the JM wire clears or a certified check clears.


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I'm probably wrong. Also could be insurance haggles with the dealer over price. You know insurance companies pay as little as possible and take as long as possible to do so in most cases.

[Fabrice M]

I have found Jewelers Mutual to be hard to work with. I am currently looking for a different company.

[kumar75203]

Originally Posted by 007timer

Why would they refuse to work with them? It’s an insurance claim, which means the customer is coming back for another purchase.

From what I have gathered...

A. If you buy a watch directly from a dealer, you just pay them and boom they ship you the watch.

B. On a claim, Jeweler's Mutual faxes/emails paperwork to the dealer asking them to confirm replacement value of the insured watch. The dealer has to spend time communicating with JM. The dealer also has to spend time communicating with the customer. If the customer wants a watch more expensive than the insured value, customer agrees to buy said watch for xyz price. Customer has to pay the dealer the difference. Dealer then has to "bill" JM and wait for payment on the agreed upon replacement/insured value.


I think it's primarily a matter of unfamiliarity. The one dealer that was familiar with the process said they've been dealing with Jeweler's Mutual for 20 years and never had a problem.

[kumar75203]

Originally Posted by Etschell

Also could be insurance haggles with the dealer over price. You know insurance companies pay as little as possible and take as long as possible to do so in most cases.

My watch was insured for $25,000.

JM contacted the dealer and asked them what a like replacement should cost. Dealer told them $27,000. Within five minutes, JM agreed to pay the full $25,000 insured value.

Overall I've been very pleased with how JM has dealt with the claim. Only issue is they don't just send you the money. But it's the same with car insurance. The body shop and the insurance company work it out on their own. It just seems for watches, most "body shops" just want the customer to pay cash instead of being inconvenienced.

[007timer]

Originally Posted by kumar75203

From what I have gathered...

A. If you buy a watch directly from a dealer, you just pay them and boom they ship you the watch.

B. On a claim, Jeweler's Mutual faxes/emails paperwork to the dealer asking them to confirm replacement value of the insured watch. The dealer has to spend time communicating with JM. The dealer also has to spend time communicating with the customer. If the customer wants a watch more expensive than the insured value, customer agrees to buy said watch for xyz price. Customer has to pay the dealer the difference. Dealer then has to "bill" JM and wait for payment on the agreed upon replacement/insured value.


I think it's primarily a matter of unfamiliarity. The one dealer that was familiar with the process said they've been dealing with Jeweler's Mutual for 20 years and never had a problem.

Thank you for the explanation Kumar. But the hassle to the AD seems worth it for $25,000+ sale!

[kumar75203]

Originally Posted by 007timer

Thank you for the explanation Kumar. But the hassle to the AD seems worth it for $25,000+ sale!

Yea, you would think so.

[joli160]

Originally Posted by kumar75203

From what I have gathered...

A. If you buy a watch directly from a dealer, you just pay them and boom they ship you the watch.

B. On a claim, Jeweler's Mutual faxes/emails paperwork to the dealer asking them to confirm replacement value of the insured watch. The dealer has to spend time communicating with JM. The dealer also has to spend time communicating with the customer. If the customer wants a watch more expensive than the insured value, customer agrees to buy said watch for xyz price. Customer has to pay the dealer the difference. Dealer then has to "bill" JM and wait for payment on the agreed upon replacement/insured value.


I think it's primarily a matter of unfamiliarity. The one dealer that was familiar with the process said they've been dealing with Jeweler's Mutual for 20 years and never had a problem.

Reading this I understand the dealer, lot's of troubles for one sale.